Singapore legislation
Clause 2
Clause 2
Amendment of section 2
Section 2 of the Banking Act is amended by deleting subsection (3) and substituting the following subsection:“(3) For the purposes of sections 9, 10, 29, 31 and 33, “capital funds” means —
(a)
in the case of a bank whose head office is situated in Singapore, the paid-up capital and published reserves of that bank deduction having been made in respect of any debit balance appearing in the profit and loss account of the bank; and
(b)
in the case of a bank whose head office is situated outside Singapore, the net head office funds and such other liabilities as the Authority may decide.”.