Singapore legislation
Clause 6
Clause 6
Amendment of section 46
Section 46 of the Banking Act is amended —
(a)
by inserting, immediately after subsection (1), the following subsection:“(1A) For the purposes of an inspection under section 45A, the bank under inspection shall afford the supervisory authority access to such books and accounts as may be required to conduct the inspection if the following conditions are satisfied:
(a)
the requirements and conditions under section 45A are complied with; and
(b)
the inspection would not interfere with the normal daily business of that bank.”; and
(b)
by deleting the words “subsection (1)” in the second line of subsection (2) and substituting the words “subsection (1) or (1A)”.