Singapore legislation

Clause 8

of Banking (Amendment) Bill

Clause 8

Amendment of section 47

Section 47 of the Banking Act is amended —

(a)

by deleting the word “or” at the end of paragraph of (j) subsection (4);

(b)

by deleting the full-stop at the end of paragraph (k) of subsection (4) and substituting the word “; or”, and by inserting immediately thereafter the following paragraph:“(l)in accordance with such conditions as the Authority may determine, information of such class or classes as the Authority may from time to time approve is transmitted from a branch in Singapore of a bank incorporated outside Singapore to its head office or another branch of that bank outside Singapore, solely for the purposes of carrying out collation, synthesis or processing of the information by the head office or that other branch for the branch in Singapore.”; and

(c)

by inserting, immediately after the word “Code,” in the definition of “written law” in subsection (11), the words “the Goods and Services Tax Act [Cap. 117A],”.