Clause 21

by deleting subsection (1) and substituting the following subsection:“(1) Every bank shall furnish to the Authority such information (including returns) at such time and in such manner as the Authority may reasonably require for the proper discharge of its functions.”;

by inserting, immediately after subsection (2), the following subsections:“(2A) Every bank shall send to the Authority —

not later than 3 months after the close of its financial year or within such longer period as the Authority may on application of the bank approve —

a copy of its latest audited annual balance-sheet and profit and loss account together with any notes thereon;

a copy of the report of the auditors of the bank;

a copy of the report of the directors of the bank;

a duly audited balance-sheet showing its assets used in, and liabilities arising out of, its operation in, Singapore as at the date to which its balance-sheet was made up; and

a duly audited profit and loss account which gives a true and fair view of the profit or loss arising out of the bank’s operation in Singapore for its last preceding financial year;

in the case of a bank incorporated in Singapore, within such period as the Authority may require, its interim profit and loss account for every half-year or such other intervals as may be determined by the Authority; and

within such period and in such manner as the Authority may require, such further or additional information as the Authority may consider necessary either by way of explanation, amplification or otherwise with regard to any of the balance-sheets and profit and loss accounts sent under paragraph (a) or (b).(2B) In the case of a bank incorporated outside Singapore, the statements referred to in subsection (2A)(a)(i), (ii) and (iii) may be made in a manner that complies with the law for the time being applicable in the place of its incorporation, formation or establishment.(2C) The Authority may, in its discretion, regard the balance-sheet and profit and loss account as having been duly audited for the purpose of subsection (2A)(a)(iv) and (v) if the balance-sheet and profit and loss account are accompanied by a report by an approved company auditor which complies, insofar as it is practicable, with section 207 of the Companies Act (Cap. 50).”; and

by deleting subsection (5) and substituting the following subsection:“(5) Any information received from a bank under this section shall be treated as secret by the Authority.”.