Clause 23

by inserting, immediately after the word “bank” in the 1st line of subsection (1), the words “in Singapore”;

by deleting the words “33 or 34” in subsection (1) and substituting the words “32, 33, 35 or this section”;

by deleting subsection (2) and substituting the following subsection:“(2) Without prejudice to sections 10, 23, 29, 31, 32, 33, 35 and 42, the Authority may, for the purpose of securing compliance with those sections on a consolidated basis, from time to time by notice in writing, require any bank to aggregate, in such manner as may be specified in the notice, its assets, liabilities, profits or losses, as the case may be, with the assets, liabilities, profits or losses of all or any of —

the bank’s related corporations; and

companies in which the bank has a major stake as defined in section 32(7).”; and

by deleting “33, 34” in the section heading and substituting “32, 33, 35”.