Clause 39

by inserting, immediately after subsection (2), the following subsection:“(2A) Without prejudice to the generality of subsection (1), regulations may be made for or with respect to —

the corporate governance and appointment of principal officers of banks in Singapore, their related corporations or other companies in which banks acquire or hold a major stake as described in section 32(7); and

the prohibition or restriction on mutual shareholdings held between the banks, related corporations or other companies referred to in paragraph (a).”; and

by deleting subsection (4) and substituting the following subsection:“(4) Except as otherwise expressly provided in this Act, regulations made under this section may provide that any contravention thereof shall be an offence punishable —

in the case of an individual, with a fine not exceeding $12,500 or with imprisonment for a term not exceeding 12 months or with both and, in the case of a continuing offence, with a further fine not exceeding $1,250 for every day or part thereof during which the offence continues after conviction; or

in any other case, with a fine not exceeding $25,000 and, in the case of a continuing offence, with a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.”.