Singapore legislation
Clause 9
Clause 9
Amendment of section 7
Section 7 of the Banking Act is amended —
(a)
by deleting the words “on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both.” in the 4th, 5th and 6th lines of subsection (2) and substituting the following words:“on conviction —
(a)
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or
(b)
in any other case, to a fine not exceeding $250,000.”; and
(b)
by inserting, immediately after the words “section 9” in subsection (3), the words “or 9A, as the case may be”.