Clause 71

by deleting the word “This” in subsection (1) and substituting the words “Subject to subsection (1A), this”; and

by inserting, immediately after subsection (1), the following subsections:“(1A) Sections 268, 269 and 270 shall not apply if the borrowing corporation is a prescribed corporation.(1B) In subsection (1A), “prescribed corporation” means —

any bank licensed under the Banking Act (Cap. 19); or

any corporation or other entity or any corporation or other entity of a class which has been declared by the Authority by notification published in the Gazette to be a prescribed corporation for the purposes of this section, subject to such conditions or restrictions as it may think fit to impose by notice in writing.(1C) The Authority may, at any time by notice in writing, vary or revoke any condition or restriction imposed under subsection (1B).”.