Clause 65

by deleting subsections (1) to (1C) and substituting the following subsections:“(1) Subject to subsection (1A), this Subdivision shall apply where an entity makes an offer of debentures.(1A) Sections 268, 269 and 270 shall not apply if the borrowing entity is a prescribed entity.(1B) In subsections (1A) and (1C), “prescribed entity” means —

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

any entity or entity of a class which has been declared by the Authority, by order published in the Gazette, to be a prescribed entity for the purposes of this section.(1C) The Authority may, by notice in writing —

impose such conditions or restrictions on a prescribed entity as it thinks fit; and

at any time vary or revoke any condition or restriction so imposed,and the prescribed entity shall comply with every such condition or restriction imposed on it by the Authority that has not been revoked by the Authority.(1D) Any person who contravenes any condition or restriction imposed under subsection (1C)(a) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.”; and

by deleting subsection (2).