Singapore legislation
Clause 5
Clause 5
Membership of Scheme
(1)
Every full bank or finance company which is not exempted under section 6 shall be a Scheme member so long as it holds a valid licence under the Banking Act (Cap. 19) or Finance Companies Act (Cap. 108), as the case may be.
(2)
A full bank or finance company, which holds a valid licence under the Banking Act or Finance Companies Act, as the case may be, immediately before the appointed day, shall be deemed to be a Scheme member from the appointed day.
(3)
A full bank or finance company, which is granted a licence under the Banking Act or Finance Companies Act, as the case may be, on or after the appointed day, shall be a Scheme member from the date on which its licence is granted.