Clause 11

by deleting paragraphs (a) and (b) of subsection (1) and substituting the following paragraph:“(a)in the case of a bank incorporated in Singapore, its paid-up capital is not less than $1,500 million or such other amount as may be prescribed, and its capital funds are not less than that amount; or”;

by deleting the word “; and” at the end of subsection (1)(c)(i) and substituting a full-stop;

by deleting sub-paragraph (ii) of subsection (1)(c);

by deleting subsections (2), (4) and (5);

by deleting subsection (6) and substituting the following subsection:“(6) A bank incorporated in Singapore shall not reduce its paid-up capital, or purchase or otherwise acquire shares issued by the bank if such shares are to be held as treasury shares, without the approval of the Authority.”; and

by deleting subsection (9) and substituting the following subsection:“(9) In this section —“head office capital funds”, in relation to a bank incorporated outside Singapore, means the aggregate of its paid-up capital (or its equivalent recognised by the Authority as applicable to the bank under the laws of the country or territory in which the bank is incorporated, formed or established) and its published reserves (excluding such reserves as the Authority may specify in writing), deduction having been made for any loss appearing in the accounts of the bank;“paid-up capital” does not include any amount that is represented by treasury shares.”.