Singapore legislation

Clause 12

of Banking (Amendment) Bill

Clause 12

Amendment of section 9A

Section 9A of the Banking Act is amended —

(a)

by deleting the words “or 11” in subsection (1);

(b)

by deleting the words “issued and” in subsection (1)(b);

(c)

by deleting subsection (2) and substituting the following subsection:“(2) A bank which is a qualifying subsidiary 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.”;

(d)

by deleting the words “, during the currency of its licence,” in subsection (3); and

(e)

by inserting, immediately after subsection (6), the following subsection:“(7) In this section, “paid-up capital” does not include any amount that is represented by treasury shares.”.

Read in full context — Banking (Amendment) Bill →