Singapore legislation

Clause 15

Amendment of section 14

Section 14 of the Banking Act is amended by deleting subsection (2) and substituting the following subsections:“(2) The Minister may approve an application made under subsection (1) if —

(a)

the Authority is satisfied that —

(i)

the body corporate or unincorporate is a fit and proper person or body of persons; and

(ii)

having regard to the likely influence of the body corporate or unincorporate, the business of the bank will be or will continue to be conducted prudently and the provisions of this Act will be or will continue to be complied with in relation to such business; and

(b)

the Minister is satisfied that it is in the national interest to do so.(2A) The parties to a proposed merger or consolidation, in respect of which an application is made under this section, shall furnish such information as the Minister or the Authority may require for the purposes of subsection (2).”.

Read in full context — Banking (Amendment) Bill →