Singapore legislation

Clause 17

Amendment of section 15C

Section 15C of the Banking Act is amended —

(a)

by deleting subsection (1) and substituting the following subsection:“(1) The Minister may approve an application made by any person under section 15A or 15B if —

(a)

the Authority is satisfied that —

(i)

the person is a fit and proper person; and

(ii)

having regard to the likely influence of the person, the designated financial institution will or will continue to conduct its business prudently and comply with the provisions of this Act; and

(b)

the Minister is satisfied that it is in the national interest to do so.”; and

(b)

by inserting, immediately after subsection (2), the following subsection:“(2A) The Minister may at any time add to, vary or revoke any condition imposed under subsection (2).”.

Read in full context — Banking (Amendment) Bill →