Singapore legislation
Clause 39
Clause 39
Repeal and re-enactment of section 48
Section 48 of the Banking Act is repealed and the following section substituted therefor:“Information of insolvency, etc.
48. Any bank which is or is likely to become insolvent, or which is or is likely to become unable to meet its obligations, or which has suspended or is about to suspend payments, shall immediately inform the Authority of that fact.”.