Singapore legislation
Clause 4
Clause 4
Amendment of section 3
Section 3 of the Banking Act is amended —
(a)
by deleting the word “The” in subsection (1) and substituting the words “Subject to subsection (1A), the”; and
(b)
by inserting, immediately after subsection (1), the following subsection:“(1A) The Authority may, by notification in the Gazette, appoint one or more of its officers to exercise the power to grant an exemption to any person (not being an exemption granted to a class of persons) under a provision of this Act specified in the Fourth Schedule, or to revoke any such exemption.”.