Singapore legislation
Clause 40
Clause 40
New section 48A
The Banking Act is amended by inserting, immediately after section 48, the following section:“Interpretation of sections 49 to 5348A. In sections 49 to 53, unless the context otherwise requires —“business” includes affairs and property;“office-holder”, in relation to a bank, means any person acting in relation to the bank as its liquidator, provisional liquidator, receiver, receiver and manager or an equivalent person;“relevant business” means any business of a bank —
which the Authority has assumed control of under section 49; or
in relation to which a statutory adviser or a statutory manager has been appointed under section 49;“statutory adviser” means a statutory adviser appointed under section 49;“statutory manager” means a statutory manager appointed under section 49.”.