Clause 41

by deleting paragraph (a) of subsection (1) and substituting the following paragraph:“(a)a bank informs the Authority that it is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it has suspended or is about to suspend payments;”;

by deleting the words “after an inspection or investigation is made under section 43 or 44,” in subsection (1)(c);

by deleting sub-paragraph (ii) of subsection (1)(c) and substituting the following sub-paragraph:“(ii)is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it is about to suspend payments;”;

by deleting paragraphs (b) and (c) of subsection (2) and substituting the following paragraphs:“(b)subject to subsection (3), appoint one or more persons as statutory adviser, on such terms and conditions as the Authority may specify, to advise the bank on the proper management of such of the business of the bank as the Authority may determine; or

subject to subsection (3), assume control of and manage such of the business of the bank as the Authority may determine, or appoint one or more persons as statutory manager to do so on such terms and conditions as the Authority may specify.”; and

by deleting subsection (3) and substituting the following subsections:“(3) In the case of a bank incorporated outside Singapore, any appointment of a statutory adviser or statutory manager or any assumption of control by the Authority of any business of the bank under subsection (2) shall only be in relation to —

the business or affairs of the bank carried on, or managed in or from, Singapore; or

the property of the bank located in Singapore, or reflected in the books of the bank in Singapore in relation to its operations in Singapore.(4) Where the Authority appoints 2 or more persons as statutory manager of a bank, it shall specify in the terms and conditions of the appointment which of the duties, functions and powers of the statutory manager —

may be discharged or exercised by such persons jointly and severally;

shall be discharged or exercised by such persons jointly; and

shall be discharged or exercised by a specified person of such persons.(5) Where the Authority has exercised any power under subsection (2), it may, at any time and without prejudice to its power under section 20(1)(b), do one or more of the following:

vary or revoke any requirement of, any appointment made by or any action taken by the Authority in the exercise of such power, on such terms and conditions as it may specify;

exercise any of the powers under subsection (2);

add to, vary or revoke any term or condition specified by the Authority under this section.(6) No action, suit or other legal proceedings shall lie against —

a statutory manager; or

a statutory adviser,for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the course of or in connection with —

the exercise or purported exercise of any power under this Act;

the performance or purported performance of any function or duty under this Act; or

the compliance or purported compliance with this Act.”.