Singapore legislation
Clause 43
Clause 43
Amendment of section 54
Section 54 of the Banking Act is amended by deleting subsection (2) and substituting the following subsections:“(2) The High Court may, on the application of the Authority, if it considers it to be in the interests of the depositors of a bank, make one or more of the following orders:
that no resolution shall be passed, and no order shall be made, for the winding up of the bank;
that no proceedings shall be commenced or continued by or against the bank in respect of any business of the bank;
that no execution, distress or other legal process shall be commenced, levied or continued against any property of the bank;
that no steps shall be taken to enforce any security over any property of the bank or to repossess from the bank any goods under any hire-purchase agreement, chattels leasing agreement or retention of title agreement;
that no steps shall be taken by any person, other than a person specified in the order, to sell, transfer, assign or otherwise dispose of any property of the bank.(2A) Any sale, transfer, assignment or other disposition of any property of the bank in contravention of any order made under subsection (2)(e) shall be void.”.