Clause 45

by deleting subsection (1) and substituting the following subsection:“(1) The Authority may, if it appears to the Authority to be necessary or expedient in the public interest, or in the interest of depositors or the financial system in Singapore, by notice in writing to a bank in Singapore or a class of banks in Singapore give directions or impose requirements on or relating to the operations or activities of, or the standards to be maintained by, the bank or banks.”;

by deleting paragraph (h) of subsection (2) and substituting the following paragraph:“(h)the appointment or removal of chief executives, deputy chief executives and other principal officers of a bank incorporated outside Singapore;”; and

by deleting subsection (3) and substituting the following subsection:“(3) A bank in Singapore shall comply with any direction given to the bank or any requirement imposed on the bank by any notice issued under this Act.”.