Singapore legislation

Clause 6

of Banking (Amendment) Bill

Clause 6

Amendment of section 4B

Section 4B of the Banking Act is amended —

(a)

by deleting subsection (4) and substituting the following subsections:“(4) Subject to the provisions of this section, for the purposes of section 4A, “deposit” means —

(a)

a sum of money paid on terms —

(i)

under which it will be repaid, with or without interest or a premium, or with any consideration in money or money’s worth, either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it; and

(ii)

which are not referable to the provision of property or services or to the giving of security; and

(b)

such other product as may be prescribed.(4A) The Authority may, by regulations, exclude any product from the definition of “deposit” in subsection (4)(a).”;

(b)

by deleting the words “subsection (4)(b)” in subsection (5) and substituting the words “subsection (4)(a)(ii)”; and

(c)

by deleting the words “issued share capital of” in subsection (6)(c) and substituting the words “total number of issued shares in”.