Singapore legislation
Clause 6
Clause 6
Amendment of section 4B
Section 4B of the Banking Act is amended —
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 sum of money paid on terms —
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
which are not referable to the provision of property or services or to the giving of security; and
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).”;
by deleting the words “subsection (4)(b)” in subsection (5) and substituting the words “subsection (4)(a)(ii)”; and
by deleting the words “issued share capital of” in subsection (6)(c) and substituting the words “total number of issued shares in”.