Clause 65

by deleting the words “sections 65,” in section 145(6) and substituting the words “sections 50, 54B,”;

by inserting, immediately after subsection (3) of section 210, the following subsection:“(3A) Where the company is a banking corporation, the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap. 186) shall have the same powers and rights as a creditor of the company under the Companies Act including the right to appear and be heard before a Court in any proceedings under this section, but shall not have the right to vote at any meeting summoned under this section.”;

by deleting the words “The Court” in section 210(4) and substituting the words “Subject to subsection (4A), the Court”;

by inserting, immediately after subsection (4) of section 210, the following subsection:“(4A) The Court shall not approve any compromise or arrangement which has been proposed for the purposes of or in connection with any scheme referred to in section 212(1) under which the whole or any part of the undertaking or the property of a banking corporation incorporated in Singapore is to be transferred, unless the Minister charged with the responsibility for banking matters has consented to the compromise or arrangement or has certified that his consent is not required.”;

by inserting, immediately after the words “the Court may” in section 212(1), the words “, subject to subsection (1A),”;

by inserting, immediately after subsection (1) of section 212, the following subsection:“(1A) Without prejudice to section 210(4A), the Court shall not make any order providing for the transfer of the whole or any part of the undertaking or the property of a banking corporation incorporated in Singapore unless the Minister charged with the responsibility for banking matters has consented to the transfer or has certified that his consent is not required.”;

by deleting the words “Minister charged with the responsibility for finance” in section 253(1)(g) and substituting the words “Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap. 186)”; and

by inserting, immediately after the words “the company” in section 254(1)(k), the words “is carrying on or”.