Singapore legislation

Clause 3

of Financial Institutions (Miscellaneous Amendments) Bill

Clause 3

Amendment of Business Trusts Act

The Business Trusts Act (Cap. 31A) is amended —

(a)

by deleting the words “section 130A” in the definition of “advocate and solicitor” in section 2 and substituting the words “section 2(1)”;

(b)

by deleting subsection (5) of section 26 and substituting the following subsection:“(5) It shall not be necessary to publish any written direction issued under this section in the Gazette.”;

(c)

by deleting subsection (8) of section 98 and substituting the following subsection:“(8) It shall not be necessary to publish any code, guideline or no-action letter issued under this section in the Gazette.”; and

(d)

by repealing section 111 and substituting the following section:“Composition of offences111.—

(1)

The Authority may, in its discretion, compound any offence under this Act which is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence.(2) The Authority may, in its discretion, compound any offence under this Act (including an offence under a provision which has been repealed) which —

(a)

was compoundable under this section at the time the offence was committed; but(b)has ceased to be so compoundable,by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence at the time it was committed.(3) On payment of the sum of money referred to in subsection (1) or (2), no further proceedings shall be taken against that person in respect of the offence.(4) The Authority may make regulations to prescribe the offences which may be compounded.(5) All sums collected by the Authority under subsection (1) or (2) shall be paid into the Consolidated Fund.”.