Singapore legislation
Clause 15
Clause 15
Approval of applications in case of designated financial holding company with bank subsidiary
(1)
The Minister may approve an application made by any person under section 13 or 14 if —
the Authority is satisfied that —
the person is a fit and proper person; and
having regard to the likely influence of the person, the designated financial holding company will or will continue to carry on its activities prudently and comply with the provisions of this Act; and
the Minister is satisfied that it is in the national interest to do so.
(2)
Any approval under this section may be granted to any person subject to such conditions as the Minister may determine, including but not limited to any condition —
restricting the person’s disposal or further acquisition of shares or voting power in the designated financial holding company; or
restricting the person’s exercise of voting power in the designated financial holding company.
(3)
The Minister may at any time add to, vary or revoke any condition imposed under subsection (2).
(4)
Any condition imposed under subsection (2) shall have effect notwithstanding any of the provisions of the Companies Act (Cap. 50) or anything contained in the memorandum or articles of association of the designated financial holding company.
(5)
Where the Minister disapproves an application made by any person under section 13(2) or (4) or 14(2), the person shall, within such time as the Minister may specify, take such steps as are necessary —
in the case of section 13(2), to cease to be a substantial shareholder;
in the case of section 13(4), to cease to be a party to the agreement or arrangement; or
in the case of section 14(2), to cease to be —
a 12% controller;
a 20% controller; or
an indirect controller,as the case may be.