Clause 41

by inserting, immediately after the words “A transferor may” in subsection (1), the word “voluntarily”;

by inserting, immediately after subsection (1), the following subsection:“(1A) A transferor must transfer the whole or any part of its banking business in Singapore to a company incorporated by the bank or its parent bank under the Companies Act (Cap. 50) for the purpose of carrying on that business or that part of the business, if —

it is directed by the Authority under section 55BA to do so; and

the Court has approved the transfer.”;

by deleting the words “Subsection (1) is” in subsection (2) and substituting the words “Subsections (1) and (1A) are”; and

by deleting the section heading and substituting the following section heading:“Conditions for transfer of business”.