Clause 43

by deleting subsection (5) and substituting the following subsections:“(5) The Court may, after taking into consideration the views, if any, of the Minister and the Authority —

approve the transfer without modification or subject to any modification agreed to by the transferor and the transferee; or

refuse to approve the transfer.(5A) In an application made on a direction issued under section 55BA(1) by the Authority, the transferor must notify the Authority immediately if the Court —

approved the transfer of business subject to any modification; or

refused to approve the transfer of business.”; and

by inserting, immediately after subsection (13), the following subsection:“(14) For the purposes of this section, where the transfer is one referred to in section 55B(1A) and the transferee has yet to be incorporated when the application is made to the Court —

subsections (2), (5), (12) and (13) apply as if there is no reference to the transferee;

the reference in subsection (6) to the transferee becoming licensed to carry on banking business in Singapore is a reference to the transferee at the time it is incorporated and so licensed; and

a reference in subsections (7), (9) and (11) to the transferee is a reference to the transferee when it is incorporated.”.