Singapore legislation

Clause 48

Amendment of section 60

Section 60 of the Banking Act is amended —

(a)

by deleting subsections (1) and (2) and substituting the following subsection:“(1) The Authority may, at any time by notice published in the Gazette, declare any day or days as a bank holiday or holidays, and prohibit banks in Singapore from conducting, during the bank holiday or holidays —

(a)

such activities as may be specified in the notice; or

(b)

all activities other than such activities as may be specified in the notice.”; and

(b)

by inserting, immediately after subsection (4), the following subsections:“(5) Any bank which contravenes any prohibition under a notice referred to in subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.(6) In this section, “day” includes a part of a day.”.

Read in full context — Banking (Amendment) Bill →