Clause 5

by deleting the words “or hold” in subsection (1);

by deleting subsection (2) and substituting the following subsections:“(2) Subject to subsection (2A), the paid-up capital and capital funds of a bank incorporated in Singapore must be denominated in Singapore dollars or any currency approved by the Authority, and must be in ordinary shares.(2A) Any amount of paid-up capital or capital funds of a bank incorporated in Singapore above the amount referred to in subsection (1)(a) may be denominated in any currency, and may be in any type of shares.”;

by inserting, immediately after subsection (3), the following subsection:“(3A) A bank must at all times maintain —

if it is a bank incorporated in Singapore, capital funds of not less than the amount referred to in subsection (1)(a); or

if it is a bank incorporated outside Singapore, head office capital funds of not less than the equivalent of the amount referred to in subsection (1)(b).”;

by deleting the words “subsection (1)” in subsection (4) and substituting the words “subsection (2) or (3A)”;

by deleting the words “section 71” in subsection (5) and substituting the words “subsection (5A)”; and

by inserting, immediately after subsection (5), the following subsection:“(5A) Any bank which fails to comply with —

subsection (2), (3), (3A) or (4); or

any restriction or suspension imposed by the Authority, or any direction of the Authority, under subsection (5),shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.”.