Singapore legislation
Clause 59
Clause 59
Savings and transitional provisions for new section 53A of Banking Act
(1)
A person whose appointment as a director, the chairman of the board of directors, the chief executive officer, or the deputy chief executive officer of a bank incorporated in Singapore —
has been approved by the Authority under regulation 18 of the Banking (Corporate Governance) Regulations 2005 (G.N. No. S 583/2005) in force immediately before the commencement date; and
has not expired or been revoked before that date,is taken to be so appointed with the approval of the Authority under section 53A of the Banking Act.
(2)
A person whose appointment as a chief executive or deputy chief executive of a bank incorporated outside Singapore —
has been approved by the Authority under paragraph 4 of Notice 622A in force immediately before the commencement date; and
has not expired or been revoked before that date,is taken to be so appointed with the approval of the Authority under section 53A of the Banking Act.
(3)
Any condition to which the approval of the Authority under subsection (1)(a) or (2)(a) is subject and that is in force immediately before the commencement date, continues to have effect as a condition of the approval of the Authority under section 53A of the Banking Act referred to in subsection (1) or (2), as the case may be.
(4)
In this section —
Definition
“commencement date” means the date of commencement of section 36 of the Banking (Amendment) Act 2016;
Definition
“Notice 622A” means the notice commonly known as MAS Notice 622A that is issued by the Authority under section 55 of the Banking Act, and includes any notice that replaces it.