Clause 6

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

by deleting paragraph (a) of subsection (1);

by inserting, immediately after subsection (3), the following subsections:“(3A) Subject to subsection (3B), the paid-up capital and capital funds of a bank which is a qualifying subsidiary must be denominated in Singapore dollars or any currency approved by the Authority, and must be in ordinary shares.(3B) Any amount of paid-up capital or capital funds of a bank which is a qualifying subsidiary above the amount referred to in subsection (1)(b), or such other amount as may be prescribed by the Authority in substitution, may be denominated in any currency, and may be in any type of shares.”;

by deleting the words “subsection (1)” in subsection (5) and substituting the words “subsection (3) or (3A)”;

by deleting the words “section 71” in subsection (6) and substituting the words “subsection (6A)”; and

by inserting, immediately after subsection (6), the following subsection:“(6A) Any bank which fails to comply with —

subsection (2), (3), (3A) or (5); or

any restriction or suspension imposed by the Authority, or any direction of the Authority, under subsection (6),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.”.