Singapore legislation

Clause 9

Repeal and re-enactment of section 12

Section 12 of the Banking Act is repealed and the following section substituted therefor:“New place of business and change of location of existing place of business12.—

(1)

Except with the approval of the Authority, a bank must not —

(a)

open a new place of business in Singapore for the conduct of any business referred to in subsection (2);

(b)

change the location of an existing place of business in Singapore for the conduct of any business referred to in subsection (2); or

(c)

conduct any business referred to in subsection (2) from the new place of business referred to in paragraph (a) or the relocated place of business referred to in paragraph (b).(2) Subsection (1) applies to the following businesses:

(a)

the dispensing or acceptance of money on account;

(b)

the conduct of other banking business;

(c)

such business referred to in section 30(1)(b) to (e) as may be prescribed.(3) Except with the approval of the Authority, a bank incorporated in Singapore must not open a new branch, agency or office in a place outside Singapore.(4) An application for approval under subsection (1) or (3) must be made in such form and manner as the Authority may specify.(5) On receiving an application, the Authority may —

(a)

approve the application, with or without conditions; or

(b)

reject the application.(6) The Authority may at any time vary or revoke any existing condition, or impose conditions or additional conditions.(7) A bank which contravenes subsection (1) or (3), or fails to comply with any condition imposed under subsection (5) or (6), 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.”.

Read in full context — Banking (Amendment) Bill →