Singapore legislation

Clause 12

of Banking (Amendment) Bill

Clause 12

Amendment of section 25

Section 25 of the Banking Act is amended —

(a)

by inserting, immediately after subsection (1), the following subsection:“(1A) The Authority may, by regulations made under section 78(1), require a bank or class of banks to make available, within a reasonable time, to any person upon the person’s request —

(a)

copies of the statements mentioned in subsection (1)(a); and

(b)

a document containing —

(i)

the full and correct names of all persons who are directors for the time being of the bank;

(ii)

the names of all subsidiary companies for the time being of the bank; and

(iii)

any additional information that the bank is required to publish under subsection (4).”;

(b)

by deleting the words “newspaper or newspapers” in subsection (2) and substituting the word “manner”;

(c)

by deleting the words “relating to the accounts of that bank for any financial year” in subsection (4); and

(d)

by deleting the word “balance-sheet” in the section heading and substituting the word “accounts”.

Clause 12 — Banking (Amendment) Bill | laws.sg