Singapore legislation

Clause 16

Amendment of section 31

Section 31 of the Banking Act is amended —

(a)

by inserting, immediately after the words “No bank” in subsection (1), the word “incorporated”; and

(b)

by inserting, immediately after subsection (1), the following subsection:“(1A) A bank incorporated outside Singapore must not, through a branch or office located within Singapore, acquire or hold any equity investment in a single company, the value of which exceeds in the aggregate —

(a)

any limit prescribed by the Authority; or

(b)

any limit specified by the Authority in a particular case by written notice to that branch or office.”.

Read in full context — Banking (Amendment) Bill →