Singapore legislation
Clause 17
Clause 17
Amendment of section 33
Section 33 of the Banking Act is amended —
(a)
by inserting, immediately after the words “No bank” in subsection (1), the word “incorporated”;
(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 interest in or rights over immovable property, wherever situated, 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.”; and
(c)
by inserting, immediately after the words “subsection (1)” in subsections (2) and (4), the words “or (1A)”.