Clause 26

by inserting, immediately before the word “losses” in subsection (8)(b), the words “in the case of a bank incorporated in Singapore —”;

by deleting the word “or” at the end of subsection (8)(c);

by deleting the comma at the end of paragraph (d) of subsection (8) and substituting the word “; or”, and by inserting immediately thereafter the following paragraph:“(e)any development has occurred or is likely to occur which has materially and adversely affected, or is likely to materially and adversely affect, the financial soundness of the bank,”; and

by inserting, immediately after subsection (13), the following subsection:“(14) This section applies to or in relation to a merchant bank, a merchant bank incorporated in Singapore and a merchant bank incorporated outside Singapore as the section applies to or in relation to a bank, a bank incorporated in Singapore and a bank incorporated outside Singapore.”.