Singapore legislation

Clause 39

of Banking (Amendment) Bill

Clause 39

Amendment of section 74

Section 74 of the Banking Act is amended by deleting subsection (1A) and substituting the following subsections:“(1A) The Authority may recover as a civil debt due to the Authority from a merchant bank —

(a)

the amount of any fees payable by the merchant bank under sections 8 and 13 as applied by section 55ZB(1); and

(b)

any remuneration and expenses payable by the merchant bank to —

(i)

an auditor appointed under sections 44A(3) and 46B(3) as applied by section 55ZJ(1);

(ii)

a statutory adviser appointed under section 49(2)(b) as applied by section 55ZJ(1);

(iii)

a statutory manager appointed under section 49(2)(c) as applied by section 55ZJ(1);

(iv)

the Authority or any person employed or authorised by the Authority under section 3 in relation to the Authority assuming control of any business of the merchant bank under section 49 as applied by section 55ZJ(1); and

(v)

any person appointed to perform any independent assessment under section 55B(4) as applied by section 55ZK(1).(1B) The Authority may recover on behalf of the Government —

(a)

any financial penalty imposed under section 38(7) or 39(7) on a bank; or

(b)

any financial penalty imposed under section 38(7) as applied by section 55ZG(1) on a merchant bank,as though the financial penalty were a civil debt due to the Authority.”.