Singapore legislation
Clause 39
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 —
the amount of any fees payable by the merchant bank under sections 8 and 13 as applied by section 55ZB(1); and
any remuneration and expenses payable by the merchant bank to —
an auditor appointed under sections 44A(3) and 46B(3) as applied by section 55ZJ(1);
a statutory adviser appointed under section 49(2)(b) as applied by section 55ZJ(1);
a statutory manager appointed under section 49(2)(c) as applied by section 55ZJ(1);
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
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 —
any financial penalty imposed under section 38(7) or 39(7) on a bank; or
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.”.