Clause 48

by deleting the definition of “banking corporation” in section 4(1) and substituting the following definition:“ “banking corporation” means a bank or merchant bank licensed under the Banking Act (Cap. 19);”; and

by inserting, immediately after the words “section 50 or 54 of the Banking Act (Cap. 19),” in section 145(6)(b), the words “section 50 or 54 of the Banking Act as applied by section 55ZJ of that Act,”.