Singapore legislation
Clause 65
Clause 65
Saving and transitional provisions for new section 55T of Banking Act
An approval granted before the appointed date by the Authority under the direction commonly known as MAS Directive 1 issued by the Monetary Authority of Singapore under section 28(3) of the Monetary Authority of Singapore Act to a deemed licensee to maintain its minimum paid‑up capital and minimum capital funds in a currency other than Singapore dollars, and that was in force immediately before that date —
(a)
is treated as an approval granted under section 55T(2) of the Banking Act; and
(b)
is subject to the conditions to which it was subject immediately before that date.