Singapore legislation

Clause 215

Saving and transitional provisions in relation to amendments to Banking Act 1970

For the purposes of sections 20(1)(b) and (7) and 55ZA(1)(b)(ii) and (7)(b) of the Banking Act 1970, the exercise of any power by the Minister under Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of this Act (called in this section the repeal date) —

(a)

in relation to a bank mentioned in section 20(1)(b) of the Banking Act 1970 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that bank;

(b)

in relation to a bank mentioned in section 20(7) of the Banking Act 1970 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that bank;

(c)

in relation to a merchant bank mentioned in section 55ZA(1)(b)(ii) of the Banking Act 1970 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that merchant bank; and

(d)

in relation to a merchant bank mentioned in section 55ZA(7)(b) of the Banking Act 1970 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that merchant bank.

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