Singapore legislation

Clause 9

of Monetary Authority of Singapore (Amendment) Bill

Clause 9

Amendment of section 22

Section 22 of the principal Act is amended by renumbering the section as subsection (1) of that section, and —

(a)

by inserting, immediately after the word “money” in paragraph (a), the words “and pay interest on such deposits”;

(b)

by deleting the word “advances” in the first line of paragraph (g) and substituting the words “loans, advances or other credit facilities”;

(c)

by inserting, immediately after the word “months” in the fifth line of paragraph (g), the words “(which may at the discretion of the Authority extend to a further period of 3 months)”;

(d)

by inserting, immediately after the words “public authorities,” in paragraph (o), the words “companies in which the Government or a public authority has a substantial interest, and companies which are deemed to be related to those companies by virtue of section 6 of the Companies Act (Cap. 185),”;

(e)

by deleting the words “loans publicly” in paragraph (q) and substituting the word “securities”; and

(f)

by inserting, immediately after paragraph (r), the following subsection:“(2) For the purposes of subsection (1)(o) and section 25(d), the Government or a public authority shall have a substantial interest in a company if it, either by itself or together with any other public authority, has an interest or interests in one or more voting shares in the company and the nominal amount of that share, or the aggregate of nominal amounts of those shares either held by itself or together with any other public authority, is not less than 20 per cent of the aggregate of the nominal amount of all the voting shares in the company.”.