Singapore legislation

Regulation 11

of Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2006

Regulation 11

Declaration of provisions in accounts of MeritaNordbanken Merchant Bank Singapore Limited

It is hereby declared that, subject to the conditions specified in the letter of approval dated 9th October 2006, the provisions in the accounts of MeritaNordbanken Merchant Bank Singapore Limited which have been transferred to Nordea Bank Finland Plc Singapore Branch —

(a)

shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of MeritaNordbanken Merchant Bank Singapore Limited; and

(b)

shall for the purposes of section 14I of the Act be treated as having been allowed to Nordea Bank Finland Plc Singapore Branch as a deduction under that section.

Read in full context — Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2006 →