Banking (Exemption from Sections 15A and 15B) Order 2008

This Order may be cited as the Banking (Exemption from Sections 15A and 15B) Order 2008 and shall come into operation on 27th February 2008.

The Minister hereby exempts any body corporate which is or becomes a substantial shareholder of ING Asia Private Bank Limited from section 15A(1) of the Act —

by virtue of section 7(4A)(b) of the Companies Act (Cap. 50); and

by reason only that the body corporate is a subsidiary of another body corporate —

which is a substantial shareholder of ING Asia Private Bank Limited other than by virtue of section 7(4A) of the Companies Act; or

which is entitled to exercise or control the exercise of not less than 20% of the votes attached to the voting shares of a substantial shareholder of ING Asia Private Bank Limited.

[Deleted by S 69/2010 wef 10/02/2010]

The Minister hereby exempts any body corporate which is or becomes a substantial shareholder of ING Asia Private Bank Limited from section 15A(1) of the Act —

by virtue of section 7(4A)(b) of the Companies Act (Cap. 50); and

by reason only that the body corporate is a subsidiary of another body corporate —

which is a substantial shareholder of ING Asia Private Bank Limited other than by virtue of section 7(4A) of the Companies Act; or

which is entitled to exercise or control the exercise of not less than 20% of the votes attached to the voting shares of a substantial shareholder of ING Asia Private Bank Limited.

[Deleted by S 69/2010 wef 10/02/2010]