Banking Act(CHAPTER 19)
Table of Contents
Long Title
Part I PRELIMINARY
1 Short title
2 Interpretation
Part II APPOINTMENT OF ASSISTANTS
3 Appointment of assistants
Part III LICENSING OF BANKS
4 Licensing of banks
5 Use of word "bank"
6 Examination of persons suspected of transacting banking business and access to premises
7 Application for licence
8 Licence fees
9 Minimum capital requirements
10 Capital funds
11 Foreign government-owned banks
12 Branches
13 Fees to be paid in respect of branches of banks
14 Mergers
15 Control of take-overs of banks incorporated in Singapore
16 Arrangements affecting control of a bank incorporated in Singapore
17 Control of substantial shareholdings in banks incorporated in Singapore
18 Power of the Authority to require a bank that is incorporated in Singapore to obtain information as to beneficial interests in shares of the bank
19 Amendment of bank’s constitution
20 Revocation of licence
21 Effect of revocation of licence
Part IV RESERVE FUNDS, DIVIDENDS, BALANCE-SHEETS AND INFORMATION
22 Maintenance of reserve fund
23 Maintenance of adequate provision for bad and doubtful debts
24 Dividends
25 Publication and exhibition of audited balance-sheet
26 Information to be furnished by banks
27 Action to be taken if advances are against the interests of depositors
28 Disclosure of interest by directors
Part V PROHIBITED BUSINESS
29 Credit facilities and limits
30 Trade
31 Investments
32 Control over banks in the acquisition of shares in companies
33 Immovable property
34 Loans secured by immovable property
35 Liquidation of prohibited transactions
36 Deductions for purposes of sections 29, 31 and 33
37 Power of Authority to secure compliance with sections 10, 23, 29, 31, 33, 34 and 43
38 Relief from limitations imposed by sections 29, 31 and 33
Part VI MINIMUM ASSET REQUIREMENTS
39 Minimum liquid assets
40 Minimum cash balances
41 Minimum asset requirement
Part VII POWERS OF CONTROL OVER BANKS
42 Regulation of interest rates of banks
43 Recommendations to banks concerning credits and investments
44 Inspection of banks
45 Special investigation of banks
46 Production of bank’s books, accounts and documents
47 Banking secrecy
48 Information of insolvency, etc.
49 Action by Authority if bank is unable to meet obligations, etc., or is conducting business to the detriment of depositors
50 Powers of Authority
51 Duration of control
52 Bank under control of Authority to co-operate with Authority
53 Remuneration and expenses of Authority and others in certain cases
54 Moratorium
Part VIII NUMBERED ACCOUNTS
55 Banks may with the approval of Authority open numbered accounts
56 Types of numbered accounts
57 Secrecy of numbered accounts
Part IX MISCELLANEOUS
58 Auditing
59 Clearing House and settlement of balances between banks
60 Declaration of holidays
61 Priority of deposit liabilities
62 Priority of deposit liabilities inter se
63 Redemption of securities held by bank under liquidation
64 Execution of instruments under seal
65 Disqualification of directors and employees of banks
66 Offences by directors or managers
67 Offences by directors, employees and agents
68 Indemnity
69 Power to compound
70 Publication of list of banks
71 General penalty
72 Offences triable in District Court
73 Consent of Attorney-General
74 Recovery of fees, expenses, etc.
75 Operation of this Act not to affect Companies Act
76 Exemption
77 Authority to approve operation of an Asian Currency Unit
78 Regulations
79 Saving
Part X TRANSITIONAL
80 Transitional licensing provisions
Legislative History