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
4A Restriction on deposit-taking business and soliciting deposits
4B Application of section 4A
4C Examination of persons suspected of contravening section 4A and access to premises
5 Use of word "bank"
5A Use of bank name, etc.
6 Examination of persons suspected of transacting banking business and access to premises
7 Application for licence
8 Licence fees
9 Minimum capital requirements
9A Capital requirements for qualifying subsidiaries
10 Risk-based capital requirements
11 Foreign government-owned banks
11A Appeal to Minister
12 Branches
13 Fees to be paid in respect of branches of banks
14 Mergers
14A Approval by Minister for merger of certain banks
14B Condition for issue of certificate of approval
14C Effect of merger
15 Application and interpretation of sections 15A to 18
15A Control of substantial shareholdings in designated financial institutions
15B Control of shareholdings and voting power in designated financial institutions
15C Approval of applications
15D Power to exempt and make further transitional provisions
15E Objection to existing control of designated financial institutions
16 Power to make directions
17 Offences, penalties and defences
18 Power of Authority to obtain information
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24 (Repealed)
25 Publication and exhibition of audited balance-sheet
26 Information to be furnished by banks
27 Action to be taken if advances are against interests of depositors
28 Disclosure of interest by directors
Part V PROHIBITED BUSINESS
29 Credit facilities and limits
30 Non-financial businesses
31 Limit on equity investments
32 Investments in companies undertaking non-financial businesses
33 Immovable property
34 Grace period for sections 30 to 33
35 Exposure to immovable property sector
36 Power of Authority to secure compliance with sections 10, 23, 29, 31, 32, 33, 35 and 42
37 Relief from limitations imposed by sections 29, 31 and 33
Part VI MINIMUM ASSET REQUIREMENTS
38 Minimum liquid assets
39 Minimum cash balances
40 Minimum asset requirement
Part VII POWERS OF CONTROL OVER BANKS
40A Interpretation of this Part
41 Regulation of interest rates of banks
42 Recommendations to banks concerning credits and investments
43 Inspection of banks
44 Special investigation of banks
44A Provisions supplementary to sections 43 and 44
45 Inspection in Singapore by parent supervisory authority
46 Confidentiality of inspection and investigation reports
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 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
55 Notices to banks
Part VIII NUMBERED ACCOUNTS
56 Prohibition against opening of numbered accounts
57 (Repealed)
Part IX MISCELLANEOUS
58 Auditing
59 Clearing House settlements and control over Clearing House
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.
74A Power to refund, reduce, etc., penalty interest charge
75 Operation of this Act not to affect Companies Act
75A Service of documents, etc.
76 Exemption
77 Authority to approve operation of an Asian Currency Unit
77A Authority to approve issue of stored value cards
78 Regulations
79 Transitional licensing provisions
Legislative History
Comparative Table