Investments
31.—(1)  A bank shall not acquire or hold any part of the share capital of, or otherwise have an interest in, any financial, commercial, agricultural, industrial or other undertaking exceeding in the aggregate 40% of that bank’s capital funds except such shareholding as the bank may acquire in the course of the satisfaction of debts due to it, which shareholding shall, however, be disposed of at the earliest suitable opportunity.
(2)  This section shall not apply in respect of —
(a)any shareholding approved in writing by the Authority in another bank or in a subsidiary company formed by the bank concerned for the carrying out of nominee, executor or trustee functions or other functions incidental to banking business; or
(b)any shareholding approved by the Authority in any corporation set up for the purpose of promoting development in Singapore.
(3)  Any bank which contravenes subsection (1) shall be guilty of an offence.
Singapore Statutes Online
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Last updated 24 Apr 2024
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