Banking Ordinance

Bill No. 148/1961

Read the first time on 14th June 1961.
An Ordinance to provide for the licensing and regulation of the business of banking, and to amend certain provisions of the Companies Ordinance (Chapter 174 of the Revised Edition).
Be it enacted by the Yang di-Pertuan Negara with the advice and consent of the Legislative Assembly of Singapore, as follows: —
Short title and commencement
1.  This Ordinance may be cited as the Banking Ordinance, 1961, and shall come into operation on such date as the Minister may by notification in the Gazette, appoint.
2.  In this Ordinance, unless the context otherwise requires —
“bank” means any company which carries on banking business;
“banking business” means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, and making advances to customers;
“company” means any company incorporated formed and registered under the Companies Ordinance (Cap. 174) and any company formed in pursuance of any other written law in Singapore or by Royal Charter or Letters Patent of the United Kingdom; and includes any company incorporated outside Singapore which has complied with the provisions of Part X of the Companies Ordinance;
“Inspector” means the Inspector of Banks appointed under section 17 of this Ordinance;
“licence” means a licence granted under section 3 or section 34 of this Ordinance;
“licensed bank” means a bank holding a valid licence and all the offices and branches in Singapore of such a bank shall be deemed to be one bank.