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1 Short title and commencement

3 Banking business to be transacted only by a licensed bank

4 Licences not to be granted or valid in certain cases

5 Restriction on use of title "bank" and on use of certain words in a bank’s name

6 Revocation of licence

7 Minister to be advised of alteration in a bank’s constitution

8 Maintenance of reserve fund

9 Exhibition of audited balance-sheet

10 Restriction on payment of dividends, advances, and loans to the staff

11 Action to be taken if unsecured advances are against interests of depositors

12 Statistics to be furnished

13 Bank unable to meet obligations to inform the Minister

14 Amalgamation, etc. requires consent of the Minister

15 Appointment of Auditors

16 Clearing Houses and settlement of balances between banks

17 Inspector of Banks

18 Special investigations of banks

19 Examination of affairs of bank on application by shareholders or depositors

20 Production of bank’s books, accounts and documents

21 Action by the Minister if bank unable to meet obligations or conducting business to the detriment of depositors

22 Control of licensed bank by Minister

23 Licensed bank under control of Inspector to co‑operate with Inspector

24 No investigation of individual customer’s affairs

26 Individuals not eligible to take part in management of a licensed bank

27 Penalty for offences not otherwise provided for

28 Offences by companies, etc. and by servants and agents

29 Fiat of State Advocate‑General

32 Amendment and special provision relating to the Companies Ordinance

34 Transitional licensing provisions

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Banking Bill

Bill No. 168/1962

Read the first time on 16th January 1962.

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:—

PART I

PRELIMINARY

Short title and commencement

1. This Ordinance may be cited as the Banking Ordinance, 1962, and shall come into operation on such date as the Minister may by notification in the Gazette appoint.

Interpretation

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 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 compiled with the provisions of Part X of the Companies Ordinance;

“Inspector” means the Inspector of Banks appointed under section 17 of this Ordinance;

“license” means a license granted under section 3 or section 34 of this Ordinance;

“licensed bank” means a bank holding a valid license and all the offices and branches in Singapore of such a bank shall be deemed to be one bank.