Suggest a correction

Restrictions on Bank

Post Office Savings Bank of Singapore Act

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) Notwithstanding any other provisions of this Act, the Bank shall not —(a)without the written approval of the Minister, accept accounts from persons other than individuals;(b)grant any advances, loans or credit facilities to any individual —(i)without any security if such advances, loans or credit facilities in the aggregate and outstanding at any one time exceed the sum of $5,000; or(ii)solely upon the security of any guarantee or guarantees if such advances, loans or credit facilities in the aggregate and outstanding at any one time exceed the sum of $30,000;(c)without the written approval of the Minister, make any advances, loans or credit facilities to any company, partnership, or body corporate or unincorporated except —(i)a statutory body; or(ii)companies in which the Government or a statutory body has a substantial interest, and companies which are related or deemed to be related to those companies by virtue of section 6 of the Companies Act [Cap. 50]; or (d)through any company or undertaking do anything which the Bank is not authorised to do or is prohibited from doing.(2) Except as authorised by this Act, the Bank shall not engage in any commercial, industrial or financial undertaking or acquire any direct interest in the stocks or shares of any trading, industrial or financial company.(3) For the purposes of subsection (1)(c), the Government or a statutory body shall have a substantial interest in a company if it, either by itself or together with any other statutory body, has an interest or interests in one or more voting shares in the company and the nominal amount of that share, or the aggregate of the nominal amounts of those shares either held by itself or together with any other statutory body, is not less than 20% of the aggregate of the nominal amount of all the voting shares in the company. [5A

What's the problem? (required)

Source link (optional)

Open the official source PDF to compare

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously — no account or personal information is required or sent.