Banking (Exemption from Sections 15A and 15B) Order 2008

No. S 102

Banking Act

(Chapter 19)

In exercise of the powers conferred by section 15D of the Banking Act, the Senior Minister, Prime Minister’s Office, hereby makes the following Order:

Citation and commencement

1. This Order may be cited as the Banking (Exemption from Sections 15A and 15B) Order 2008 and shall come into operation on 27th February 2008.

Exemption

2.—(1) The Minister hereby exempts any body corporate which is or becomes a substantial shareholder of ING Asia Private Bank Limited from section 15A(1) of the Act —

(a)

by virtue of section 7(4A)(b) of the Companies Act (Cap. 50); and

(b)

by reason only that the body corporate is a subsidiary of another body corporate —

(i)	which is a substantial shareholder of ING Asia Private Bank Limited other than by virtue of section 7(4A) of the Companies Act; or
(ii)	which is entitled to exercise or control the exercise of not less than 20% of the votes attached to the voting shares of a substantial shareholder of ING Asia Private Bank Limited.

(2) [Deleted by S 69/2010 wef 10/02/2010]

Made this 27th day of February 2008.

PETER HO

Permanent Secretary (Special Duties),
Prime Minister’s Office,
Singapore.

[FSGBK0232; AG/LEG/SL/19/2003/1 Vol. 7]