Banking (Exemption from Section 4A (1) and (2)) Notification 2004

No. S 411

Banking Act

(Chapter 19)

Banking (Exemption from Section 4A (1) and (2)) Notification 2004

In exercise of the powers conferred by section 4A(8) of the Banking Act, the Monetary Authority of Singapore hereby makes the following Notification:

Citation and commencement

1.  This Notification may be cited as the Banking (Exemption from Section 4A (1) and (2)) Notification 2004 and shall come into operation on 7th July 2004.

Exemption

2.—(1)  The Authority hereby exempts Navy Federal Credit Union, an institution licensed and accredited under the laws of the United States of America, from —

(a) section 4A(1) of the Act, in respect of any deposit accepted in Singapore from any of its members in Singapore; and

(b) section 4A(2) of the Act, in respect of any offer or invitation —

(i) to make any deposit; or

(ii) to enter or offer to enter into any agreement to make any deposit,

in connection with the provision of services in Singapore by Navy Federal Credit Union for which it is licensed and accredited under the laws of the United States of America.

(2)  The exemption is subject to such conditions as may be specified in letters issued from time to time by the Authority.

Made this 5th day of July 2004.

KOH YONG GUAN

Managing Director,
Monetary Authority of
Singapore.

[FSG BK 012/87 Vol. 8; AG/LEG/SL/19/2003/1 Vol. 3]