PART II
APPOINTMENT OF ASSISTANTS
Appointment of assistants
3. —(1) Subject to subsection (1A), the Authority may appoint any person to exercise any of its powers or perform any of its functions or duties under this Act, either generally or in any particular case, except the power to make subsidiary legislation.
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(1A) The Authority may, by notification in the Gazette, appoint one or more of its officers to exercise the power to grant an exemption to any person (not being an exemption granted to a class of persons) under a provision of this Act specified in the Fourth Schedule, or to revoke any such exemption.
(2) Any person appointed by the Authority under subsection (1) shall be deemed to be a public servant for the purposes of the Penal Code (Cap. 224).
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PART III
LICENSING OF BANKS
Licensing of banks
4. —(1) No banking business shall be transacted in Singapore except by a company which is in possession of a valid licence granted under this Act by the Authority authorising it to conduct banking business in Singapore.
(2) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction —
(a) in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or
(b) in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.
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Restriction on deposit-taking business and soliciting deposits
4A. —(1) Subject to subsection (6), no person shall, in the course of carrying on (whether in Singapore or elsewhere) a deposit-taking business, accept in Singapore any deposit from any person in Singapore.
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(2) No person shall, whether in Singapore or elsewhere, offer or invite or issue any advertisement containing any offer or invitation to the public or any section of the public in Singapore —
(a) to make any deposit, whether in Singapore or elsewhere; or
(b) to enter or offer to enter into any agreement to make any deposit, whether in Singapore or elsewhere, where such deposit is to be made with any person (not being a person specified in subsection (6)) in the course of the carrying on (whether in Singapore or elsewhere) of a deposit-taking business by that person.
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(3) For the purposes of subsection (2), in determining whether an offer, invitation or advertisement is made or issued to the public or any section of the public in Singapore, regard shall be had to such considerations as the Authority may prescribe.
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(4) Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction —
(a) in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or
(b) in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.
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(5) A person whose business it is to publish or to arrange for the publication of advertisements shall not be guilty of an offence under subsection (4) if he proves that —
(a) he received the advertisement for publication in the ordinary course of his business;
(b) the matters contained in the advertisement were not, wholly or in part, devised or selected by him or by any person under his direction or control; and
(c) he did not know and had no reason for believing that the publication of the advertisement would constitute an offence.
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(6) Without prejudice to section 76, subsection (1) shall not apply to —
(a) any bank in Singapore;
(b) any co-operative society registered under the Co-operative Societies Act (Cap. 62);
(c) any finance company licensed under the Finance Companies Act (Cap. 108);
(d) any merchant bank approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186);
(e) any person (other than a person referred to in paragraphs (a) to (d)) who is licensed, approved, authorised or otherwise empowered under any written law to accept deposits in Singapore in accordance with such law; and
(f) such other person or class of persons as the Authority may prescribe and subject to such conditions as may be prescribed by the Authority.
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(7) Deleted by Act 1/2007, wef 31/03/2007.
(8) Deleted by Act 1/2007, wef 31/03/2007.
(9) The fact that a deposit has been taken in contravention of this section shall not affect any civil liability in respect of the deposit or the money deposited.
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Application of section 4A
4B. —(1) For the purposes of section 4A, "advertisement"means the dissemination or conveyance of information, or invitation or solicitation by any means or in any form, including by means of —
(a) publication in a newspaper, magazine, journal or other periodical;
(b) display of posters or notices;
(c) circulars, handbills, brochures, pamphlets, books or other documents;
(d) letters addressed to individuals or bodies;
(e) photographs or cinematograph films; or
(f) sound broadcasting, television, the Internet or other media.
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(2) An advertisement containing information which is intended or might reasonably be presumed to be intended to lead, directly or indirectly, to the making of a deposit shall be treated as an advertisement referred to in section 4A.
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(3) Notwithstanding subsections (1) and (2), an advertisement issued outside Singapore shall not be treated as an advertisement for the purposes of section 4A (2) if it is made available —
(a) in a newspaper, magazine, journal or other periodical published and circulating principally outside Singapore;
(b) in a sound or television broadcast transmitted principally for reception outside Singapore; or
(c) by any other means of broadcasting or communication principally for circulation or reception outside Singapore.
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(4) Subject to the provisions of this section, for the purposes of section 4A, "deposit"means —
(a) a sum of money paid on terms —
(i) under which it will be repaid, with or without interest or a premium, or with any consideration in money or money’s worth, either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it; and
(ii) which are not referable to the provision of property or services or to the giving of security; and
(b) such other product as may be prescribed.
(4A) The Authority may, by regulations, exclude any product from the definition of "deposit"in subsection (4) (a).
(5) For the purposes of subsection (4) (a) (ii), money is paid on terms which are referable to the provision of property or services or to the giving of security if, and only if —
(a) it is paid by way of advance or part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services is or are not in fact sold, hired or otherwise provided;
(b) it is paid by way of security for the performance of a contract or by way of security in respect of loss which may result from the non-performance of a contract; or
(c) without prejudice to paragraph (b), it is paid by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise.
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(6) For the purposes of subsection (4), "deposit"does not include —
(a) a sum paid by the Authority, any person referred to in section 4A (6) (a) to (d) or any insurer registered under the Insurance Act (Cap. 142);
(b) a sum paid by any moneylender licensed under the Moneylenders Act (Cap. 188);
(c) a sum paid by one company to another at a time when one is a subsidiary of the other or both are subsidiaries of another company, or the same individual controls more than half of the voting power or holds more than half of the total number of issued shares in both of them;
(d) a sum paid by a person who, at the time when it is paid, is a close relative of the person receiving it or who is, or is a close relative of, a director, controller or manager of that person; and
(e) a sum paid by such person or class of persons as may be prescribed.
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(7) Subject to the provisions of this section, for the purposes of section 4A, a business is a deposit-taking business if —
(a) in the course of the business, money received by way of deposit is lent to others; or
(b) any other activity of the business is financed, wholly or to any material extent, out of the capital of or the interest on money received by way of deposit.
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(8) Notwithstanding that subsection (7) (a) or (b) applies to a business, it is not a deposit-taking business if the person carrying on the business —
(a) does not hold himself out as accepting deposits on a day to day basis; and
(b) does not accept deposits on a day to day basis, whether or not involving the issue of debentures or securities.
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(9) For the purposes of subsection (7), all the activities which a person carries on by way of business shall be regarded as a single business carried on by him.
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(10) In this section —
"close relative" , in relation to a person, means the spouse or a parent, remoter lineal ancestor or step-parent or a son, daughter, remoter issue, step-son or step-daughter or a brother or sister, of the person;
"controller" means a 12% controller or 20% controller as defined in section 15B (3);
"debentures" has the same meaning as in section 4 (1) of the Companies Act (Cap. 50);
"securities" has the same meaning as in section 2 (1) of the Securities and Futures Act (Cap. 289).
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Examination of persons suspected of contravening section 4A and access to premises
4C. —(1) Whenever the Authority has reason to believe that a person has contravened or is contravening section 4A (1) or (2), the Authority shall at all times —
(a) have full and free access to the premises at which that person is suspected of having committed or of committing the contravention, or at which that person may have books; and
(b) have the power to examine, copy or take possession of the books of that person in order to ascertain whether or not that person has contravened or is contravening section 4A (1) or (2).
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(2) Any person who obstructs the Authority in the exercise of its powers under subsection (1) or fails without reasonable excuse to furnish such books in his possession as may be required by the Authority, shall be guilty of an offence and shall be liable on conviction —
(a) in the case of an individual, to a fine not exceeding $12,500 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $1,250 for every day or part thereof during which the offence continues after conviction; or
(b) in any other case, to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.
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