s 55ZB Application of provisions in Part 3
55ZB.—(1) Subject to section 55R and the modifications specified in subsection (2), sections 8, 10, 10A, 10B, 10C, 11A, 12, 13, 19 and 21 apply to or in relation to a merchant bank as those provisions apply to or in relation to a bank.[1/2020] (2) The modifications mentioned in subsection (1) are —(a) subsection (2) of section 8 is omitted; (b) the reference in section 10(1) to section 9 or 9A is to section 55T; (c) the reference in section 10(1) to capital funds required to be maintained by a bank in Singapore is to capital funds required to be maintained by a merchant bank in Singapore; (d) the reference in section 10B(2)(f)(ii) to a major stake as defined in section 32(7) is to a major stake as defined in section 55ZF(2)(a); (e) the reference in section 11A to the Authority’s refusal to grant a bank licence under section 7(3) is to the Authority’s refusal to grant a merchant bank licence under section 55S(3)(b); (f) the reference in section 12(1) to any business referred to in subsection (2) of section 12 is to any business whatsoever; (g) subsection (2) of section 12 is omitted; and (h) the reference in section 21(1) to section 20 is to section 55ZA.[1/2020]