s 55ZK Application of provisions in Part 7A
55ZK.—(1) Subject to section 55R and the modifications mentioned in subsection (2), the provisions in Part 7A (except section 55P) apply in relation to the transfer of the business of a merchant bank in Singapore as those provisions apply in relation to the transfer of the business of a bank in Singapore.[1/2020] (2) The modifications mentioned in subsection (1) are —(a) a reference to a transferee in sections 55A, 55B and 55C is to —(i) a bank in Singapore, or a company that has applied for or will be applying for a bank licence under section 7(1)(a) to carry on banking business in Singapore; or (ii) a merchant bank in Singapore or a company that has applied for or will be applying for a merchant bank licence under section 55S to carry on a permitted business in Singapore, to which the whole or part of a transferor’s business is, or is to be, or is proposed to be, transferred under the provisions of Part 7A as applied by subsection (1); (b) the following provision applies in place of section 55B(1):“A transferor may voluntarily transfer the whole or any part of its business (including any business that is not a permitted business) to a transferee, if — (a) where the transferor is a merchant bank incorporated in Singapore — the Authority has consented to the transfer; (b) where the transferor is a merchant bank incorporated outside Singapore — the business to be transferred is reflected in the books of the transferor in Singapore in relation to its operations in Singapore; (c) the transfer involves the whole or part of the business that is permitted under the licence of the transferor; and (d) the Court has approved the transfer.”; (c) the following provision applies in place of section 55C(6):“If the transferee is not licensed as a bank or merchant bank, the Court may approve the transfer on terms that it takes effect only if the transferee becomes so licensed.”; and (d) the reference in section 55C(14)(b) to the transferee becoming licensed to carry on banking business in Singapore is to the transferee becoming licensed as a bank or a merchant bank.[1/2020] (3) The Minister may make regulations that are necessary or expedient for carrying out the purposes and provisions in Part 7A as applied by subsection (1) and for prescribing anything that may be required to be prescribed for the purposes of those provisions.[1/2020]