Sets out MAS powers if a merchant bank is unable to meet its obligations, insolvent, or suspend payments, or if MAS determines that it is conducting business to the detriment of depositors.

Sets out the indemnity given to any public officer, any person appointed under Directive 14(2) to advise a merchant bank in the proper conduct of business, or any person who has assumed control of the merchant bank’s business pursuant to Directive 14(2).

Establishes the Monetary Authority of Singapore (MAS) and gives it the authority to regulate the financial services sector in Singapore.