Singapore legislation
Section 12
Section 12
Approval of partners or directors
(1)
No holder of a money-changer’s licence shall —
where the holder is a partnership (including a limited liability partnership), appoint a person as a partner; or
where the holder is a company, appoint a person as its director,unless the holder has obtained the approval of the Authority.
(2)
No holder of a remittance licence shall appoint a person as its director unless it has obtained the approval of the Authority.
(3)
Where a licensee has obtained the approval of the Authority to appoint a person as its director under subsection (1)(b) or (2), the person may be re-appointed without break as director of the licensee immediately upon the expiry of his earlier term without the approval of the Authority.
(4)
Without prejudice to any other matter that the Authority may consider relevant, the Authority may, in determining whether to grant its approval under subsection (1) or (2), have regard to such criteria as may be prescribed or specified in written directions.
(5)
Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000. [9A