Singapore legislation
Section 21
Section 21
Power of Authority to approve chief executive officer and directors of operator
(1)
No operator of a designated payment system shall appoint a person as its —
chief executive officer in Singapore; or
director in Singapore,unless the operator has obtained the approval of the Authority.
(2)
Subject to section 22, where an operator of a designated payment system has obtained the approval of the Authority to appoint a person as its chief executive officer or director under subsection (1), the person may, upon the expiry of his term, be reappointed as chief executive officer or director, as the case may be, without the approval of the Authority.
(3)
An application for approval under subsection (1) shall be made in such form and manner as the Authority may prescribe.
(4)
Without prejudice to any other matters that the Authority may consider relevant, the Authority may, in determining whether to grant its approval under subsection (1), have regard to such criteria as the Authority may prescribe or specify in written directions.
(5)
Subject to subsection (6), the Authority shall not refuse an application for approval under this section without giving the operator of the designated payment system an opportunity to be heard.
(6)
The Authority may refuse an application for approval under subsection (1) on any of the following grounds without giving the operator of the designated payment system an opportunity to be heard:
the person is an undischarged bankrupt, whether in Singapore or elsewhere;
the person has been convicted, whether in Singapore or elsewhere, of an offence —
involving fraud or dishonesty or the conviction for which involved a finding that he had acted fraudulently or dishonestly; and
punishable with imprisonment for a term of 3 months or more.
(7)
Where the Authority refuses an application for approval under this section, the Authority need not give the person who was proposed to be appointed an opportunity to be heard.
(8)
The operator of a designated payment system shall, as soon as practicable, give written notice to the Authority of the resignation or removal of its chief executive officer or director.
(9)
Any person who contravenes subsection (1) or (8) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200,000 and, in the case of a continuing offence, to a further fine not exceeding $20,000 for every day or part thereof during which the offence continues after conviction.[SF Act, ss. 76 (3)-
, (12), 96 (1), (1A), (4), (5); Insurance Act, s. 31 (5)]