Singapore legislation
Section 59
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Section 59
Appointment of board of directors
(1)
This section has effect despite any provision in the Companies Act 1967 and the constitution of the Agency.
(2)
The board of directors of the Agency consists of —
a Chairperson who must be appointed by the board of directors; and
not less than 4 but not more than 9 other directors.
(3)
A director holds office for a term not exceeding 3 years and is eligible for re‑appointment.
(4)
No person may be appointed as or remain a director on the board of directors if the person is a substantial shareholder, a director or an employee of —
any DI Scheme member or PPF Scheme member; or
a related corporation of any DI Scheme member or PPF Scheme member.
(5)
In this section —
Definition
“related corporation” has the meaning given by section 4(1) of the Companies Act 1967;
Definition
“substantial shareholder” has the meaning given by section 81 of the Companies Act 1967.