Singapore legislation
Clause 68
Clause 68
Saving and transitional provisions for section 53A of Banking Act as applied by new section 55ZJ of that Act
(1)
Any person who, immediately before the appointed date, was appointed a director or the chairman of the board of directors of a deemed licensee, is treated as having been appointed with the approval of the Authority under section 53A of Banking Act (as applied by section 55ZJ of that Act) for a period of 12 months after the appointed date or another period approved by the Authority.
(2)
A deemed licensee must obtain the prior approval of the Authority for the continued appointment or re‑appointment of a person mentioned in subsection (1) as a director or the chairman of the board of directors after the period mentioned in that subsection.