Singapore legislation
Regulation 22
Regulation 22
Exceptions for purposes of this Part
Subregulation 1
Subject to paragraphs (2) and (3), the requirements under regulations 9(1), 10, 12(1), 16(1), 17(1) and 17A(1) shall not apply in relation to a bank incorporated in Singapore —
where —
there is a change in the status of a director under regulation 6 or 7 during the period between the date immediately after the date of the director’s appointment and the date immediately before the next annual general meeting of the bank; and
the bank could not reasonably have known of that change on or before the date of the director’s appointment; or
where —
there is a change in the status of a director under regulation 6 or 7 during the period between the date immediately after an annual general meeting of the bank and the date immediately before the next annual general meeting of the bank (other than the period referred to in sub-paragraph (a)(i)); and
the bank could not reasonably have known of that change on or before the date of the first-mentioned annual general meeting.
Subregulation 2
Paragraph (1) shall not apply unless, in the circumstances referred to in paragraph (1)(a)(i) or (b)(i), the bank, within 14 days after becoming aware of the change in the status of the director, notifies the Authority of the change and, subject to paragraph (3) —
in respect of any requirement under regulation 9(1), at the next annual general meeting, appoints such number of new directors as may be necessary to rectify the composition of the board of directors in accordance with that requirement; or
in respect of any requirement under regulation 10, 12(1), 16(1), 17(1) or 17A(1), within 3 months after notifying the Authority of the change of status of the director, appoints such number of new members as may be necessary to rectify the composition of the relevant committee in accordance with that requirement.
Subregulation 3
Notwithstanding paragraph (2), the Authority may, upon being notified of a change in the status of a director under paragraph (2), direct the bank —
to appoint such number of new directors as may be necessary to rectify the composition of the board of directors in accordance with the requirements under regulation 9(1) within such time before the next annual general meeting of the bank and subject to such conditions or restrictions as the Authority may specify; or
to appoint such number of new members as may be necessary to rectify the composition of the relevant committee in accordance with the requirements under regulation 10, 12(1), 16(1), 17(1) or 17A(1), as the case may be, within such time before the expiration of 3 months from the date the bank notifies the Authority of the change and subject to such conditions or restrictions as the Authority may specify,and the bank shall comply with that direction.
Subregulation 4
Any bank which fails to comply with any condition or restriction imposed by the Authority under paragraph (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.