Singapore legislation
Clause 5
Clause 5
Constitution of the Board
(1)
The Board shall consist of —
the Chairman;
the Director of the Board appointed under section 7 of this Ordinance;
the Chairman of the Housing and Development Board established by the Housing and Development Board Ordinance, 1959 (Ord. 11 of 1959); and
five other members to be appointed by the Minister to represent banking, manufacturing, commercial, labour, professional and academic interests.
(2)
The quorum of the Board shall be four.
(3)
The Board shall meet together once at least in every month.
(4)
The members of the Board appointed by the Minister under the provisions of paragraph (d) of subsection (1) of this section shall, unless their appointment is revoked by the Minister under the provisions of subsection (9) of this section, or unless they resign during their period of office, hold office for a term of three years or for such shorter period as the Minister may in any case determine.
(5)
The Minister may appoint a member of the Board to be Deputy Chairman of the Board. The Deputy Chairman may preside at meetings of the Board in the absence of the Chairman.
(6)
The Chairman or the person lawfully acting as Chairman at any meeting of the Board shall have an original as well as a casting vote.
(7)
A member of the Board shall not, in any meeting of the Board, participate in any discussion relating to, and shall not vote in respect of, any application to the Board for a loan in which he is interested or in respect of any business or management in which he is interested, and if he shall do so his vote shall not be counted, nor shall he be counted in the quorum present at such meeting.
(8)
The members of the Board shall be paid out of the funds of the Board such salaries, fees or allowances as the Yang di-Pertuan Negara may determine.
(9)
The Minister may at any time revoke the appointment of the Chairman or of any other member of the Board.