Singapore legislation

Clause 26

Individuals not eligible to take part in management of a licensed bank

(1)

Without prejudice to anything contained in any written law relating to companies, any person who is a director, manager, secretary or other officer concerned in the management of a licensed bank shall cease to hold office —

(a)

if he becomes bankrupt, suspends payment or compounds with his creditors; or

(b)

if he is convicted of an offence involving dishonesty or fraud.

(2)

No person who has been a director of, or directly concerned in the management of, a licensed bank which has been wound up by a court shall, without the express authority of the Minister, act or continue to act as a director of, or be directly concerned in, the management of any bank.

(3)

Any person acting in contravention of subsection (1) or subsection (2) of this section shall be guilty of an offence against this Ordinance and shall, on conviction, be liable to imprisonment for a term not exceeding three years or to a fine not exceeding five thousand dollars or to both such imprisonment and fine.

Read in full context — Banking Bill →