Singapore legislation

Clause 10

Disqualification of directors

(1)

No person may be appointed as or remain a director of the Authority who is a director or salaried official of any bank licensed under the provisions of the Banking Act, 1970 (Act ....... of 1970).

(2)

The disqualification referred to in subsection (1) of this section shall not apply to the directors referred to in paragraphs (b) and (c) of subsection (3) of section 7 of this Act.

(3)

The President may terminate the appointment of any director appointed under subsection (1) of section 8 of this Act if he —

(a)

resigns his office;

(b)

becomes of unsound mind or incapable of carrying out his duties;

(c)

becomes bankrupt or suspends payment to or compounds with his creditors;

(d)

is convicted of an offence involving dishonesty or fraud or moral turpitude;

(e)

is guilty of serious misconduct in relation to his duties;

(f)

is absent, without leave, from three consecutive meetings of the Board; or

(g)

fails to comply with his obligations under section 13 of this Act.

Read in full context — Monetary Authority of Singapore Bill →