Singapore legislation
Clause 11
Clause 11
Amendment of section 22
Section 22 of the principal Act is amended by deleting subsection (4) and substituting the following subsection:“(4) The Authority may direct a securities exchange or futures exchange to remove an officer from its office or employment under subsection (1) on any of the following grounds without giving the securities exchange or futures exchange an opportunity to be heard:
the officer is an undischarged bankrupt, whether in Singapore or elsewhere;
the officer has been convicted, whether in Singapore or elsewhere, of an offence —
involving fraud or dishonesty or the conviction for which involved a finding that he had acted fraudulently or dishonestly; and
punishable with imprisonment for a term of 3 months or more.”.