Singapore legislation

Clause 5

of Accounting and Corporate Regulatory Authority Bill

Clause 5

Constitution of Authority

(1)

The Authority shall consist of the following members, all of whom shall be appointed by the Minister:

(a)

a Chairman; and

(b)

not less than 10 but not more than 15 other members.

(2)

The members appointed under subsection (1)(b) shall include —

(a)

one public accountant to be selected by the Minister from a list of at least 2 public accountants nominated by the designated professional accountancy body; and

(b)

one non-practising accountant to be selected by the Minister from a list of at least 2 non-practising accountants nominated by the designated professional accountancy body.

(3)

The Minister may, if he thinks fit, appoint —

(a)

a member of the Authority to be its Deputy Chairman; and

(b)

the Chief Executive to be a member.

(4)

The First Schedule shall have effect with respect to the Authority, its members and proceedings.

(5)

For the purpose of subsection (2), the designated professional accountancy body shall be the registered society designated by the Minister under section 70 of the Accountants Act 2004 to be the successor society of the former Institute of Certified Public Accountants of Singapore established under Part VI of the Accountants Act (Cap. 2) repealed by the Accountants Act 2004.

Read in full context — Accounting and Corporate Regulatory Authority Bill →