Singapore legislation
Clause 15
Clause 15
Appointment of board of directors
(1)
This section shall have effect notwithstanding any provision in the Companies Act and the memorandum and articles of association of the Agency.
(2)
The board of directors of the Agency shall consist of —
a Chairman who shall be appointed by the board; and
not less than 4 but not more than 9 other directors.
(3)
A director shall hold office for a term not exceeding 3 years and shall be eligible for reappointment.
(4)
No person shall be appointed as or remain a director on the board of directors if he is a substantial shareholder, a director or an employee of —
any Scheme member; or
a related corporation of any Scheme member.
(5)
In this section —
Definition
“related corporation” has the same meaning as in section 4(1) of the Companies Act;
Definition
“substantial shareholder” has the same meaning as in section 81 of the Companies Act.