Singapore legislation

Clause 39

of Deposit Insurance Bill

Clause 39

Offences committed by bodies corporate

(1)

Where an offence under this Act committed by a body corporate is proved —

(a)

to have been committed with the consent or connivance of an officer; or

(b)

to be attributable to any neglect on his part,the officer as well as the body corporate shall be guilty of the offence and shall be liable to be proceeded against and punished accordingly.

(2)

Where the affairs of a body corporate are managed by its members, subsection (1) shall apply in relation to the acts and defaults of a member in connection with his functions of management as if he were a director of the body corporate.

(3)

In this section, “officer”, in relation to a body corporate, means any director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body corporate and includes any person purporting to act in any such capacity.

(4)

The Authority may make regulations to provide for the application of any provision of this section, with such modifications as the Authority considers appropriate, to any body corporate formed or recognised under the law of a territory outside Singapore.

Clause 39 — Deposit Insurance Bill | laws.sg