Singapore legislation
Clause 4
Clause 4
Repeal and re-enactment of section 31
Section 31 of the principal Act is repealed and the following section substituted therefor:“Power of Authority to appoint adviser31.—
Where —
an approved exchange informs the Authority that it is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it has suspended or is about to suspend payments;
an approved exchange becomes unable to meet its obligations, or is insolvent, or suspends payments;
the Authority is of the opinion that an approved exchange —
is carrying on its business in a manner likely to be detrimental to the objectives specified in section 5;
is or is likely to become insolvent or that it is or is likely to become unable to meet its obligations, or that it is about to suspend payments;
has contravened any of the provisions of this Act; or
has failed to comply with any condition attached to its approval as an approved exchange; or
the Authority considers it in the public interest to do so,the Authority may appoint one or more persons as statutory advisers, on such terms and conditions as the Authority may specify, to advise the approved exchange on the proper management of such of the business of the approved exchange as the Authority may determine.(2) Where the Authority has exercised its power under subsection (1), it may at any time do one or more of the following:
vary or revoke any appointment made by the Authority in the exercise of such power, on such terms and conditions as it may specify;
appoint another statutory adviser in accordance with subsection (1) in place of or in addition to the statutory adviser earlier appointed;
add to, vary or revoke any term or condition specified by the Authority under this section.(3) No action, suit or other legal proceedings shall lie against a statutory adviser for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the course of or in connection with —
the exercise or purported exercise of any power under this Act;
the performance or purported performance of any function or duty under this Act; or
the compliance or purported compliance with this Act.(4) The Authority may at any time fix the remuneration and expenses to be paid by an approved exchange to a statutory adviser appointed in relation to the approved exchange, whether or not the appointment has been terminated.(5) The approved exchange shall reimburse the Authority any remuneration and expenses payable by the approved exchange to a statutory adviser and paid by the Authority to the statutory adviser.”.