Singapore legislation
Clause 37
Clause 37
Amendment of section 54
Section 54 of the Banking Act is amended by deleting subsections (2) and (3) and substituting the following subsections:“(2) Despite the provisions of any other written law, where the Authority is satisfied that —
a director of a bank in Singapore which is incorporated in Singapore; or
an executive officer of a bank in Singapore,is not a fit and proper person to be a director or an executive officer (as the case may be), the Authority may, by notice in writing to the bank, direct the bank to remove the director or executive officer from his office or employment within such period as may be specified by the Authority in the notice, and the bank must comply with the notice.(3) In assessing whether to direct a bank to remove a director or an executive officer from his office or employment under subsection (2), the Authority may consider any matter which it considers relevant, including (but not limited to) whether —
he has wilfully contravened or wilfully caused the bank to contravene any provision of this Act;
he has, without reasonable excuse, failed to secure the compliance of the bank with this Act, the Monetary Authority of Singapore Act (Cap. 186) or any of the written laws set out in the Schedule to that Act;
he has failed to discharge any of the duties of his office or employment; or
his removal is necessary in the public interest or for the protection of the depositors of the bank.”.