Singapore legislation
Article 22C
Article 22C
Appointment of directors of Government companies
Quoted provision
Clause 1
Notwithstanding the provisions of the memorandum and articles of association of the company, the appointment or removal of any person as a director or chief executive officer of any Government company to which this Article applies shall not be made unless the President, acting in his discretion, concurs with such appointment or removal.
Quoted provision
Clause 2
A director of a Government company to which this Article applies shall be appointed for a term not exceeding 3 years and shall be eligible for reappointment.
Quoted provision
Clause b
Any appointment or removal of any director or chief executive officer of a Government company to which this Article applies without the concurrence of the President shall be void and of no effect.
Quoted provision
Clause 3
This Article shall apply to the Government companies specified in Part 2 of the Fifth Schedule.
Quoted provision
Clause 4
Subject to clause (5), the President acting in accordance with the advice of the Cabinet may, by order published in the Gazette, add any other Government company to Part 2 of the Fifth Schedule; and no Government company shall be removed from that Part by any such order.
Quoted provision
Clause 5
No Government company shall by order under clause (4) be added to Part 2 of the Fifth Schedule unless on the date of making of such order —
the value of the share holders’ funds of the company attributable to the Government’s interest in the company is worth $500 million or more; and
it is not a subsidiary of any of the Government companies specified in Part 2 of the Fifth Schedule; and for the purposes of this paragraph, “subsidiary” shall have the same meaning as in the Companies Act 1967.