Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 · 2020 Revised Edition · Part 10 · Deposit Insurance and Policy Owners’ Protection Fund Agency
59. Appointment of board of directors
Feedback & supportLast amended by an amending law of 2018.
This section has effect despite any provision in the Companies Act 1967 and the constitution of the Agency.
Agency
“Agency” means the company designated by the Minister under section 56 to be the deposit insurance and policy owners’ protection fund agency;
The board of directors of the Agency consists of —
a Chairperson who must be appointed by the board of directors; and
not less than 4 but not more than 9 other directors.
A director holds office for a term not exceeding 3 years and is eligible for re‑appointment.
No person may be appointed as or remain a director on the board of directors if the person is a substantial shareholder, a director or an employee of —
any DI Scheme member or PPF Scheme member; or
a related corporation of any DI Scheme member or PPF Scheme member.
In this section —
“related corporation” has the meaning given by section 4(1) of the Companies Act 1967;
corporation
“corporation” has the meaning given by section 4(1) of the Companies Act 1967;
“substantial shareholder” has the meaning given by section 81 of the Companies Act 1967.