Singapore legislation
Regulation 15
Regulation 15
Officers of administrator
Subregulation 1
The administrator must —
appoint a chief executive officer who must be an individual resident in Singapore; and
have a Board comprising at least 3 directors.
Subregulation 1A
The administrator shall not appoint any person as its chief executive officer or a director unless the administrator satisfies the Authority that the person is a fit and proper person to be so appointed and has obtained the approval of the Authority.
Subregulation 1B
Where an administrator has obtained the approval of the Authority to appoint a person as its chief executive officer or director under this regulation, the person may be re-appointed as chief executive officer or director, as the case may be, of the administrator immediately upon the expiry of the earlier term without the approval of the Authority.
Subregulation 2
If a member of the Board of the administrator resigns or ceases to be a member of the Board for any other reason, the administrator must —
notify the Authority of the event within 14 days after the occurrence of the event; and
on or before its next annual general meeting, appoint such number of new directors as is required to comply with paragraph (1)(b).
Subregulation 3
Despite paragraph (2), the Authority may, upon being notified under paragraph (2)(a), direct the administrator to appoint such number of new directors as is required to comply with paragraph (1)(b) within such time before the next annual general meeting of the administrator, and according to such condition or restriction, as the Authority may specify, and the administrator must comply with that direction.
Subregulation 4
The administrator must immediately inform the Authority after the administrator becomes aware that any of its directors or executive officers is involved in or is believed to be involved in any conduct or practice prejudicial to the interests of the administrator.