Monetary Authority of Singapore Act 1970 · 2020 Revised Edition · Part 2 · Establishment, Capital Andadministration of Authority
12. Meetings and decisions of board
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The chairperson of the board may summon meetings as often as may be required but at least one meeting must be summoned in each quarter of a calendar year.
At every meeting of the board, a quorum consists of 4 directors or a simple majority of the directors, whichever is the larger, and decisions are to be adopted by a simple majority of the votes of the directors present and voting except that in the case of an equality of votes the chairperson has a casting vote.
To avoid doubt, a decision of the board may be made by way of a resolution passed by a simple majority of the directors by written or electronic means.
resolution
“resolution” means any action by an authority (being an authority charged with responsibility for such action) to do either or both of the following:(a)to maintain financial stability;(b)to deal with any serious problem in a financial institution which affects the ability of the financial institution to continue its business or operations as a financial institution, and which, if not dealt with, may cause the financial institution to be no longer able to continue its business or operations as a financial institution.
In subsection (1), each of the following is a quarter of a calendar year:
January, February and March of the same calendar year;
April, May and June of the same calendar year;
July, August and September of the same calendar year;
October, November and December of the same calendar year.