Monetary Authority of Singapore Act 1970 · 2020 Revised Edition · Part 2 · Establishment, Capital Andadministration of Authority
13. Director’s interest in contract to be made known
Feedback & supportA director who is, directly or indirectly, interested in a contract made, or proposed to be made, by the Authority must disclose the nature of his or her interest at the first meeting of the board at which he or she is present after the relevant facts have come to his or her knowledge.
director
“director” means a director appointed under section 8(1) and the chairperson and the deputy chairperson of the board;
A disclosure under subsection (1) must be recorded in the minutes of the board and, after the disclosure, the director —
must not take part in any deliberation or decision of the board with respect to that contract; and
must be disregarded for the purpose of constituting a quorum of the board for any such deliberation or decision.
No act or proceeding of the board may be questioned on the ground that a director has contravened this section.