Singapore legislation
Regulation 5
Regulation 5
Board
Subregulation 1
Subject to paragraphs (2) and (3) and regulations 12(3) and 20, a DFHC (Bank) must have a Board comprising —
in the case of a foreign‑owned DFHC (Bank) — at least one‑third of directors who are Singapore citizens or permanent residents or, in any other case, at least a majority of directors who are Singapore citizens or permanent residents; and
at least a majority of directors who are independent directors.
Subregulation 2
If a member of the Board resigns or ceases to be a member of the Board for any other reason, the DFHC (Bank) 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 the number of new directors that is necessary to rectify the composition of the Board in accordance with the requirements under paragraph (1).
Subregulation 3
Despite paragraph (2), the Authority may, on being notified under paragraph (2)(a), direct the DFHC (Bank) to rectify the composition of the Board in accordance with the requirements under paragraph (1) within the time before the next annual general meeting of the DFHC (Bank), and subject to any conditions or restrictions, that the Authority may specify, and the DFHC (Bank) must comply with that direction.
Subregulation 4
The Board must maintain records of all its meetings.
Subregulation 5
A DFHC (Bank) that contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction —
to a fine not exceeding $25,000; and
in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
Subregulation 6
A DFHC (Bank) that contravenes paragraph (2)(a) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.
Subregulation 7
A DFHC (Bank) that fails to comply with a direction of the Authority under paragraph (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.
Subregulation 8
In this regulation, “permanent resident” means any individual who is not subject to any restriction as to his or her period of residence in Singapore imposed under the provisions of any written law relating to immigration for the time being in force.