PART II | ESTABLISHMENT, CONSTITUTION, OBJECTIVES AND ADMINISTRATION OF BOARD |
| Establishment and purpose of Board |
3.—(1) There shall be established a Board to be known as the Board of Commissioners of Currency, Singapore.| (2) The Board shall issue currency notes and coins in Singapore in accordance with section 13 and may provide such other services as it considers necessary. [3/91] |
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4.—(1) The Board shall be a body corporate with perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire and dispose of property, both movable and immovable, and may sue and be sued in its corporate name and perform such other acts as bodies corporate may by law perform.| (2) The Board may appoint a person or persons or corporation to be its agents or correspondents for the purposes of this Act. |
| (3) No resolution or decision taken by the Board and no other act or thing made or done by the Board or any officer or employee of the Board in the exercise of any right or power or in the performance of any duty conferred or imposed upon the Board, or upon such officer or employee, under or by virtue of the provisions of this Act shall be invalid by reason only that the same was not taken, made or done within Singapore. [35/73; 11/82] |
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| Employment of officers, etc. |
| 5.—(1) Subject to subsection (2), the Board may appoint such officers, employees, consultants and agents as it considers to be necessary for the efficient conduct of the business of the Board upon such terms and conditions as may be determined by the Board. [3/91; 11/91] | (2) The Board shall, with the President’s concurrence under Article 22A(1)(b) of the Constitution, appoint a General Manager on such terms and conditions as it may determine. [11/91] |
| (3) The Board and its officers and employees shall be deemed to be public servants within the meaning of the Penal Code (Cap. 224). [3/91] |
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6.—(1) The Board shall consist of —| (a) | the Chairman who shall be appointed by the President on the recommendation of the Cabinet; | | (b) | the Deputy Chairman who shall be appointed by the President for a specific period and shall vacate his office without prejudice to his eligibility for reappointment at the expiration of that period; and | | (c) | 4 other members possessing recognised banking, financial or business experience who shall be appointed by the President from time to time for such period as the President may decide. [11/91] |
| (2) Subject to subsection (3), the members of the Board shall be appointed for a term not exceeding 3 years and shall be eligible for reappointment. [11/91] |
| (3) The President, acting in his discretion, may refuse to appoint any person as Chairman, Deputy Chairman or a member of the Board under subsection (1) or to revoke any such appointment if the President does not concur with the advice or recommendation of the Cabinet or a Minister acting under the general authority of the Cabinet. [11/91] |
| (4) The Deputy Chairman shall act for the Chairman whenever the Chairman is absent. |
| (5) If the Deputy Chairman is temporarily absent from Singapore or temporarily incapacitated through illness or any other sufficient reason from the performance of his duties, another person may be appointed by the President during such temporary absence or incapacity. |
| (6) If a member appointed under subsection (1)(c) suffers an incapacity which is likely to be prolonged, the President may appoint a temporary substitute to act with the full powers of that member until such time as the President determines that the incapacity has ceased. |
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7.—(1) The Board shall meet at least once in each calendar year and at such times or places as may be considered necessary by the Chairman.| (2) The Chairman shall call a meeting as soon as practicable after receiving a request from at least 2 members. |
| (3) A quorum for any meeting of the Board shall be 3 members. |
| (4) No meeting of the Board, as provided for in this section, shall be held unless the Chairman or the Deputy Chairman is present. |
| (5) The Chairman and the Deputy Chairman shall each have 2 votes and the members appointed under section 6(1)(c) shall each have one vote. |
| (6) Any question arising at a meeting of the Board shall be decided by a majority of votes. |
| (7) In the event of an equality of votes, the Chairman presiding at the meeting shall have a casting vote. |
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| General disqualifications for Deputy Chairman and other members |
8.—(1) The Deputy Chairman or a member shall be relieved of his office if he —| (a) | becomes bankrupt or insolvent, applies for any benefits under the law for the relief of bankrupt or insolvent debtors, compounds with his creditors or makes any assignment in whole or in part of his income from the Board for the benefit of such creditors; | | (b) | is convicted of an offence involving dishonesty or fraud or moral turpitude; | | (c) | becomes totally or permanently incapable of performing his duties; or | | (d) | is guilty of misbehaviour that would bring his office into disrepute. |
| (2) The President shall terminate the appointment of a member who without leave absents himself from 3 consecutive meetings of the Board. |
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| Interest of member in contract to be made known |
9.—(1) A member who is, directly or indirectly, interested in a contract made, or proposed to be made, by the Board shall disclose the nature of his interest at the first meeting of the Board at which he is present after the relevant facts have come to his knowledge.(2) A disclosure under subsection (1) shall be recorded in the minutes of the Board and, after the disclosure, such member —| (a) | shall not take part in any deliberation or decision of the Board with respect to that contract; and | | (b) | shall be disregarded for the purpose of constituting a quorum of the Board for any such deliberation or decision. |
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| (3) No act or proceedings of the Board shall be questioned on the ground of the contravention of this section by a member of the Board. |
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| 10. Except for the purposes of the performance of his duties or the exercise of his functions or when lawfully required to do so by any court or under the provisions of any law, no person who is or has been a member, officer, employee, consultant or agent of the Board shall disclose to any person any information which he has acquired in the performance of his duties or the exercise of his functions. [3/91] |
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