Establishment of Authority
3.—(1)  An Authority called the Monetary Authority of Singapore is established, which is a body corporate having perpetual succession and which may sue and be sued in its own name.
(2)  The Authority must have a common seal and the seal may be broken, changed, altered and made anew as to the Authority seems fit, and, until a seal is provided under this section, a stamp bearing the inscription “The Monetary Authority of Singapore” may be used as the common seal.
(3)  All deeds, documents and other instruments requiring the seal of the Authority must be sealed with the common seal of the Authority, by the authority of the Authority, in the presence of the managing director and of some other person duly authorised by the Authority to act in that behalf and must be signed by the managing director and by such duly authorised person.
(3A)  The managing director may, subject to such terms and conditions as the managing director thinks fit, appoint an officer of the Authority who holds the appointment of deputy managing director or its equivalent, to exercise the power and perform the duty of the managing director under subsection (3), and that officer must exercise that power and perform that duty under the direction and control of the managing director.
[31/2017]
(3B)  To avoid doubt, the managing director —
(a)remains responsible for the exercise of the power, and the performance of the duty, by the deputy managing director (or equivalent) delegated under subsection (3A); and
(b)may continue to exercise the power and perform the duty, despite the delegation under subsection (3A).
[31/2017]
(4)  Such signing by the managing director or officer appointed by the managing director under subsection (3A) is sufficient evidence that the common seal of the Authority has been duly and properly affixed and that the seal is the lawful common seal of the Authority.
[31/2017]
(5)  The Authority may, by resolution or otherwise, appoint an officer of the Authority or any other agent either generally or in a particular case to execute or sign on behalf of the Authority any agreement or other instrument not under seal in relation to any matter coming within the powers of the Authority.