Amendment of regulation 15
10.  Regulation 15 of the principal Regulations is amended —
(a)by deleting paragraph (1) and substituting the following paragraphs:
(1)  The administrator shall appoint a chief executive officer who shall be an individual resident in Singapore.
(1A)  The administrator shall not appoint any person as its chief executive officer or a director unless the administrator satisfies the Authority that the person is a fit and proper person to be so appointed and has obtained the approval of the Authority.
(1B)  Where an administrator has obtained the approval of the Authority to appoint a person as its chief executive officer or director under this regulation, the person may be re-appointed as chief executive officer or director, as the case may be, of the administrator immediately upon the expiry of the earlier term without the approval of the Authority.”;
(b)by deleting the words “In paragraph (1)” in paragraph (2) and substituting the words “In this regulation”; and
(c)by deleting the regulation heading and substituting the following regulation heading:
Officers of administrator”.