15.—(1) The administrator shall appoint a chief executive officer who shall be —
(a)
an individual resident in Singapore; and
(b)
approved by the Authority.
(2) In paragraph (1), “chief executive officer”, in relation to the administrator, means any person by whatever name called, employed by the administrator to be directly responsible for the conduct of the administrator’s dutiesand functions in Singapore.
[S 814/2004 wef 01/01/2005]
[S 665/2010 wef 04/11/2010]
Informal Consolidation | Amended S 180/2015
Officers of administrator
15.—(1) The administrator must —
(a)
appoint a chief executive officer who must be an individual resident in Singapore; and
(b)
have a Board comprising at least 3 directors.
[S 180/2015 wef 01/04/2015]
(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.
[S 814/2004 wef 01/01/2005]
(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.
[S 814/2004 wef 01/01/2005]
(2) If a member of the Board of the administrator resigns or ceases to be a member of the Board for any other reason, the administrator must —
(a)
notify the Authority of the event within 14 days after the occurrence of the event; and
(b)
on or before its next annual general meeting, appoint such number of new directors as is required to comply with paragraph (1)(b).
[S 180/2015 wef 01/04/2015]
(3) Despite paragraph (2), the Authority may, upon being notified under paragraph (2)(a), direct the administrator to appoint such number of new directors as is required to comply with paragraph (1)(b) within such time before the next annual general meeting of the administrator, and according to such condition or restriction, as the Authority may specify, and the administrator must comply with that direction.
[S 180/2015 wef 01/04/2015]
(4) The administrator must immediately inform the Authority after the administrator becomes aware that any of its directors or executive officers is involved in or is believed to be involved in any conduct or practice prejudicial to the interests of the administrator.