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Contents

Long Title

Part I PRELIMINARY

Part II ESTABLISHMENT, CAPITAL AND ADMINISTRATION OF AUTHORITY

Part III PROVISIONS RELATING TO STAFF, ETC

Part IV POWERS, DUTIES AND FUNCTIONS OF AUTHORITY

Part IVA CONTROL OVER FINANCIAL INSTITUTIONS

Part IVB RESOLUTION OF FINANCIAL INSTITUTIONS

Division 1 — General provisions

Division 2 — Compulsory transfer of business of pertinent financial institution

Division 3 — Compulsory transfer of shares of pertinent financial institution

Division 4 — Compulsory restructuring of share capital of pertinent financial institution

Division 5 — Assistance to foreign resolution authorities and domestic authorities

Division 6 — Miscellaneous

Part V FINANCIAL SECTOR DEVELOPMENT FUND

Part VA BOOK-ENTRY SECURITIES ISSUED BY AUTHORITY

Part VB PRIMARY DEALERS FOR SECURITIES ISSUED BY AUTHORITY

Part VI MISCELLANEOUS

THE SCHEDULE Written Laws

Legislative History

Comparative Table

 
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On 18/06/2013, you requested for the version in force on 18/06/2013 incorporating all amendments published on or before 18/06/2013. The closest version currently available is that of 18/04/2013.
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PART III
PROVISIONS RELATING TO STAFF, ETC
Appointment of employees
17.
—(1)  The Authority may appoint such employees as it thinks fit and determine all matters relating to their remuneration and terms and conditions of appointment and employment.
[26/84]
(2)  The Authority may engage the services of advisers in such manner and on such terms and conditions as it thinks fit.
[26/84]
(3)  The Authority may make rules, not inconsistent with this Act, for the appointment, promotion, conduct and discipline and terms and conditions of service of its employees.
[26/84]
Transfer of employees
18.
—(1)  On 1st January 1971, such persons, as the Minister may decide, who were employed by the Government immediately prior to that date and were exercising any of the powers or were discharging any of the functions or duties vested in the Authority by this Act, shall be deemed to be transferred to the service of the Authority on terms not less favourable than those they enjoyed immediately prior to their transfer.
(2)  Such terms (which shall be determined by the Authority) shall take into account the salaries and conditions of service including any accrued rights to leave enjoyed by them while in the employment of the Government.
Pension schemes, provident fund, etc.
19.
—(1)  The Authority may, with the approval of the President, make rules for the establishment of a scheme or schemes for the payment of pensions, gratuities, provident fund or other superannuation benefits to such employees or classes of employees of the Authority as it may determine, or to their legal personal representatives or dependants, on the death or retirement of those employees from the service of the Authority or on their otherwise leaving the service of the Authority.
(2)  The Authority in making under subsection (1) any pension, provident fund or other superannuation rules which affect any persons transferred to the service of the Authority under section 18 shall in those rules provide for the payment to those persons or their dependants of benefits not less in value than the amount of any pension, provident fund, gratuity or allowance for which those persons would have been eligible under the Pensions Act (Cap. 225) had they continued in the service of the Government.
(3)  Any such pension, provident fund or superannuation rules relating to length of service of persons shall provide for the recognition as service under the Authority by persons so transferred of service by them under the Government.
(4)  Nothing in the rules to be made under subsection (1) shall adversely affect any conditions that would have been applicable to persons transferred to the service of the Authority from their service with the Government as regards any pension, gratuity or allowance under the Pensions Act (Cap. 225).
(5)  Where any person in the service of the Authority whose case does not come within the scope and effect of any pension or other schemes established under this section retires or dies in the service of the Authority or is discharged from that service, the Authority may grant to him or to such other person or persons wholly or partly dependent on him, as the Authority may think fit, such allowance or gratuity as the Authority may determine.
No entitlement in respect of abolition or reorganisation of office
20.  Notwithstanding the Pensions Act, no person who is transferred to the service of the Authority under section 18 shall be entitled to claim any benefits under this Act on the ground that he has been retired from the service of the Government on account of abolition or reorganisation of office.
21.  [Deleted by Act 13/2007 wef 30/06/2006]
Immunity of Authority, directors and employees, etc.
22.  No action, suit or other legal proceedings shall lie against —
(a)
the Authority;
(b)
any director, officer or employee of the Authority;
(c)
any public officer;
(d)
any person who is on secondment or attachment to the Authority; or
(e)
any person appointed, approved or directed by the Minister or the Authority to exercise the Authority’s power, perform the Authority’s functions or duties or to assist the Authority in the exercise of its powers or performance of its functions or duties under this Act or any other written law,
for anything done (including any statement made) or omitted to be done in good faith in the course of or in connection with —
(i)
the exercise or purported exercise of any power under this Act or any other written law;
(ii)
the performance or purported performance of any function or duty under this Act or any other written law; or
(iii)
the compliance or purported compliance with this Act or any other written law.
[24/2003 wef 01/01/2004]