On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 18/04/2013.
50.
—(1) Upon assuming control of the relevant business of a bank, the Authority or statutory manager, as the case may be, shall take custody or control of the relevant business.
[1/2007]
(2) During the period when the Authority or statutory manager is in control of the relevant business of a bank, the Authority or statutory manager shall manage the relevant business of the bank in the name of and on behalf of the bank and shall be deemed to be an agent of the bank.
[1/2007]
(3) In managing the relevant business of a bank, the Authority or statutory manager —
(a)
shall take into consideration the interests of the depositors of the bank; and
(b)
shall have all the duties, powers and functions of the members of the board of directors of the bank (collectively and individually) under this Act, the Companies Act (Cap. 50) and the constitution of the bank, including powers of delegation, in relation to the relevant business of the bank; but nothing in this paragraph shall require the Authority or statutory manager to call any meeting of the bank under the Companies Act or the constitution of the bank.
[1/2007]
(4) Notwithstanding any written law or rule of law, upon the assumption of control of the relevant business of a bank by the Authority or statutory manager —
(a)
where the bank is incorporated in Singapore, any appointment of a person as chief executive or director of the bank; or
(b)
where the bank is incorporated outside Singapore, any appointment of a person as chief executive of the bank, in so far as the appointment relates to the relevant business of the bank,
which was in force immediately before the assumption of control, shall be deemed to be revoked unless the Authority gives its approval, by notice in writing to the person and the bank, for the person to remain in the appointment.
[1/2007]
(5) Notwithstanding any written law or rule of law, during the period when the Authority or statutory manager is in control of the relevant business of a bank, no person shall be appointed —
(a)
where the bank is incorporated in Singapore, as chief executive or director of the bank; or
(b)
where the bank is incorporated outside Singapore, as chief executive of the bank, in so far as the appointment relates to the relevant business of the bank,
except with the approval of the Authority.
[1/2007]
(6) Where the Authority has given its approval under subsection (4) or (5) to a person to remain in the appointment of, or to be appointed as, chief executive or director of a bank, the Authority may at any time, by notice in writing to the person, revoke its approval and such appointment shall be deemed to be revoked on the date specified in the notice.
[1/2007]
(7) Notwithstanding any written law or rule of law, if any person whose appointment as chief executive or director of a bank is revoked under subsection (4) or (6) acts or purports to act after the revocation —
(a)
where the bank is incorporated in Singapore, as chief executive or director of the bank; or
(b)
where the bank is incorporated outside Singapore, as chief executive of the bank in relation to the relevant business of the bank,
during the period when the Authority or statutory manager is in control of the relevant business of the bank —
(i)
the act or purported act of the person shall be invalid and of no effect; and
(ii)
the person shall be guilty of an offence.
[1/2007]
(8) Notwithstanding any written law or rule of law, if any person who is appointed as chief executive or director of a bank in contravention of subsection (5) acts or purports to act —
(a)
where the bank is incorporated in Singapore, as chief executive or director of the bank; or
(b)
where the bank is incorporated outside Singapore, as chief executive of the bank in relation to the relevant business of the bank,
during the period when the Authority or statutory manager is in control of the relevant business of the bank —
(i)
the act or purported act of the person shall be invalid and of no effect; and
(ii)
the person shall be guilty of an offence.
[1/2007]
(9) During the period when the Authority or statutory manager is in control of the relevant business of a bank —
(a)
if there is any conflict or inconsistency between —
(i)
a direction or decision given by the Authority or statutory manager (including a direction or decision to a person or body of persons referred to in sub-paragraph (ii)); and
(ii)
a direction or decision given by any chief executive, director, member, executive officer, employee, agent or office holder, or the board of directors, of the bank, or any trustee for the bank,
the direction or decision referred to in sub-paragraph (i) shall, to the extent of the conflict or inconsistency, prevail over the direction or decision referred to in sub-paragraph (ii); and
(b)
no person shall exercise any voting or other right attached to any share in the bank in any manner that may defeat or interfere with any duty, function or power of the Authority or statutory manager, and any such act or purported act shall be invalid and of no effect.
[1/2007]
(10) Any person who is guilty of an offence under subsection (7) or (8) shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction.
[1/2007]
(11) In this section, “constitution of the bank” means the memorandum of association and articles of association of the bank or other instrument under which the bank is incorporated.
[1/2007]