Source: http://statutes.agc.gov.sg/aol/search/display/view.w3p;ident=df4219c0-e447-4215-bd0a-87515bd2b406;page=0;query=Id%3A%226d79323e-fd6b-4b17-8e7f-9fd3cefec5e1%22%20Status%3Ainforce;rec=0
Timestamp: 2013-06-18 06:47:47
Document Index: 118714153

Matched Legal Cases: ['art30', 'art30', 'art30', 'art30', 'art30', 'art30']

ContentsMonetary Authority of Singapore Act(CHAPTER 186)Long TitlePart I PRELIMINARY1 Short title2 InterpretationPart II ESTABLISHMENT, CAPITAL AND ADMINISTRATION OF AUTHORITY3 Establishment of Authority4 Principal objects and functions of Authority5 Paid-up capital6 General Reserve Fund7 Board of directors8 Appointment of directors9 Appointment of managing director10 Disqualification of directors11 Vacancies in office of director11A Presidential concurrence12 Meetings and decisions of board13 Director’s interest in contract to be made known13A Appointment of committees and delegation of powers13B Appointment of assistants14 Preservation of secrecy15 Remuneration not to be related to profits16 Public servants and public officersPart III PROVISIONS RELATING TO STAFF, ETC17 Appointment of employees18 Transfer of employees19 Pension schemes, provident fund, etc.20 No entitlement in respect of abolition or reorganisation of office21 (Repealed)22 Immunity of Authority, directors and employees, etc.Part IV POWERS, DUTIES AND FUNCTIONS OF AUTHORITY23 Powers, duties and functions of Authority24 Investment of funds25 Authority as a banker to, and financial agent of, Government and manager of its external assets26 Special loans to banks, financial institutions, etc.27 Power to issue directions to financial institutions27A Directions or regulations to discharge Government’s international obligations27B Directions or regulations to prevent money laundering and terrorism financing28 Power to approve financial institutions and control their operations28A Power of Authority in relation to dispute resolution schemes28B Corporate offenders and unincorporated associations29 Fees29A Real-time gross settlement system30 AgentsPart IVA CONTROL OVER FINANCIAL INSTITUTIONS30AA Application and interpretation of this Part30AAA Information of insolvency, etc.30AAB Action by Authority if relevant financial institution unable to meet obligations, etc.30AAC Effect of assumption of control under section 30AAB30AAD Duration of control30AAE Responsibilities of officers, member, etc., of relevant financial institution30AAF Remuneration and expenses of Authority and others in certain cases30AAG Voluntary transfer of business of relevant financial institution30AAH Approval of transfer of business of relevant financial institution30AAI Disqualification or removal of director or executive officer of relevant financial institution30AAJ Power of Authority to make regulations for this PartPart IVB RESOLUTION OF FINANCIAL INSTITUTIONSDivision 1  General provisions30AAK Interpretation of this Part30AAL Exercise of powers under Divisions 2, 3 and 4 of this Part30AAM Directions or regulations concerning persons that have ceased to be specified financial institutions30AAN Directions and notices issued under Act or written laws in Schedule to continue to apply to persons who cease to be specified financial institutions30AAO Moratorium30AAP General provisions as to winding up30AAQ Power of Court to take action against directors and executive officersDivision 2  Compulsory transfer of business of pertinent financial institution30AAR Interpretation of this Division30AAS Compulsory transfer of business30AAT Certificate of transfer30AAU Moratorium, avoidance of disposition of property, etc.Division 3  Compulsory transfer of shares of pertinent financial institution30AAV Interpretation of this Division30AAW Compulsory transfer of shares30AAX Certificate of transferDivision 4  Compulsory restructuring of share capital of pertinent financial institution30AAY Interpretation of this Division30AAZ Compulsory restructuring of share capital30AAZA Certificate of restructuring of share capitalDivision 5  Assistance to foreign resolution authorities and domestic authorities30AAZB Interpretation of this Division30AAZC Conditions for provision of assistance to foreign resolution authority30AAZD Other factors to consider for provision of assistance to foreign resolution authority30AAZE Assistance that may be rendered to foreign resolution authority30AAZF Assistance to domestic authority30AAZG Offences under this Division30AAZH Immunity for furnishing material, etc.Division 6  Miscellaneous30AAZI Notices to significant associated entities of specified financial institutions30AAZJ Modification of law of insolvency30AAZK Power to obtain information under this Part30AAZL Immunity for officer of specified financial institution or significant associated entity30AAZM Cessation of moratorium, etc., under this Part30AAZN Regulations for this PartPart V FINANCIAL SECTOR DEVELOPMENT FUND30A Establishment of Financial Sector Development Fund30B Objects of Fund and expenditure of moneys of Fund30C Investment30D Financial provisionsPart VA BOOK-ENTRY SECURITIES ISSUED BY AUTHORITY30E Interpretation of this Part30F Issue of book-entry MAS securities30G Transfers and pledges effected by Authority under book-entry clearing system30H Transfers and pledges effected by other means30I Authority to be discharged by action on instructions30J Confirmation of transaction30K Payment of interest30L Redemption of book-entry MAS securities30M Early redemption30N Invitation to take up book-entry MAS securities and refusal of application30O Securities lending arrangements30P Power of Authority to make regulations for this PartPart VB PRIMARY DEALERS FOR SECURITIES ISSUED BY AUTHORITY30Q Appointment as primary dealer30R Conditions of appointment as primary dealer30S Directions to primary dealers30T Cancellation, etc., of appointment as primary dealer30U Appeal to Minister30V Inspection of books30W Power of Authority to make regulations for this PartPart VI MISCELLANEOUS31 Statistics32 Authority’s financial year32A Budget33 Audit34 Preparation and publication of financial statements and annual report35 Borrowing from Authority by employees36 Power to appoint attorney37 Validity of acts and transactions of Authority38 Guarantee by Government39 Consent of Public Prosecutor39A Legal officer of Authority may act for Authority in civil proceedings40 (Repealed)41 Jurisdiction of District Court41A Composition of offences41B Recovery of fees, expenses, etc.41C Exemption42 Power of Authority to make regulations relating to objects and purposes of Act43 Operation of Act not to affect Currency Act
Written LawsLegislative HistoryComparative Table Related Subsidiary Legislation |
1985 RevEd 10/07/1998
AmendedAct 28 of 1998
1999 RevEd 06/03/2000
AmendedAct 2 of 2000
AmendedAct 16 of 2002
AmendedAct 30 of 2004
AmendedAct 13 of 2007
AmendedAct 42 of 2007
AmendedS 21/2010
AmendedAct 9 of 2013
PROVISIONS RELATING TO STAFF, ETCAppointment of employees17.—(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 employees18.—(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 office20. 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 —
(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]