§ 27 — Approval of chief executive officer, director, etc., of designated entity

27.—(1) Subject to subsections (5) and (6) —(a)

an individual may not be appointed as a chief executive officer, director, or chairperson of the board of directors of a designated entity that is a corporation;

(b)

an individual may not be appointed as a manager, or become a partner, of a designated entity that is a limited liability partnership; and

(c)

an individual may not become a partner of a designated entity that is a partnership,

without the Minister’s approval upon an application made by the designated entity concerned.

(2) An application under subsection (1) must be made in the form and manner prescribed.

(3) Without affecting any other matter that the Minister may consider relevant, the Minister may, in determining whether to grant his or her approval under subsection (4), have regard to any criteria that the Minister may specify by written notice to the designated entity.

(4) The Minister may —(a)

approve the application under subsection (1), with or without conditions; or

(b)

refuse the application.

(5) If a designated entity that is a corporation has obtained the Minister’s approval under subsection (4)(a) to appoint an individual as the designated entity’s chief executive officer, director, or chairperson of the board of directors, the individual may, without the Minister’s approval, be re‑appointed as chief executive officer, director, or chairperson of the board of directors (as the case may be) of the designated entity immediately upon the expiry of the individual’s term of appointment.

(6) If a designated entity that is a limited liability partnership has obtained the Minister’s approval under subsection (4)(a) to appoint an individual as the designated entity’s manager, the individual may, without the Minister’s approval, be re‑appointed as manager of the designated entity immediately upon the expiry of the individual’s term of appointment.

(7) A designated entity that, without reasonable excuse, contravenes subsection (1) shall be guilty of an offence.

—(1) Subject to subsections (5) and (6) —(a)

an individual may not be appointed as a chief executive officer, director, or chairperson of the board of directors of a designated entity that is a corporation;

(b)

an individual may not be appointed as a manager, or become a partner, of a designated entity that is a limited liability partnership; and

(c)

an individual may not become a partner of a designated entity that is a partnership,

without the Minister’s approval upon an application made by the designated entity concerned.

(2) An application under subsection (1) must be made in the form and manner prescribed.

(3) Without affecting any other matter that the Minister may consider relevant, the Minister may, in determining whether to grant his or her approval under subsection (4), have regard to any criteria that the Minister may specify by written notice to the designated entity.

(4) The Minister may —(a)

approve the application under subsection (1), with or without conditions; or

(b)

refuse the application.

(5) If a designated entity that is a corporation has obtained the Minister’s approval under subsection (4)(a) to appoint an individual as the designated entity’s chief executive officer, director, or chairperson of the board of directors, the individual may, without the Minister’s approval, be re‑appointed as chief executive officer, director, or chairperson of the board of directors (as the case may be) of the designated entity immediately upon the expiry of the individual’s term of appointment.

(6) If a designated entity that is a limited liability partnership has obtained the Minister’s approval under subsection (4)(a) to appoint an individual as the designated entity’s manager, the individual may, without the Minister’s approval, be re‑appointed as manager of the designated entity immediately upon the expiry of the individual’s term of appointment.

(7) A designated entity that, without reasonable excuse, contravenes subsection (1) shall be guilty of an offence.