s 86HA Remedial directions relating to section 86FA
86HA.—(1) Subsection (2) applies where —(a) an individual has been appointed in contravention of section 86FA(1) or (2), or a person has been appointed as a manager of or becomes a partner in a designated entity in contravention of section 86FA(3) or (4); (b) any condition of approval imposed under section 86FA(5) has not been complied with; (c) any of the following persons has provided false or misleading information or documents to the Authority in connection with an application for approval under section 86FA(1), (2), (3) or (4):(i) a designated entity; (ii) the trustee-manager of a designated entity; (iii) the person mentioned in section 86FA(4); or (d) the Authority would not have granted its approval under section 86FA(1), (2), (3) or (4) had it been aware, at the time of approval, of circumstances relevant to a person’s application for such approval. (2) The Authority may issue a direction to the designated entity or trustee-manager (as the case may be) to do as follows (whichever is applicable):(a) remove the individual as the chief executive officer, the chairperson of the board of directors or a director of the designated entity or trustee-manager, as the case may be; (b) remove the person as a manager of or partner in the designated entity. (3) A direction issued under this section (including a direction varied under section 86HC(2)) has effect despite the provisions of any other written law or anything contained in the memorandum or articles of association, limited liability partnership agreement, partnership contract, trust deed or other constitution, of the designated entity or trustee-manager in question. (4) Nothing in subsection (2) is to be taken as depriving a person who is removed under that subsection of compensation or damages payable to the person in respect of the termination of his or her appointment as the chief executive officer, the chairperson of the board of directors, a director, or the person’s removal as a manager or partner.[Act 20 of 2024 wef 01/04/2025]