s 21H Appointment and removal of chief executive officer, chairperson, director, etc., of designated entity
21H.—(1) A licensee-designated operating entity must not, on or after the effective designation date, appoint or remove an individual as its chief executive officer, the chairperson of its board of directors or any of its directors, unless the licensee-designated operating entity has obtained the prior written approval of the Authority. (2) Each of following persons must not, on or after the effective designation date, appoint or remove an individual as its chief executive officer, or the chairperson of its board of directors unless the person has obtained the prior written approval of the Authority:(a) a non-licensee-designated operating entity or, in the case of a non-licensee-designated operating entity that is a business trust, its trustee-manager; (b) a designated equity interest holder or, in the case of a designated equity interest holder that is a business trust, its trustee-manager. (3) A person must not, on or after the effective designation date, be appointed as a manager of, or become a partner in, a limited liability partnership that is a designated entity unless the designated entity has obtained the prior written approval of the Authority. (4) A person must not, or after the effective designation date, become a partner in a partnership that is a designated entity unless the person has obtained the prior written approval of the Authority. (5) The Authority may —(a) grant an approval under this section subject to any conditions that the Authority considers appropriate to impose; and (b) at any time add to, vary or revoke any condition so imposed. (6) Any person who contravenes subsection (1), (2), (3) or (4), or who fails to comply with any condition imposed under subsection (5), shall be guilty of an offence. (7) This section 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 the trustee-manager of the designated entity in relation to which the application for approval under subsection (1), (2), (3) or (4) is made. (8) In this section —(a) a reference to a “licensee-designated operating entity” is to a designated operating entity that is also a licensee; and (b) a reference to a “non-licensee-designated operating entity” is to a designated operating entity that is not a licensee-designated operating entity.[Act 20 of 2024 wef 01/04/2025]