Section 20Part 2 — Establishment, Capital and Administration of Authority
Removal or exclusion of disability, etc.
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The Cabinet may, in the public interest and subject to such conditions as it may think fit, appoint persons to act as directors for any specified period, in any case in which the number of directors disabled by section 18 at any one time would be so great a proportion of the whole as to impede the transaction of business.
Nothing in section 18 precludes any director from taking part in the consideration or discussion of, or voting on, any question whether an application should be made to the Cabinet for the exercise of the powers conferred by subsection (1).
Section 18 shall not apply to an interest in a contract, proposed contract, licence or other matter which a director has as a member of the public or to an interest in any matter relating to the terms on which the right to participate in any service is offered to the public.
Where a director has an indirect pecuniary interest in a contract, proposed contract, licence or other matter by reason only of a beneficial interest in securities of a company or other body, and the nominal value of those securities does not exceed one thousand dollars or one-thousandth of the total nominal value of the issued share capital of the company or other body, whichever is the less, and, if the share capital is of more than one class, the total nominal value of shares of any one class in which that director has a beneficial interest does not exceed one-thousandth of the total issued share capital of that class, section 18 shall not prohibit that director from taking part in the consideration or discussion of the contract, proposed contract, licence or other matter or from voting on any question with respect to it, without prejudice, however, to that director's duty to disclose that director's interest.
Defined Terms
disabilityindirect pecuniary interestbeneficial interestsecuritiesshare capital
Cross References
- Section 18 of Monetary Authority Actexternal
pecuniary interest of director or committee member