Section 13Part 2 — Establishment, Capital and Administration of Authority
Appointment of managing director
←→ Navigate · Click subsection badges to collapse · Press ? for help
The Cabinet, after consultation with the board, shall appoint a fit and proper person to be the managing director.
The managing director shall be an employee of the Authority on such terms and conditions of service as the Cabinet, after consultation with the board, may decide.
The managing director shall be entrusted with the day to day administration of the Authority to the extent of the authority delegated to that managing director by the board.
The managing director shall render that managing director's services exclusively to the Authority and shall be answerable to the board for that managing director's acts and decisions.
In the event of the absence, or inability to act of the managing director, the board —
may appoint a person to discharge the duties of the managing director during the period of the managing director's absence or inability; and
shall forthwith notify the Minister charged with responsibility for Financial Services of an appointment made under paragraph (a).
An appointment made by the board under subsection (5) shall not exceed three months and in the event that the absence of the managing director or the inability of the managing director to act is anticipated to be for a period exceeding three months, the Cabinet may, after consultation with the board, appoint a person to discharge the duties of the managing director for the duration of the managing director's absence or inability.
Without prejudice to section 14(3), the Cabinet, on the recommendation of the board, shall terminate the appointment of the managing director.
Defined Terms
managing directorfit and proper personday to day administration
Cross References
- Section 14 of Monetary Authority Actexternal
disqualification of directors