Section 15Part 2 — Establishment, Capital and Administration of Authority
Meetings and decisions of board
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The chairperson of the board shall summon regular meetings of the board as often as may be required, but not less frequently than once in three months, and shall summon extraordinary meetings when required to do so in accordance with rules made under section 47.
At a meeting of the board, the chairperson of the board or, if that chairperson is not present, the deputy chairperson or, if that deputy chairperson is not present, a director chosen by the directors present, shall act as the chairperson of the meeting.
At every meeting of the board, a quorum shall consist of five directors, and decisions shall be adopted by a simple majority of the votes of the directors present and voting except that, in the case of an equality of votes, the chairperson of the meeting shall, in addition, have a casting vote.
The board may act notwithstanding that a vacancy exists among the members or in the office of chairperson or deputy chairperson, and shall have power to —
act by sub-committee; and
delegate any of its duties and powers from time to time to such sub-committees and to any of their own number and to the officers, servants and agents of the Authority,
The board shall have power to delegate from time to time —
any of its duties and powers (other than a duty or power expressly imposed or conferred on the board by this Law), to the Management Committee; and
any of its duties and powers (other than a licensing or supervisory power or duty), to a committee appointed by the board under section 17,
A delegation under paragraph (a) or (b) of subsection (4) is revocable at will and does not prevent the exercise by the board of any duties or powers so delegated.
For the purposes of this Law, a director shall be deemed to be present at a meeting of the board if that director gains access to the meeting by conference telephone or by some other conference facility.
Defined Terms
board meetingsquorumsimple majoritycasting voteManagement Committee
Cross References
- Section 47 of Monetary Authority Actexternal
rules regarding board meetings
- Section 17 of Monetary Authority Actexternal
additional committees