PART II 3.—(1) There shall be a Board of Trustees consisting of —| (a) | the Permanent Secretary to the Ministry of Defence as Chairman; | | (b) | the Chief of Defence Force; | | (c) | the Chief of Army; | | (d) | the Chief of Air Force; | | (e) | the Chief of Navy; | | (ea) | the Chief of Digital and Intelligence Service; [S 781/2022 wef 28/10/2022] | | (f) | the Deputy Secretary (Administration) of the Ministry of Defence; and | | (g) | such other trustees, not being more than 7, as the Armed Forces Council may from time to time determine. |
| (2) The trustees appointed under paragraph (1)(g) shall be appointed for a term of 3 years or for such shorter term as the Armed Forces Council may determine, and shall be eligible for re-appointment. |
| (3) The Armed Forces Council may at any time revoke the appointment of the trustees under paragraph (1)(g). |
| (4) The trustees may be paid such allowance as may be determined by the Armed Forces Council. |
| (5) The Board shall manage and administer the SAVER-Premium Fund subject to the direction and control of the Armed Forces Council. |
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4.—(1) Subject to paragraph (2), the quorum of the Board shall be 3 trustees.(2) No business shall be transacted at any meeting of the Board unless the following trustees are present:| (a) | the Chairman or the trustee designated by the Chairman to act on his behalf under regulation 5(2); and | | (b) | either the Chief of Defence Force, the Chief of Army, the Chief of Air Force, the Chief of Navy or the Chief of Digital and Intelligence Service. [S 781/2022 wef 28/10/2022] |
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5.—(1) For the purpose of exercising its functions under the Act and these Regulations, the Board shall meet on such date and at such place and time as the Chairman may determine.| (2) In the absence of the Chairman, such trustee as the Chairman designates to act on his behalf shall preside at the meeting. |
| (3) Subject to these Regulations, all matters arising at any meeting of the Board shall be determined by a simple majority of the trustees and a determination by a simple majority of the trustees shall for all purposes be a determination of the Board. |
| (4) Subject to these Regulations, matters arising at a meeting of the Board may be determined by a simple majority of votes and, in the event of an equality of votes, the Chairman or, in his absence, the trustee presiding shall have a casting vote in addition to his original vote. |
| (5) The Board may, if it thinks fit, transact its business by the circulation of papers, and a resolution in writing, signed by a simple majority of the trustees required by regulation 4(2) to be present at any meeting of the Board and those for the time being entitled to take part in the determination in respect thereof shall be valid and effectual as if it had been passed at a meeting of the Board duly convened and held. |
| (6) Any such resolution may consist of several documents in like form, each signed by one or more trustees. |
| (7) No decision of the Board on any matter made at any meeting where the Chairman is absent shall have effect unless the consent of the Chairman in writing under his hand has been obtained therefor. |
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6.—(1) If any trustee has a pecuniary interest, direct or indirect, in any matter which is before any meeting of the Board, he shall at that meeting declare the nature of his interest and shall not take part in the consideration or discussion of, or vote on any question with respect to that matter, and if the Chairman or, in his absence, the trustee presiding so directs, that trustee shall withdraw from the meeting during such consideration or discussion.| (2) Notwithstanding paragraph (1), for the purpose of determining whether there is a quorum, a trustee shall be treated as being present at a meeting notwithstanding that, under that paragraph, he cannot vote or has withdrawn from the meeting. |
| (3) No trustee shall be deemed to have any pecuniary interest in any matter which was or is before any meeting of the Board under paragraph (1) by reason only that the trustee was or is at the time of the meeting a member of the SAVER Plan or the Premium Plan, as the case may be. |
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| Staff and agents of Board |
7.—(1) The Board may appoint any person to be the secretary of the Board for such period as the Board may determine.| (2) The Board may be assisted by such public officers as are in the opinion of the Board necessary for the purpose of carrying out its functions under the Act and these Regulations. |
| (3) The trustees may, instead of acting personally, appoint and pay an agent, whether a solicitor, banker, stockbroker or other person, to transact any business or do any act required to be transacted or done in the management of the SAVER-Premium Fund, including selling, converting, collecting, getting in, and executing and perfecting assurances of, or managing or cultivating, or otherwise administering any property, movable or immovable, forming part of the SAVER- Premium Fund in any place within or outside Singapore or executing or exercising any discretion or power vested in them in relation to any such property, with such ancillary powers, and with and subject to such provisions and restrictions as they may think fit, including a power to appoint substitutes. |
| (4) The trustees shall not, by reason only of their having made such appointment, be responsible for any default of the agent if appointed in good faith. |
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| 8.—(1) All trustees shall be deemed to be public servants within the meaning of the Penal Code 1871. [S 850/2025 wef 31/12/2021] | (2) All trustees appointed under regulation 3(1)(g) shall be deemed to be public officers for the purposes of the Financial Procedure Act 1966 and section 20 of that Act shall apply to such persons notwithstanding that they are not or were not in the employment of the Government. [S 850/2025 wef 31/12/2021] |
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| 9. Subject to these Regulations, the Board may regulate its own procedure. |
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