Supplement - Companies (Amendment) Act 2014

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SubsidiaryLegislation| AmendmentAnnotationoff
On25/09/2015,yourequestedtheversionaspublishedonorbefore25/09/2015.
REPUBLICOFSINGAPORE
GOVERNMENTGAZETTE
ACTSSUPPLEMENT
PublishedbyAuthority
NO.40]
FRIDAY,DECEMBER5
[2014
ThefollowingActwaspassedbyParliamenton8thOctober2014andassentedtobythePresidenton18thNovember2014:
COMPANIES(AMENDMENT)ACT2014
(No.36of2014)
Iassent.
TONYTANKENGYAM,
President.
18thNovember2014.
DateofCommencement:1stJuly2015Sections3(a),(e),(f),(l),(n),(p),(w),(x)and(z),4(a)and(b),5(b),(c),(d),(e),(g)and(h),6,8(b),9,11,
15,18,22(h),28(b),34,35,36(a),41(a),(b),(c),(d),(h),(i),(j),(k)and(l),42(a),(c)and(d),43(a),(b)and(c),44to49,51,53to57,59,75,78,79,
80,86,87,88(b),(c),(d)and(f),91,92,95(b),112,113,114(a),(b)and(c),115,116,118,119,120,122,123(b),(c),(d)and(e),124,125,126,
127(b),128to131,133,134,135(f),137,138(i)and(j),141(d)and(e),142(a)and(b),143to148,150,151,152(b),167,170to173,177,178,
179(b),184and186(2)
AnActtoamendtheCompaniesAct(Chapter50ofthe2006RevisedEdition),andtomakeconsequentialandrelatedamendmentstocertainother
writtenlaws.
BeitenactedbythePresidentwiththeadviceandconsentoftheParliamentofSingapore,asfollows:
Shorttitleandcommencement
1.ThisActmaybecitedastheCompanies(Amendment)Act2014andshallcomeintooperationonsuchdateastheMinistermay,bynotification
intheGazette,appoint.
Amendmentofsection3
2.Section3(3)oftheCompaniesActisamendedbyinserting,immediatelyafterthewordsTableAintheFourthSchedule,thewordsinforce
immediatelybeforethedateofcommencementofsection181oftheCompanies(Amendment)Act2014.
Amendmentofsection4
3.Section4oftheCompaniesActisamended
(a) byinserting,immediatelybeforethedefinitionofaccountingrecordsinsubsection(1),thefollowingdefinitions:
accounting corporation means a company approved or deemed to be approved as an accounting corporation under the
AccountantsAct(Cap.2)
accounting entity means a public accountant, an accounting corporation, an accounting firm or an accounting limited liability
partnership
accountingfirmmeansafirmapprovedordeemedtobeapprovedasanaccountingfirmundertheAccountantsAct
accounting limited liability partnership means a limited liability partnership approved as an accounting limited liability
partnershipundertheAccountantsAct
(b) byinserting,immediatelyafterthedefinitionofActinsubsection(1),thefollowingdefinition:
alternateaddressmeans
(a) in the case of a company, the alternate address that is recorded in place of the residential address of a director, chief
executiveofficerorsecretaryinacompanysregisterofdirectors,chiefexecutiveofficersorsecretaries,asthecasemay
be,referredtoinsection173or
(b) inthecaseofaforeigncompany,analternateaddressmaintainedwiththeRegistrarundersection370A
(c) bydeletingthedefinitionofannualreturninsubsection(1)andsubstitutingthefollowingdefinition:
annualreturnmeansthereturnrequiredtobelodgedundersection197(1)
(d) bydeletingthedefinitionofarticlesinsubsection(1)
(e) bydeletingthedefinitionofauditrequirementsinsubsection(1)andsubstitutingthefollowingdefinition:
auditrequirementsmeanstherequirementsofsections201(8)and(9)and207
(f) byinserting,immediatelyafterthedefinitionofAuthorityinsubsection(1),thefollowingdefinition:
AuthorityswebsitemeanstheAuthoritysInternetwebsite
(g) byinserting,immediatelyafterthedefinitionofbankingcorporationinsubsection(1),thefollowingdefinition:
bookentrysecuritieshasthesamemeaningasinsection81SFoftheSecuritiesandFuturesAct(Cap.289)
(h) byinserting,immediatelyafterthedefinitionofchargeinsubsection(1),thefollowingdefinition:
chiefexecutiveofficer,inrelationtoacompany,meansanyoneormorepersons,bywhatevernamedescribed,who
(a) isindirectemploymentof,oractingfororbyarrangementwith,thecompanyand
(b) isprincipallyresponsibleforthemanagementandconductofthebusinessofthecompany,orpartofthebusinessofthe
company,asthecasemaybe
(i) bydeletingthewordmemoranduminthedefinitionsofcompanylimitedbyguaranteeandcompanylimitedbysharesinsubsection(1)
andsubstitutingineachcasethewordconstitution
(j) byinserting,immediatelyafterthedefinitionofcompanylimitedbysharesinsubsection(1),thefollowingdefinition:
constitution,inrelationtoacompany,means
(a) theconstitutionofthecompanywhichisregisteredwiththeRegistrarundersection19,asmaybeamendedfromtimeto
timeand
(b) inthecaseofacompanyincorporatedbeforethedateofcommencementofsection3oftheCompanies(Amendment)
Act2014,thememorandumofassociationofthecompany,thearticlesofassociationofthecompany,orboth,inforce
immediatelybeforethatdate
(k) byinserting,immediatelyafterthedefinitionofdefaultpenaltyinsubsection(1),thefollowingdefinition:
Depositoryhasthesamemeaningasinsection81SFoftheSecuritiesandFuturesAct
(l) byinserting,immediatelyafterthewordsthedirectorsinthedefinitionofdirectorinsubsection(1),thewordsorthemajorityofthe
directors
(m) bydeletingthedefinitionofequityshareinsubsection(1)
(n) bydeletingthedefinitionoffinancialyearinsubsection(1)andsubstitutingthefollowingdefinition:
financialyear,inrelationtoanycorporation,meanstheperiodinrespectofwhichthefinancialstatementsofthecorporationis
madeup,whetherthatperiodisayearornot
(o) byinserting,immediatelyafterthedefinitionofguarantorcorporationinsubsection(1),thefollowingdefinition:
identificationmeans
(a) inthecaseofanindividualissuedwithanidentitycardundertheNationalRegistrationAct(Cap.201),thenumberof
theindividualsidentitycardand
(b) in the case of an individual not issued with an identity card under that Act, particulars of the individuals passport or
suchothersimilarevidenceofidentityasisacceptabletotheRegistrar
(p) bydeletingthedefinitionoflistedcorporationinsubsection(1)andsubstitutingthefollowingdefinition:
listed,inrelationtoacompanyorcorporation,meansacompanyorcorporationthathasbeenadmittedtotheofficiallistofa
securitiesexchangeinSingaporeandhasnotbeenremovedfromthatofficiallist
(q) bydeletingthedefinitionofmanagerinsubsection(1)
(r) bydeletingthedefinitionofmemoranduminsubsection(1)
(s) bydeletingthedefinitionofpreferenceshareinsubsection(1)
(t) bydeletingthedefinitionofprescribedpersoninsubsection(1)
(u) byinserting,immediatelyafterthedefinitionofregisteredinsubsection(1),thefollowingdefinition:
registered qualified individual means a qualified individual registered under section 28G of the Accounting and Corporate
RegulatoryAuthorityAct(Cap.2A)
(v) byinserting,immediatelyafterthedefinitionofrepealedwrittenlawsinsubsection(1),thefollowingdefinition:
residentialaddressmeans
(a) inthecaseofapersonregisteredundertheNationalRegistrationAct,theplaceofresidenceofthatpersonasregistered
underthatActor
(b) inthecaseofapersonnotregisteredundertheNationalRegistrationAct,theusualresidentialaddressofthatperson
(w) byinserting,immediatelyafterthedefinitionofRulesinsubsection(1),thefollowingdefinition:
securitiesexchangeinSingaporemeansasecuritiesexchangeasdefinedinsection2(1)oftheSecuritiesandFuturesAct
(x) byinserting,immediatelyafterthedefinitionofstatutoryreportinsubsection(1),thefollowingdefinition:
summaryfinancialstatementmeansasummaryfinancialstatementreferredtoinsection203A
(y) bydeletingthedefinitionofTableAinsubsection(1)
(z) bydeletingsubsection(2)(includingthesubsectionheading)andsubstitutingthefollowingsubsectionheadingandsubsection:
Directors
(2)ForthepurposesofthisAct,aperson(A)shallnotberegardedasapersoninaccordancewithwhosedirectionsorinstructions
thedirectorsorthemajorityofthedirectorsofacorporationareaccustomedtoactbyreasononlythatthedirectorsorthemajorityof
thedirectorsactonadvicegivenbyAinaprofessionalcapacity.and
(za) byinserting,immediatelyaftersubsection(11),thefollowingsubsections:
(12)Forthepurposesofsection9(6),20(3),27(2),(5),(5AA),(5A)or(12C),28(3),(3D),(3DA)or(3E),29(8A),155B(8),369(2),
377(13) or 378(5), (9) or (16), any reference to the Minister includes a reference to such Minister of State for his Ministry who is
authorisedbytheMinisterforthepurposesofhearinganappealunderthatsection.
(13)Witheffectfromthedateofcommencementofsection3oftheCompanies(Amendment)Act2014
(a) thememorandumofassociationandthearticlesofassociationofacompanythatareinforceforthecompanyimmediately
beforethatdate
(i)
shallcollectivelybedeemedtoconstitute,andshallhaveeffectas,thatcompanysconstitutionand
(ii)
maybeamendedbythecompanyfromtimetotimeinthesamemannerastheconstitutionofacompanyand
(b) anyreferenceinanywrittenlawandinanycontractorotherdocumenthavinglegaleffecttothememorandumofassociation,
orthearticlesofassociation,orboth,ofacompanyshallbedeemedtorefertothecompanysconstitution..
Amendmentofsection5
(a) byinsertingthewordorattheendofsubsection(1)(a)(i)
(b) bydeletingsubparagraph(iii)ofsubsection(1)(a)and
(c) bydeletingsubsection(5)andsubstitutingthefollowingsubsection:
(5)ForthepurposesofthisAct,theDepositoryshallnotberegardedasaholdingcompanyofacorporationbyreasononlyofthe
sharesitholdsinthatcorporationasabaretrustee..
Amendmentofsection7
(a) byinserting,immediatelyafterthewordsand165insubsection(1),thewordsandsubsection(6A)shall,inaddition,alsohaveeffectfor
thepurposesofsection244
(b) byinserting,immediatelyaftersubsection(1),thefollowingsubsections:
(1A)Subjecttothissection,apersonhasaninterestinsharesifhehasauthority(whetherformalorinformal,orexpressorimplied)
todisposeof,ortoexercisecontroloverthedisposalof,thoseshares.
(1B)Forthepurposesofsubsection(1A),itisimmaterialthattheauthorityofapersontodisposeof,ortoexercisecontroloverthe
disposalof,particularsharesis,oriscapableofbeingmade,subjecttorestraintorrestriction.
(2)Whereanypropertyheldintrustconsistsoforincludessharesandapersonknows,orhasreasonablegroundsforbelieving,that
hehasaninterestunderthetrust,heshallbedeemedtohaveaninterestinthoseshares.
(d) by deleting the words 20% of the votes attached to the voting shares in subsection (4A) and substituting the words 20% of the voting
power
(e) bydeletingsubsection(5)andsubstitutingthefollowingsubsection:
(5)Forthepurposesofsubsection(4A),apersonisanassociateofanotherpersonifthefirstmentionedpersonis
(a) asubsidiaryofthatotherperson
(b) apersonwhoisaccustomedorisunderanobligationwhetherformalorinformaltoactinaccordancewiththedirections,
instructionsorwishesofthatotherpersoninrelationtothesharereferredtoinsubsection(4A)or
(c) abodycorporatethatis,oramajorityofthedirectorsofwhichare,accustomedorunderanobligationwhetherformalor
informaltoactinaccordancewiththedirections,instructionsorwishesofthatotherpersoninrelationtothesharereferredto
insubsection(4A).
(f) byinserting,immediatelyaftersubsection(6),thefollowingsubsection:
(6A)ForthepurposesofDivision4ofPartIVandsections163to165and244,abookentrysecurityshallbetreatedasifitwere
aninterestinashare.
(g) byinserting,immediatelyafterthewordsinterestinashareinsubsection(9)(b),thewordsiftheinterestisthatand
(h) bydeletingthewordbeinginsubsection(9)(c)and(ca)andsubstitutingineachcasethewordsifthatinterestis.
Amendmentofsection7A
6.Section7AoftheCompaniesActisamended
(a) byinserting,immediatelyafterthewordsbythedirectorsofthecompanyinsubsection(1),thewordsthattheyhaveformedtheopinion
(b) bydeletingthewordsthattheyhaveformedtheopinioninsubsection(1)(a)
(c) bydeletingparagraph(b)ofsubsection(1)andsubstitutingthefollowingparagraph:
(b) where
(i)
itisintendedtocommencewindingupofthecompanywithintheperiodof12monthsimmediatelyafterthedateof
thestatement,thatthecompanywillbeabletopayitsdebtsinfullwithintheperiodof12monthsafterthedateof
commencementofthewindingupor
(ii)
itisnotintendedsotocommencewindingup,thatthecompanywillbeabletopayitsdebtsastheyfalldueduring
theperiodof12monthsimmediatelyafterthedateofthestatementand
(d) bydeletingthewordsthattheyhaveformedtheopinioninsubsection(1)(c)
(e) by deleting the words statutory declaration in subsection (2)(a) and (b) and substituting in each case the words declaration in writing
signedbyeverydirectorand
(f) bydeletingthewordssection201(1A),(3)and(3A)insubsection(4)(a)(i)andsubstitutingthewordssection201(2)and(5).
Amendmentofsection8
(a) bydeletingsubsections(5)(includingthesubsectionheading),(6)and(6A)and
(b) bydeletingsubsection(7)andsubstitutingthefollowingsubsection:
(7)TheMinistermay,bynotificationintheGazette,addto,varyoramend
(a) the Twelfth Schedule in relation to the contents of the directors statement which is required to accompany the financial
statementsundersection201(16)and
(b) theThirteenthScheduleinrelationtothecriteriafordeterminingwhetheracompanyisasmallcompanyforthepurposesof
section205C..
Amendmentofsection9
(a) bydeletingthewordsthefeesetoutintheSecondScheduleinsubsection(2)andsubstitutingthewordstheprescribedfeeand
(5) The Minister may delegate his power under subsections (2) and (3) to any person charged with the responsibility for the
registrationorcontrolofpublicaccountants..
Repealandreenactmentofsection10
9.Section10oftheCompaniesActisrepealedandthefollowingsectionsubstitutedtherefor:
Companyauditors
10.(1)Nopersonotherthananaccountingentityshall
(a) knowinglyconsenttobeappointedasauditorforacompanyor
(b) knowinglyactasanauditorforacompany.
(2)Withoutprejudicetothegeneralityofsubsection(1)(b),apersonactsasanauditorforacompanyifthepersonpreparesanyreportrequired
bythisActtobepreparedbyanauditorofthecompany.
(3) No company or person shall appoint an accounting entity as an auditor of a company without obtaining the accounting entitys prior
consent.
(4)Forthepurposesofsubsection(3),theconsent
(a) ofapublicaccountantshallbeinwritingsignedbythepublicaccountant
(b) of an accounting firm, or an accounting limited liability partnership, shall be in writing signed by at least one partner of the firm or
limitedliabilitypartnershipand
(c) ofanaccountingcorporationshallbeinwritingsignedbyatleastonedirectorofthecorporation.
(5)Whereanaccountingfirmisappointedasauditorofthecompanyinthenameoftheaccountingfirm,theappointmentshalltakeeffectand
operate as if the partners of the firm at the time of the appointment, who are public accountants at that time, are appointed as auditors of the
company.
(6)Whereanaccountingcorporationisappointedasauditorofthecompanyinthenameofthecorporation,theappointmentshalltakeeffect
andoperateasif
(a) thedirectorsofthecorporationwhoarepractisingaspublicaccountantsinthecorporation(whetherdirectorsatthetimetheaccounting
corporationwasappointedasauditororlater)and
(b) the employees of the corporation who are practising as public accountants in the corporation (whether employed at the time the
accountingcorporationwasappointedasauditororlater),
areappointedasauditorsofthecompany..
Amendmentofsection12
(a) bydeletingsubsection(2)(includingthesubsectionheading)andsubstitutingthefollowingsubsections:
(2)Anypersonmay,onpaymentoftheprescribedfee
(a) inspectanydocument,orifthereisamicrofilmofanysuchdocument,thatmicrofilm,filedorlodgedwiththeRegistrar
(b) subjecttosubsection(2AA),requireacopyofthenoticeofincorporationofacompany,anycertificateissuedunderthisAct,
anydocumentorextractfromanydocumentkeptbytheRegistrartobegivenorcertifiedbytheRegistrar
(c) inspectanyregisterofdirectors,chiefexecutiveofficers,secretariesorauditorskeptbytheRegistrarundersection173(1)or
requireacopyoforanextractfromanysuchregisteror
(d) inspecttheregisterofmembersofanyprivatecompanykeptbytheRegistrarundersection196Aorrequireacopyoforan
extractfromanysuchregister.
(2AA)Acertificateofconfirmationofincorporationreferredtoinsection17(9)or19(7)mayonlybeissuedtothecompanyuponan
applicationmadeinaccordancewiththoseprovisions.
(b) bydeletingthewordsSubsection(2)insubsection(2A)andsubstitutingthewordsSubsection(2)(a),(b)and(d)
(c) bydeletingthewordssubsection(2)insubsection(2B)andsubstitutingthewordssubsection(2)(a),(b)and(d)
(d) byinserting,immediatelyaftersubsection(2B),thefollowingsubsections:
(2C)Notwithstandingsubsection(2),adirector,chiefexecutiveofficer,secretary,auditorormemberofacompanymay,without
charge
(a) inspect the register of directors, register of chief executive officers, register of secretaries and register of auditors of that
companykeptbytheRegistrarundersection173(1)or
(b) obtainfromtheRegistraracopyoforanextractfromtheregisterofdirectors,registerofchiefexecutiveofficers,registerof
secretariesandregisterofauditorsofthatcompanykeptbytheRegistrarundersection173(1).
(2D)Notwithstandingsubsection(2),adirector,chiefexecutiveofficer,secretary,auditorormemberofaprivatecompanymay,
withoutcharge
(a) inspecttheregisterofmembersofthatcompanykeptbytheRegistrarundersection196Aor
(b) obtainfromtheRegistraracopyoforanextractfromtheregisterofmembersofthatcompanykeptbytheRegistrarunder
section196A.
(3)Acopyoforanextractfromanydocument(includingacopyproducedbywayofmicrofilm)filedorlodgedwiththeRegistrar
usinganonelectronicmediumthatiscertifiedtobeatruecopyorextractbytheRegistrarshallinanyproceedingsbeadmissiblein
evidenceasofequalvaliditywiththeoriginaldocument.and
(f) by deleting subsections (6) (including the subsection heading) and (7) (including the subsection heading) and substituting the following
subsectionheadingandsubsections:
Destructionortransferofoldrecords
(6)IftheRegistrarisoftheopinionthatitisnolongernecessaryordesirabletoretainanydocumentlodged,filedorregisteredwith
theRegistrarandwhichhasbeenmicrofilmedorconvertedtoelectronicform,theRegistrarmay
(a) destroythedocumentwiththeauthorisationoftheNationalLibraryBoardundersection14DoftheNationalLibraryBoard
Act(Cap.197)or
(b) transferthedocumenttotheNationalArchivesofSingaporeundersection14CofthatAct.
(7) In subsection (3), nonelectronic medium means a medium other than the electronic transaction system established under
PartVIAoftheAccountingandCorporateRegulatoryAuthorityAct..
Repealandreenactmentofsection12A
11.Section12AoftheCompaniesActisrepealedandthefollowingsectionsubstitutedtherefor:
Electronictransactionsystem
12A.(1)TheRegistrarmay
(a) requireorpermitanypersontocarryoutanytransactionwiththeRegistrarunderthisActand
(b) issue any approval, certificate, notice, determination or other document pursuant or connected to a transaction referred to in
paragraph(a),
usingtheelectronictransactionsystemestablishedunderPartVIAoftheAccountingandCorporateRegulatoryAuthorityAct(Cap.2A).
(2)IftheRegistrarissatisfiedthatatransactionshouldbetreatedashavingbeencarriedoutatsomeearlierdateandtime,thanthedateand
timewhichisreflectedintheelectronictransactionsystem,theRegistrarmaycausetheelectronictransactionsystemandtheregisterskeptbythe
Registrartoreflectsuchearlierdateandtime.
(3)TheRegistrarshallkeeparecordwhenevertheelectronictransactionsystemortheregistersarealteredundersubsection(2).
(4)Inthissection
document includes any application, form, report, certification, notice, confirmation, declaration, return or other document (whether in
electronicformorotherwise)filedorlodgedwith,orsubmittedtotheRegistrar
transaction,inrelationtotheRegistrar,means
(a) the filing or lodging of any document with the Registrar, or the submission, production, delivery, furnishing or sending of any
documenttotheRegistrar
(b) anymakingofanyapplication,submissionorrequesttotheRegistrar
(c) anyprovisionofanyundertakingordeclarationtotheRegistrarand
(d) anyextraction,retrievaloraccessingofanydocument,recordorinformationmaintainedbytheRegistrar..
Amendmentofsection12B
12.Section12BoftheCompaniesActisamended
(a) bydeletingsubsections(3)and(4)and
(b) bydeletingthewordsofregisterinthesectionheadingandsubstitutingthewordsbyHighCourt.
Newsections12Cand12D
13.TheCompaniesActisamendedbyinserting,immediatelyaftersection12B,thefollowingsections:
RectificationbyRegistraronapplication
12C.(1)Despitesection12B,anofficerofacompanymaynotifytheRegistrarintheprescribedformof
(a) anyerrorcontainedinanydocumentrelatingtothecompanyfiledorlodgedwiththeRegistraror
(b) anyerrorinthefilingorlodgmentofanydocumentrelatingtothecompanywiththeRegistrar.
(2)TheRegistrarmay,uponreceiptofanynotificationreferredtoinsubsection(1)andifsatisfiedthat
(a) theerrorreferredtoinsubsection(1)(a)istypographicalorclericalinnatureor
(b) theerrorreferredtoinsubsection(1)(b)is,intheRegistrarsopinion,unintendedanddoesnotprejudiceanyperson,
rectifytheregisteraccordingly.
(3)Inrectifyingtheregisterundersubsection(2),theRegistrarmustnotexpungeanydocumentfromtheregister.
(4)ThedecisionmadebytheRegistraronwhethertorectifytheregisterundersubsection(2)isfinal.
RectificationorupdatingonRegistrarsinitiative
12D.(1)TheRegistrarmayrectifyorupdateanyparticularsordocumentinaregisterkeptbyhim,iftheRegistrarissatisfiedthat
(a) thereisadefectorerrorintheparticularsordocumentarisingfromanygrammatical,typographicalorsimilarmistakeor
(b) thereisevidenceofaconflictbetweentheparticularsofacompanyorpersonand
(i)
otherinformationintheregisterrelatingtothatcompanyorpersonor
(ii)
other information relating to that company or person obtained from such department or Ministry of the Government, or
statutorybodyorotherbodycorporateasmaybeprescribed.
(2)BeforetheRegistrarrectifiesorupdatestheregisterundersubsection(1),theRegistrarmust,exceptunderprescribedcircumstances,give
writtennoticetothecompanyorpersonwhosedocumentsorparticularsaretoberectifiedorupdatedoftheRegistrarsintentiontodoso,and
stateinthenotice
(a) thereasonsforanddetailsoftheproposedrectificationorupdatingtobemadetotheregisterand
(b) thedatebywhichanywrittenobjectiontotheproposedrectificationorupdatingmustbedeliveredtotheRegistrar,beingadateatleast
30daysafterthedateofthenotice.
(3)Thecompanyorpersonnotifiedundersubsection(2)maydelivertotheRegistrar,notlaterthanthedatespecifiedundersubsection(2)(b),
awrittenobjectiontotheproposedrectificationorupdatingoftheregister.
(4) The Registrar shall not rectify or update the register if the Registrar receives a written objection under subsection (3) to the proposed
rectificationorupdatingbythedatespecifiedundersubsection(2)(b),unlesstheRegistrarissatisfiedthattheobjectionisfrivolousorvexatious
orhasbeenwithdrawn.
(5) The Registrar may rectify or update the register if the Registrar does not receive a written objection under subsection (3) by the date
specifiedundersubsection(2)(b).
(6)TheRegistrarmayincludesuchnotationastheRegistrarthinksfitontheregisterforthepurposesofprovidinginformationrelatingtoany
errorordefectinanyparticularsordocumentintheregister,andmayremovesuchnotationiftheRegistrarissatisfiedthatitnolongerservesany
usefulpurpose.
(7) Despite anything in this section, the Registrar may, if the Registrar is satisfied that there is any error or defect in any particulars or
documentinaregister,bynoticeinwriting,requestthatthecompanytowhichtheparticularsordocumentrelate,oritsofficerstakesuchsteps
withinsuchtimeastheRegistrarmayspecifytoensurethattheerrorordefectisrectified..
14.Section13(1)oftheCompaniesActisamendedbydeletingparagraphs(a)and(b)andsubstitutingthefollowingparagraphs:
(a) any provision of this Act or of any other law which requires the filing or lodging in any manner with the Registrar or the Official
Receiverofanyreturn,accountorotherdocumentorthegivingofnoticetohimofanymatter
(b) anyrequestoftheRegistrarortheOfficialReceivertoamendorcompleteandresubmitanydocumentortosubmitafreshdocument
or
(c) anyrequestoftheRegistrarundersection12D(7)torectifyanyerrorordefectinanyparticularsordocumentintheregister,.
Repealofsections16and16A
15.Sections16and16AoftheCompaniesActarerepealed.
16.Section18oftheCompaniesActisamendedbydeletingsubsections(2),(3)and(4)andsubstitutingthefollowingsubsections:
(2) Where, on 29 December 1967, the constitution of a company that is a private company by virtue of paragraph (a) of the definition of
privatecompanyinsection4(1)doesnotcontaintherestrictionsandlimitationsrequiredbysubsection(1)tobeincludedintheconstitutionofa
company that may be incorporated as a private company, the constitution of the company shall be deemed to include each such restriction or
limitationthatisnotsoincludedandarestrictionontherighttotransferitssharesthatissodeemedtobeincludedinitsconstitutionshallbe
deemedtobearestrictionthatprohibitsthetransferofsharesexcepttoapersonapprovedbythedirectorsofthecompany.
(3) Where a restriction or limitation deemed to be included in the constitution of a company under subsection (2) is inconsistent with any
provisionalreadyincludedintheconstitutionofthecompany,thatrestrictionorlimitationshall,totheextentoftheinconsistency,prevail.
(4)Aprivatecompanymay,byspecialresolution,alteranyrestrictionontherighttotransferitssharesincluded,ordeemedtobeincluded,in
its constitution or any limitation on the number of its members included, or deemed to be included, in its constitution, but not so that the
constitutionofthecompanyceasestoincludethelimitationrequiredbysubsection(1)(b)tobeincludedintheconstitutionofacompanythatmay
beincorporatedasaprivatecompany..
17. Section 19 of the Companies Act is amended by deleting subsection (6) (excluding the subsection heading) and substituting the following
subsections:
(6)Thesubscriberstotheconstitutionshallbedeemedtohaveagreedtobecomemembersofthecompanyandontheincorporationofthe
companyshallbeenteredasmembers
(a) inthecaseofapubliccompany,intheregisterofmemberskeptbythepubliccompanyundersection190or
(b) inthecaseofaprivatecompany,intheelectronicregisterofmemberskeptbytheRegistrarundersection196A.
(6A)Apartfromthesubscribersreferredtoinsubsection(6),everyotherpersonwhoagreestobecomeamemberofacompanyandwhose
nameisentered
(a) inthecaseofapubliccompany,intheregisterofmemberskeptbythepubliccompanyundersection190or
(b) inthecaseofaprivatecompany,intheelectronicregisterofmemberskeptbytheRegistrarundersection196A,
isamemberofthecompany..
(a) byinserting,immediatelyaftersubsection(1),thefollowingsubsection:
(1A)Subsection(1),insofarasitprovidesthatanytransferofsharesincontraventionofitisvoid,shallnotapplytoadispositionof
bookentrysecurities,butaCourt,onbeingsatisfiedthatadispositionofbookentrysecuritieswouldintheabsenceofthissubsection
be void may, on the application of the Registrar or any other person, order the transfer of the shares acquired in contravention of
subsection(1).
(b) bydeletingparagraph(b)ofsubsection(4)andsubstitutingthefollowingparagraph:
(b) subjecttosubsections(4A)and(4B),thesubsidiaryshall,withintheperiodof12monthsorsuchlongerperiodastheCourt
mayallowafterbecomingthesubsidiaryofitsholdingcompany,disposeofallofitssharesintheholdingcompany.
(c) byinserting,immediatelyaftersubsection(4),thefollowingsubsections:
(4A)Fortheavoidanceofdoubt,subsection(4)(b)ceasestoapplyif,duringtheperiodreferredtointhatsubsection,thesubsidiary
ceasestobeasubsidiaryoftheholdingcompany.
(4B) Any shares in the holding company that are not disposed of in accordance with subsection (4)(b) may, subject to
subsections(4C)and(6E),beheldorcontinuedtobeheldbythesubsidiary.
(4C)Withrespecttothesharesreferredtoinsubsection(4B)
(a) subjecttothissubsectionandsubsection(6E),sections76J(1),(2),(3),(5)and(6)and76Kshallapplywiththenecessary
modifications,includingthefollowingmodifications:
(i)
areferencetotreasurysharesshallbereadasareferencetosharesreferredtoinsubsection(4B)
(ii)
areferencetoacompanyholdingtreasurysharesshallbereadasareferencetoasubsidiaryholdingsharesreferredto
insubsection(4B)and
(iii)
the reference in section 76J(6) to as if they were purchased by the company at the time they were allotted, in
circumstances in which section 76H applied shall be read as a reference to as if they were already held by the
subsidiaryatthetimetheywereallotted,incircumstancesinwhichsection21(4)appliedand
(b) theholdingcompanyshall,within14daysafteranychangeinthenumberofsharesintheholdingcompanywhichareheld
byanyofitssubsidiariesundersubsection(4B),lodgewiththeRegistraranoticeintheprescribedform.
(d) bydeletingthewordssubsections(1),(3)and(4)insubsection(5)andsubstitutingthewordssubsections(1),(3),(4),(4B),(6A)and
(6C)
(e) byinserting,immediatelyaftersubsection(6),thefollowingsubsections:
(6A)Thissectionshallnotoperatetopreventthetransferofsharesinaholdingcompanytoasubsidiarybywayofadistributionin
specie,amalgamationorschemeofarrangementbut
(a) subject to subsection (2), the subsidiary shall have no right to vote at meetings of the holding company or any class of
membersthereofand
(b) subjecttosubsections(6B)and(6C),thesubsidiaryshall,withintheperiodof12monthsorsuchlongerperiodastheCourt
mayallowafterthetransfertothesubsidiaryofthesharesintheholdingcompany,disposeofallofthesharesintheholding
company.
(6B)Fortheavoidanceofdoubt,subsection(6A)(b)ceasestoapplyif,duringtheperiodreferredtointhatsubsection,thesubsidiary
ceasestobeasubsidiaryoftheholdingcompany.
(6C) Any shares in the holding company that are not disposed of in accordance with subsection (6A)(b) may, subject to
subsections(6D)and(6E),beheldorcontinuedtobeheldbythesubsidiary.
(6D)Withrespecttothesharesreferredtoinsubsection(6C)
(a) subjecttothissubsectionandsubsection(6E),sections76J(1),(2),(3),(5)and(6)and76Kshallapplywiththenecessary
modifications,includingthefollowingmodifications:
(i)
areferencetotreasurysharesshallbereadasareferencetosharesreferredtoinsubsection(6C)
(ii)
areferencetoacompanyholdingtreasurysharesshallbereadasareferencetoasubsidiaryholdingsharesreferredto
insubsection(6C)and
(iii)
the reference in section 76J(6) to as if they were purchased by the company at the time they were allotted, in
circumstances in which section 76H applied shall be read as a reference to as if they were transferred to the
subsidiaryatthetimetheywereallotted,incircumstancesinwhichsection21(6A)appliedand
(b) theholdingcompanyshall,within14daysafteranychangeinthenumberofsharesintheholdingcompanywhichareheld
byanyofitssubsidiariesundersubsection(6C),lodgewiththeRegistraranoticeintheprescribedform.
(6E)Withrespecttoanysharereferredtoinsubsection(4B)or(6C)
(a) wheretheholdingcompanyhassharesofonlyoneclass,theaggregatenumberofsharesheldbyallthesubsidiariesofthe
holdingcompanyundersubsection(4B)or(6C)orbytheholdingcompanyastreasuryshares,shallnotatanytimeexceed
10%ofthetotalnumberofsharesoftheholdingcompanyatthattime
(b) wherethesharecapitaloftheholdingcompanyisdividedintosharesofdifferentclasses,theaggregatenumberoftheshares
ofanyclassheldbyallthesubsidiariesoftheholdingcompanyundersubsection(4B)or(6C)orbytheholdingcompanyas
treasuryshares,shallnotatanytimeexceed10%ofthetotalnumberofthesharesinthatclassoftheholdingcompanyatthat
time
(c) whereparagraph(a)or(b)iscontravened,theholdingcompanyshalldisposeoforcanceltheexcessshares,orprocurethe
disposal of the excess shares by its subsidiary, in accordance with section 76K before the end of the period of 6 months
beginningwiththedayonwhichthatcontraventionoccurs,orsuchfurtherperiodastheRegistrarmayallow
(d) where the subsidiary is a whollyowned subsidiary of the holding company, no dividend may be paid, and no other
distribution(whetherincashorotherwise)oftheholdingcompanysassets(includinganydistributionofassetstomembers
onawindingup)maybemade,tothesubsidiaryinrespectofthesharesreferredtoinsubsection(4B)or(6C)and
(e) wherethesubsidiaryisnotawhollyownedsubsidiaryoftheholdingcompany,adividendmaybepaidandotherdistribution
(whetherincashorotherwise)oftheholdingcompanysassets(includinganydistributionofassetstomembersonawinding
up)maybemade,tothesubsidiaryinrespectofthesharesreferredtoinsubsection(4B)or(6C).
(6F)Insubsection(6E)(c),excesssharesmeanssuchnumberoftheshares,heldbyanysubsidiaryundersubsection(4B)or(6C)
orbytheholdingcompanyastreasurysharesatthetimeinquestion,asresultedinthelimitreferredtoinsubsection(6E)(a) or (b)
beingexceeded.
(6G)Insections7(9)(ca),33(5A),63A(1)(e),74(1A),76B(3E),78,81(4),164A(1),176(1A),177(1),179(8),184(4)(b)(i),201A(4)
(b),205B(6),206(1)(b),215(1),(1C),(1D)and(3A),232(1)(a)(i)and268(4)
(a) areferencetotreasurysharesshallbereadasincludingareferencetosharesheldbyasubsidiaryundersubsection(4B)or
(6C)and
(b) a reference to a company being registered as a member of itself or being a member of itself shall be read as including a
referencetoasubsidiarybeingregisteredasamemberofitsholdingcompany.and
(9) For the purposes of this section, a company shall inform the Registrar of the occurrence of any of the following events by
lodginganoticeintheprescribedformwithin14daysafterthedateofoccurrence:
(a) whereashareholderofacompanythatisacorporationbecomesasubsidiaryofthecompany
(b) wheresharesofthecompanyareheldbyasubsidiaryofthecompanyandthereisachangeinthenumberofsharesheldby
thesubsidiary..
19.Section22oftheCompaniesActisamendedbydeletingsubsection(1)andsubstitutingthefollowingsubsections:
(1)Theconstitutionofeverycompanyshallcomplywithsuchrequirementsasmaybeprescribed,shallbedatedandshallstate,inadditionto
otherrequirements
(a) thenameofthecompany
(b) ifthecompanyisacompanylimitedbyshares,thattheliabilityofthemembersislimited
(c) if the company is a company limited by guarantee, that the liability of the members is limited and that each member undertakes to
contributetotheassetsofthecompany,intheeventofitsbeingwoundupwhileheisamemberorwithinoneyearafterheceasestobe
amember,forpaymentofthedebtsandliabilitiesofthecompanycontractedbeforeheceasestobeamemberandofthecosts,charges
andexpensesofwindingupandforadjustmentoftherightsofthecontributoriesamongthemselves,suchamountasmayberequired
notexceedingaspecifiedamount
(d) ifthecompanyisanunlimitedcompany,thattheliabilityofthemembersisunlimited
(e) if the company is an unlimited company or a company limited by guarantee, the number of members with which the company is
applyingtoberegistered
(f) thefullnames,addressesandoccupationsofthesubscriberstotheconstitutionofthecompanyand
(g) thatsuchsubscribersaredesirousofbeingformedintoacompanyinpursuanceoftheconstitutionand(wherethecompanyistohavea
sharecapital)respectivelyagreetotakethenumberofsharesinthecapitalofthecompanysetoutoppositetheirrespectivenames.
(1AA)Whereacompanytowhichsubsection(1)(e)applieschangesthenumberofitsmemberswithwhichitisregistered,thecompanyshall,
within14daysaftertheoccurrenceofsuchchangelodgewiththeRegistraranoticeofthechangeintheprescribedform.
(1AB)Ifdefaultismadebyacompanyincomplyingwithsubsection(1AA),thecompanyandeveryofficerofthecompanywhoisindefault
shalleachbeguiltyofanoffenceandshalleachbeliableonconvictiontoafinenotexceeding$2,000andalsotoadefaultpenalty..
Newsections25B,25Cand25D
20.TheCompaniesActisamendedbyinserting,immediatelyaftersection25A,thefollowingsections:
Powerofdirectorstobindcompany
25B.(1)Infavourofapersondealingwithacompanyingoodfaith,thepowerofthedirectorstobindthecompany,orauthoriseotherstodo
so,shallbedeemedtobefreeofanylimitationunderthecompanysconstitution.
(2)Forthepurposesofsubsection(1),apersondealingwithacompany
(a) isnotboundtoenquireastoanylimitationonthepowersofthedirectorstobindthecompanyorauthoriseotherstodosoand
(b) ispresumedtohaveactedingoodfaithunlessthecontraryisproved.
(3) The references in subsection (1) or (2) to limitations on the directors powers under the companys constitution include limitations
deriving
(a) fromaresolutionofthecompanyorofanyclassofshareholdersor
(b) fromanyagreementbetweenthemembersofthecompanyorofanyclassofshareholders.
(4)Thissectionshallnotaffectanyrightofamemberofthecompanytobringproceedingstorestrainthedoingofanactionthatisbeyondthe
powersofthedirectorsbutnosuchproceedingsshalllieinrespectofanacttobedoneinfulfilmentofalegalobligationarisingfromaprevious
actofthecompany.
(5)Thissectionshallnotaffectanyliabilityincurredbythedirectors,oranyotherperson,byreasonofthedirectorsexceedingtheirpowers.
(6)Thissectionshallhaveeffectsubjecttosection25C.
Constitutionallimitations:transactionswithdirectorsortheirassociates
25C.(1)Thissectionshallapplytoatransactionifortotheextentthatitsvaliditydependsonsection25B.
(2) Nothing in this section shall be construed as excluding the operation of any other written law or rule of law by virtue of which the
transactionmaybecalledinquestionoranyliabilitytothecompanymayarise.
(3)Where
(a) acompanyentersintosuchatransactionand
(b) thepartiestothetransactioninclude
(i)
adirectorofthecompanyorofitsholdingcompanyor
(ii)
apersonconnectedwithanysuchdirector,
thetransactionisvoidableattheinstanceofthecompany.
(4) Whether or not it is avoided, any such party to the transaction as is mentioned in subsection (3)(b)(i) or (ii), and any director of the
companywhoauthorisedthetransaction,isliable
(a) toaccounttothecompanyforanygainhehasmadedirectlyorindirectlybythetransactionand
(b) toindemnifythecompanyforanylossordamageresultingfromthetransaction.
(5)Thetransactionceasestobevoidableif
(a) restitutionofanymoneyorotherassetwhichwasthesubjectmatterofthetransactionisnolongerpossible
(b) thecompanyisindemnifiedforanylossordamageresultingfromthetransaction
(c) rightsacquiredbonafideforvalueandwithoutactualnoticeofthedirectorsexceedingtheirpowersbyapersonwhoisnotpartytothe
transactionwouldbeaffectedbytheavoidanceor
(d) thetransactionisaffirmedbythecompany.
(6)Apersonotherthanadirectorofthecompanyisnotliableundersubsection(4)ifheshowsthatatthetimethetransactionwasenteredinto
hedidnotknowthatthedirectorswereexceedingtheirpowers.
(7)Nothinginsubsections(1)to(6)shallaffecttherightsofanypartytothetransactionnotwithinsubsection(3)(b)(i)or(ii)butthecourt
may,ontheapplicationofthecompanyoranysuchparty,makeanorderaffirming,severingorsettingasidethetransactiononsuchtermsas
appeartothecourttobejust.
(8)Inthissection,transactionincludesanyact.
Personsconnectedwithdirectorinsection25C
25D.(1)Forthepurposesofsection25C,areferencetoapersonconnectedwithadirectormeans
(a) amemberofthedirectorsfamily
(b) abodycorporatewithwhichthedirectorisconnectedwithinthemeaningofsubsection(2)(b)
(c) apersonactinginhiscapacityastrusteeofatrust
(i)
thebeneficiariesofwhichincludethedirectororapersonwhobyvirtueofparagraph(a)or(b)isconnectedwithhimor
(ii)
thetermsofwhichconferapoweronthetrusteesthatmaybeexercisedforthebenefitofthedirectororanysuchperson,
otherthanatrustforthepurposesofanemployeesshareschemeoronapensionscheme
(d) apersonactinginhiscapacityaspartner
(i)
ofthedirectoror
(ii)
ofapersonwho,byvirtueofparagraph(a),(b)or(c),isconnectedwiththatdirector
(e) afirmthatisalegalpersonunderthelawbywhichitisgovernedandinwhich
(i)
thedirectorisapartner
(ii)
apartnerisapersonwho,byvirtueofparagraph(a),(b)or(c),isconnectedwiththedirectoror
(iii)
apartnerisafirminwhichthedirectorisapartnerorinwhichthereisapartnerwho,byvirtueofparagraph(a),(b)or(c),is
connectedwiththedirectorand
(f) areferencetoapersonconnectedwithadirectorofacompanydoesnotincludeapersonwhoishimselfadirectorofthecompany.
(2)Forthepurposesofthissection
(a) amemberofadirectorsfamilyshallincludehisspouse,son,adoptedson,stepson,daughter,adopteddaughterandstepdaughter
(b) adirectorisconnectedwithabodycorporateif,andonlyif,heandthepersonsconnectedwithhimtogether
(i)
areinterestedinatleast20%ofthesharecapitalofthatbodycorporateor
(ii)
are entitled to exercise or control, directly or indirectly, the exercise of more than 20% of the voting power at any general
meetingofthatbodycorporate
(c) areferenceinparagraph(b)(ii)tovotingpowertheexerciseofwhichiscontrolledbyadirectorincludesvotingpowerwhoseexerciseis
controlledbyabodycorporatecontrolledbyhim
(d) fortheavoidanceofcircularityintheapplicationofsubsection(1)
(i)
abodycorporatewithwhichadirectorisconnectedisnottreatedforthepurposesofthissubsectionasconnectedwithhim
unlessitisalsoconnectedwithhimbyvirtueofsubsection(1)(c)or(d)and
(ii)
atrusteeofatrustthebeneficiariesofwhichinclude(ormayinclude)abodycorporatewithwhichadirectorisconnectedisnot
treatedforthepurposesofthissubsectionasconnectedwithadirectorbyreasononlyofthatfactand
(e) bodycorporateincludesabodyincorporatedoutsideSingapore,butdoesnotinclude
(i)
acorporationsoleor
(ii)
apartnershipthat,whetherornotalegalperson,isnotregardedasabodycorporateunderthelawbywhichitisgoverned..
(a) bydeletingsubsection(1)andsubstitutingthefollowingsubsections:
(1)UnlessotherwiseprovidedinthisAct,theconstitutionofacompanymaybealteredoraddedtobyspecialresolution.
(1AA)Anyalterationoradditionmadetotheconstitutionundersubsection(1)shall,subjecttothisAct,bedeemedtoformpartof
theoriginalconstitutiononandfromthedateofthespecialresolutionorsuchlaterdateasisspecifiedintheresolution.
(1AB)Aspecialresolutionadoptingthewholeoranypartofthemodelconstitutionprescribedundersection36forthedescription
to which the company belongs may do so by reference to the title of the model constitution, or to the numbers of the particular
regulationsofthemodelconstitutionandneednotsetoutthetextofthewholeorpartofthemodelconstitutiontobeadopted.
(b) bydeletingsubsection(2)andsubstitutingthefollowingsubsections:
(2)InadditiontoobservingandsubjecttoanyotherprovisionofthisActrequiringthelodgingwiththeRegistrarofanyresolution
ofacompanyororderoftheCourtorotherdocumentaffectingtheconstitutionofacompany,thecompanyshallwithin14daysafter
thepassingofanysuchresolutionorthemakingofanysuchorderlodgewiththeRegistraracopyofsuchresolutionorotherdocument
oracopyofsuchordertogetherwith(unlesstheRegistrardispensestherewith)acopyoftheconstitutionasadoptedoraltered,asthe
casemaybe.
(2A)Ifdefaultismadeincomplyingwithsubsection(2),thecompanyandeveryofficerofthecompanywhoisindefaultshalleach
beguiltyofanoffenceandshalleachbeliableonconvictiontoafinenotexceeding$1,000andalsotoadefaultpenalty.and
(7)Upontheapplicationofacompanyandpaymentoftheprescribedfee,theRegistrarshallissuetothecompanyacertificate
confirmingtheincorporationinaccordancewiththealterationmadetotheconstitution..
(1)ExceptwiththeconsentoftheMinisterorasprovidedinsubsection(1B),theRegistrarmustrefusetoregisteracompanyunder
thisActunderanamewhich,intheopinionoftheRegistrar
(a) isundesirable
(b) is identical to the name of any other company, limited liability partnership, limited partnership or corporation or to any
registeredbusinessname
(c) isidenticaltoanamereservedundersubsection(12B)orsection378(15),section16oftheBusinessNamesRegistrationAct
2014,section19(4)oftheLimitedLiabilityPartnershipsAct(Cap.163A)orsection17(4)oftheLimitedPartnershipsAct
(Cap.163B)or
(d) isanameofakindthattheMinisterhasdirectedtheRegistrarnottoacceptforregistration.
(1A) In addition to subsection (1), the Registrar must, on or after the date of commencement of section 22 of the Companies
(Amendment)Act2014,exceptwiththeconsentoftheMinister,refusetoregisteracompanyunderaname,if
(a) itisidenticaltothenameofacompanythatwasdissolved
(i)
unless,inacasewherethecompanywasdissolvedfollowingitswindingupunderPartX,aperiodofatleast2years
haspassedafterthedateofdissolutionor
(ii)
unless,inacasewherethecompanywasdissolvedfollowingitsnamebeingstruckofftheregisterundersection344
or344A,aperiodofatleast6yearshaspassedafterthedateofdissolution
(b) itisidenticaltothebusinessnameofapersonwhoseregistrationandregistrationofthatbusinessnamehasbeencancelled
undertheBusinessNamesRegistrationAct2014orhadceasedundersection22ofthatAct,unlessaperiodofatleastone
yearhaspassedafterthedateofcancellationorcessation
(c) it is identical to the name of a foreign company notice of the dissolution of which has been given to the Registrar under
section377(2),unlessaperiodofatleast2yearshaspassedafterthedateofdissolution
(d) itisidenticaltothenameofalimitedliabilitypartnershipthatwasdissolved
(i)
unless,inacasewherethelimitedliabilitypartnershipwasdissolvedfollowingitswindingupundersection30of,
andtheFifthScheduleto,theLimitedLiabilityPartnershipsAct(Cap.163A),aperiodofatleast2yearshaspassed
afterthedateofdissolutionor
(ii)
unless,inacasewherethelimitedliabilitypartnershipwasdissolvedfollowingitsnamebeingstruckofftheregister
undersection38oftheLimitedLiabilityPartnershipsAct,aperiodofatleast6yearshaspassedafterthedateof
dissolutionor
(e) itisidenticaltothenameofalimitedpartnershipthatwascancelledordissolved
(i)
unless,inacasewheretheregistrationofthelimitedpartnershipwascancelledundersection14(1)or19(4)ofthe
LimitedPartnershipsAct(Cap.163B),aperiodofatleastoneyearhaspassedafterthedateofcancellationor
(ii)
unless,inacasewherenoticewaslodgedwiththeRegistrarofLimitedPartnershipsthatthelimitedpartnershipwas
dissolvedundersection19(2)oftheLimitedPartnershipsAct,aperiodofatleastoneyearhaspassedafterthedate
ofdissolution.
(1B)Despitesubsection(1),theRegistrarmay,onorafterthedateofcommencementofsection22oftheCompanies(Amendment)
Act2014,registeracompanyunder
(a) anamethatisidenticaltothenameofaforeigncompanyregisteredunderDivision2ofPartXI
(i)
inrespectofwhichnoticewaslodgedundersection377(1)thattheforeigncompanyhasceasedtohaveaplaceof
businessinSingaporeorceasedtocarryonbusinessinSingapore,ifaperiodofatleast3monthshaspassedafterthe
dateofcessationand
(ii)
the name of which was struck off the register under section 377(8), (9) or (10), if a period of at least 6 years has
passedafterthedatethenamewassostruckoffor
(b) anamethatisidenticaltothenameofalimitedpartnershipinrespectofwhichnoticewaslodgedundersection19(1)ofthe
LimitedPartnershipsActthatthelimitedpartnershipceasedtocarryonbusinessinSingapore,ifaperiodofatleastoneyear
haspassedafterthedateofcessation.
(b) bydeletingparagraphs(a)and(b)ofsubsection(2)andsubstitutingthefollowingparagraphs:
(a) whichisonethatisnotpermittedtoberegisteredundersubsection(1)(a),(b)or(d)
(aa) whichisonethatisnotpermittedtoberegisteredundersubsection(1A)untiltheexpiryoftherelevantperiodreferredtoin
thatsubsection
(ab) whichisonethatispermittedtoberegisteredundersubsection(1B)onlyaftertheexpiryoftherelevantperiodreferredtoin
thatsubsection
(b) which so nearly resembles the name of any other company, or any corporation, limited liability partnership, limited
partnershiporregisteredbusinessname,astobelikelytobemistakenforitor
(c) bydeletingsubsections(2C)and(2D)
(d) bydeletingsubsections(3)and(4)
(e) bydeletingsubsection(5)andsubstitutingthefollowingsubsections:
(5)AnappealtotheMinisteragainstthefollowingdecisionsoftheRegistrarthataremadeonorafterthedateofcommencement
ofsection22oftheCompanies(Amendment)Act2014maybemadebythefollowingpersonswithinthefollowingtimes:
(a) inthecaseoftheRegistrarsdecisionundersubsection(2),bythecompanyaggrievedbythedecisionwithin30daysafterthe
decisionand
(b) inthecaseoftheRegistrarsrefusaltogiveadirectiontoacompanyundersubsection(2)pursuanttoanapplicationunder
subsection(2A),bytheapplicantaggrievedbytherefusalwithin30daysafterbeinginformedoftherefusal.
(5AA)ThedecisionoftheMinisteronanappealmadeundersubsection(5)isfinal.
(f) bydeletingparagraphs(a),(b)and(c)ofsubsection(10)andsubstitutingthefollowingparagraphs:
(a) thenameofanintendedcompanyor
(b) thenametowhichacompanyproposestochangeitsname.
(g) bydeletingsubsection(12)andsubstitutingthefollowingsubsections:
(12)TheRegistrarmayapproveanapplicationmadeundersubsection(10)onlyiftheRegistrarissatisfiedthat
(a) theapplicationismadeingoodfaithand
(b) thenametobereservedisoneinrespectofwhichacompanymayberegisteredhavingregardtosubsections(1),(1A)and
(1B).
(12A) The Registrar must refuse to approve an application to reserve a name under subsection (10) as the name of an intended
companyiftheRegistrarissatisfiedthat
(a) the name is for a company that is likely to be used for an unlawful purpose or for purposes prejudicial to public peace,
welfareorgoodorderinSingaporeor
(b) itwouldbecontrarytothenationalsecurityorinterestforthecompanytoberegistered.
(12B)Whereanapplicationforareservationofanameismadeundersubsection(10),theRegistrarmustreservetheproposedname
foraperiodstartingatthetimetheRegistrarreceivestheapplicationandending
(a) if the Registrar approves the application, 60 days after the date on which the Registrar notifies the applicant that the
application has been approved, or such further period of 60 days as the Registrar may, on application made in good faith,
extendor
(b) iftheRegistrarrefusestoapprovetheapplication,onthedateonwhichtheRegistrarnotifiestheapplicantoftherefusal.
(12C)ApersonaggrievedbyadecisionoftheRegistrar
(a) refusingtoapproveanapplicationundersubsection(10)or
(b) refusinganapplicationundersubsection(12B)(a)toextendthereservationperiod,
may,within30daysafterbeinginformedoftheRegistrarsdecision,appealtotheMinisterwhosedecisionisfinal.
(h) bydeletingthewords2monthsinsubsection(13)andsubstitutingthewords60days
(i) bydeletingsubsection(14)
(j) bydeletingthewords,companyorforeigncompanywherevertheyappearinsubsection(15)andsubstitutingineachcasethewordsor
companyand
(k) byinserting,immediatelyaftersubsection(15),thefollowingsubsection:
(16) In this section and section 28, registered business name has the same meaning as in section 2(1) of the Business Names
RegistrationAct2014..
(a) bydeletingsubsection(1)andsubstitutingthefollowingsubsection:
(1) A company may by special resolution resolve that its name should be changed to a name by which the company could be
registeredundersection27(1),(1A)or(1B).
(3) Notwithstanding anything in this section and section 27, if the name of a company is, whether through inadvertence or
otherwiseorwhetheroriginallyorbyachangeofname
(a) anamethatisnotpermittedtoberegisteredundersection27(1)(a),(b)or(d)
(b) anamethatisnotpermittedtoberegisteredundersection27(1A)untiltheexpiryoftherelevantperiodreferredtointhat
section
(c) anamethatispermittedtoberegisteredundersection27(1B)onlyaftertheexpiryoftherelevantperiodreferredtointhat
section
(d) a name that so nearly resembles the name of another company, or a corporation, limited liability partnership, limited
partnershiporaregisteredbusinessnameofanypersonastobelikelytobemistakenforitor
(e) anametheuseofwhichhasbeenrestrainedbyaninjunctiongrantedundertheTradeMarksAct(Cap.332),
thecompanymaybyspecialresolutionchangeitsnametoanamethatisnotreferredtoinparagraph(a),(b),(c),(d)or(e)and,ifthe
Registrarsodirects,shallsochangeitwithin6weeksafterthedateofthedirectionorsuchlongerperiodastheRegistrarmayallow,
unlessthedirectionisannulledbytheMinister.
(c) byinserting,immediatelyaftersubsection(3),thefollowingsubsection:
(3AA)TheRegistrarshallnotdirectachangeofnameundersubsection(3)onthegroundthatthenameofthecompanycouldnot
beregisteredwithoutcontraventionofsection27(1)(c).
(d) bydeletingthewordssubsection(3)(b)insubsection(3A)andsubstitutingthewordssubsection(3)(d)
(e) bydeletingsubsection(3C)
(f) bydeletingsubsection(3D)andsubstitutingthefollowingsubsections:
(3D)AnappealtotheMinisteragainstthefollowingdecisionsoftheRegistrarthataremadeonorafterthedateofcommencement
ofsection23oftheCompanies(Amendment)Act2014maybemadebythefollowingpersonswithinthefollowingtimes:
(a) inthecaseoftheRegistrarsdecisionundersubsection(3),bythecompanyaggrievedbythedecisionwithin30daysafterthe
decisionand
(b) inthecaseoftheRegistrarsrefusaltogiveadirectiontoacompanyundersubsection(3)pursuanttoanapplicationunder
subsection(3A),bytheapplicantaggrievedbytherefusalwithin30daysafterbeinginformedoftherefusal.
(3DA)ThedecisionoftheMinisteronanappealmadeundersubsection(3D)isfinal.and
(g) bydeletingsubsection(3E)andsubstitutingthefollowingsubsection:
(3E)Fortheavoidanceofdoubt,wheretheRegistrarmakesadecisionundersubsection(3)ortheMinistermakesadecisionunder
subsection (3DA), the Registrar or the Minister, as the case may be, shall accept as correct any decision of the Court to grant an
injunctionreferredtoinsubsection(3)(e)..
(a) by deleting the words the Minister wherever they appear in subsections (1), (2) and (6) and substituting in each case the words the
Registrar
(b) bydeletingsubsections(3)and(4)andsubstitutingthefollowingsubsections:
(3)TheRegistrarmaygranthisapprovalonsuchconditionsastheRegistrarthinksfit,andthoseconditionsshallbebindingonthe
company and shall, if the Registrar so directs, be inserted in the constitution of the company and the constitution may by special
resolutionbealteredtogiveeffecttoanysuchdirection.
(4) Where the constitution of a company includes, as a result of a direction of the Registrar given pursuant to subsection (3) or
pursuanttoanycorrespondingpreviouswrittenlaw,aprovisionthattheconstitutionshallnotbealteredexceptwiththeconsentofthe
Minister,thecompanymay,withtheconsentoftheMinister,byspecialresolutionalteranyprovisionoftheconstitution.
(6A)IftheRegistrarisoftheopinionthatacompanyhasceasedtosatisfytheconditionsofapprovalgrantedundersubsection(1)
or(2),theRegistrarmayrevoketheapproval.
(d) bydeletingsubsections(7)and(8)andsubstitutingthefollowingsubsections:
(7)WheretheapprovaloftheRegistrarunderthissectionisrevoked,theconstitutionofthecompanymaybealteredbyspecial
resolutionsoastoremoveanyprovisioninortotheeffectthattheconstitutionmaybealteredonlywiththeconsentoftheMinister.
(8)NoticeofanyapprovalunderthissectionshallbegivenbytheRegistrartothecompanyor,inthecaseofaproposedlimited
company,totheapplicantfortheapproval.
(8A)AnappealtotheMinisteragainstadecisionoftheRegistrarundersubsection(1)or(2)maybemadebythefollowingpersons
withinthefollowingtimes:
(a) inthecaseofadecisionmadebytheRegistrarundersubsection(1),bythepromoteroftheproposedlimitedcompanywithin
30daysafterthenoticeisgivenbytheRegistrarundersubsection(8)or
(b) inthecaseofadecisionmadebytheRegistrarundersubsection(2),bythecompanywithin30daysafterthenoticeisgiven
bytheRegistrarundersubsection(8).
(e) byinserting,immediatelyaftersubsection(9),thefollowingsubsections:
(10)ThissectionshallnotapplytoalimitedcompanythatisregisteredasacharityundertheCharitiesAct(Cap.37).
(11)AnyapprovaloftheMinisterandanyconditionoftheMinistersapprovalthatwasinforceimmediatelybeforetheappointed
dayforacompany
(a) toberegisteredwithoutthewordLimitedorBerhadtoitsnameor
(b) tochangeitsnametoonewhichdoesnotcontainthewordLimitedorBerhad,
shallonoraftertheappointeddaybetreatedastheapprovaloftheRegistrarandconditionoftheRegistrarsapproval.
(12)AnyreferencetotheMinistersapprovalinanyconditionofapprovalthatwasinforceimmediatelybeforetheappointedday
that was inserted in the constitution of a company pursuant to a direction of the Minister under section 29(3) in force immediately
beforetheappointeddayshall,onoraftertheappointedday,bereadasareferencetotheRegistrar.
(13)AreferencetoadirectionoftheMinisterinsubsections(3)and(4)inforceimmediatelybeforetheappointeddayshall,onor
aftertheappointedday,bereadasadirectionoftheRegistrar.
(14)Inthissection,appointeddaymeansthedateofcommencementofsection24oftheCompanies(Amendment)Act2014.
and
(f) bydeletingthesectionheadingandsubstitutingthefollowingsectionheading:
OmissionofLimitedorBerhadinnamesoflimitedcompanies,otherthancompaniesregisteredunderCharitiesAct.
Newsection29A
25.TheCompaniesActisamendedbyinserting,immediatelyaftersection29,thefollowingsection:
OmissionofLimitedorBerhadinnamesofcompaniesregisteredunderCharitiesAct
29A.(1) Notwithstanding section 28(1) and (2) but subject to section 28(3) to (6), a limited company registered as a charity under the
CharitiesAct(Cap.37)(referredtointhissectionascharitablecompany)maychangeitsnametoomitthewordLimitedorBerhadfromits
name.
(2)AcharitablecompanythatproposestochangeitsnametoomitthewordLimitedorBerhadfromitsnameshall
(a) alteritsconstitutiontoreflectthechangeofnameand
(b) filetheprescribedformwiththeRegistrar,togetherwithacopyofthespecialresolutionauthorisingthechangeofname.
(3)Uponreceiptoftheprescribedformreferredtoinsubsection(2)(b),theRegistrarshall
(a) registerthenameofthecharitablecompanywiththeomissionofthewordLimitedorBerhadfromitsnameand
(b) issuetothecompanyanoticeofincorporationofthecompanyunderthenewname.
(4)Uponissueofthenoticeundersubsection(3)(b)
(a) thechangeofnameshallbecomeeffectiveand
(b) thecharitablecompanyshallbeexemptedfromtheprovisionsofthisActrelatingtotheuseofthewordLimitedorBerhadaspart
ofthename.
(5)IftheRegistrarissatisfiedthatacharitablecompanythatisregisteredwiththeomissionofthewordLimitedorBerhadfromitsname
underthissectionhasceasedtobeacharitablecompany,theRegistrarshallenterthewordLimitedorBerhadattheendofthenameofthe
companyanduponnoticeofthatfactbeinggiventothecompany,theexemptionundersubsection(4)(b)shallcease..
26.Section30(4)oftheCompaniesActisamended
(a) byinsertingthewordandattheendofparagraph(a)(ii)
(b) bydeletingsubparagraphs(iii)and(iv)ofparagraph(a)and
(c) bydeletingparagraph(b)andsubstitutingthefollowingparagraph:
(b) where,byaspecialresolutionreferredtoinparagraph(a),theconstitutionofthecompanyisalteredoraddedtoacopyof
theconstitutionasalteredand.
(1)ApubliccompanyhavingasharecapitalmayconverttoaprivatecompanybylodgingwiththeRegistrar
(a) acopyofaspecialresolution
(i)
determiningtoconverttoaprivatecompanyandspecifyinganappropriatealterationtoitsnameand
(ii)
alteringtheprovisionsofitsconstitutionsofarasisnecessarytoimposetherestrictionsandlimitationsreferredtoin
section18(1)
(b) alistofpersonsholdingsharesinthecompanyintheprescribedformand
(c) suchotherinformationrelatingtothecompanyoritsmembersandofficersasmaybeprescribed.and
(b) bydeletingsubsection(3A)andsubstitutingthefollowingsubsection:
(3A)Thepubliccompanyreferredtoinsubsection(2)shall,within14daysaftertheissueofthenoticeofincorporationreferredto
insubsection(3),lodgewiththeRegistrarintheprescribedformalistofpersonsholdingsharesinthecompany..
(2)Whereacompanyproposestoalteritsconstitution,withrespecttotheobjectsofthecompany,itshallgive21dayswritten
notice by post or by electronic communications in accordance with section 387A or 387C, specifying the intention to propose the
resolutionasaspecialresolutionandtosubmititforpassingatameetingofthecompanytobeheldonadayspecifiedinthenotice.
and
(b) bydeletingthewordsissuedsharecapitalinsubsection(5A)andsubstitutingthewordsissuedshares.
Repealandreenactmentofsections35,36and37
29.Sections35,36and37oftheCompaniesActarerepealedandthefollowingsectionssubstitutedtherefor:
Regulationsforcompany
35.(1)Subjecttothissection,acompanysconstitutionshallcontaintheregulationsforthecompany.
(2)Subsection(1)doesnotapplytoacompanylimitedbysharesthatwasincorporatedbeforethedateofcommencementofsection29ofthe
Companies(Amendment)Act2014.
(3)Notwithstandingsubsection(2),whereimmediatelybeforethedateofcommencementofsection29oftheCompanies(Amendment)Act
2014,regulationswereinforceforacompany,whethertheregulationswereprescribedinthecompanysregisteredarticles,orwereapplicablein
lieuoforinadditiontothecompanysregisteredarticlesbyvirtueofsection36(2)inforcebeforethatdate,suchregulationsshallbedeemedto
betheregulationsforthecompanycontainedinthecompanysconstitutionforthepurposesofsubsection(1)untilsuchtimeastheconstitutionof
thecompanyisamendedtoreplaceoramendthoseregulations.
Modelconstitution
36.(1)TheMinistermayprescribemodelconstitutionsfor
(a) privatecompaniesand
(b) companieslimitedbyguarantee,
(referredtointhissectionandsection37asspecifiedcompanies).
(2)Differentmodelconstitutionsmaybeprescribedfordifferentdescriptionsofspecifiedcompanies.
Adoptionofmodelconstitution
37.(1)Aspecifiedcompanymayadoptasitsconstitutionthewholeoranypartofthemodelconstitutionprescribedundersection36(1)for
thetypeofcompanytowhichitbelongs.
(2)Aspecifiedcompanymayinitsconstitutionadoptthewholemodelconstitutionforthetypeofcompanytowhichitbelongsbyreferenceto
thetitleofthemodelconstitution.
(3)Whereaspecifiedcompanyadoptsthewholemodelconstitutionforthetypeofcompanytowhichitbelongs,thespecifiedcompanymay
choose
(a) toadoptthemodelconstitutionasinforceatthetimeofadoptionor
(b) toadoptthemodelconstitutionasmaybeinforcefromtimetotime,inwhichcasethemodelconstitutionforthetypeofcompanyto
whichthespecifiedcompanybelongsthatisforthetimebeinginforceshall,sofarasapplicable,betheconstitutionforthatspecified
company.
(4)AcopyoftheconstitutionofaspecifiedcompanyshallbesubmittedtotheRegistrar,inaccordancewithsection19(1),wherethespecified
company
(a) adoptsonlypartofthemodelconstitutionforthetypeofcompanytowhichitbelongs
(b) includesprovisionsadditionaltothoseinthemodelconstitutionor
(c) includesobjectclausesaspartofitsconstitution..
30.Section39oftheCompaniesActisamendedbydeletingsubsection(1)andsubstitutingthefollowingsubsection:
(1)SubjecttothisAct,theconstitutionofacompanyshallwhenregisteredbindthecompanyandthemembersthereoftothesameextentasif
itrespectivelyhadbeensignedandsealedbyeachmemberandcontainedcovenantsonthepartofeachmembertoobservealltheprovisionsof
theconstitution..
31.Section62B(7)oftheCompaniesActisamendedbyinserting,immediatelyafterthewordssection197(4)inparagraph(a)(i),thewordsin
forceimmediatelybeforethecommencementofsection111oftheCompanies(Amendment)Act2014.
Repealandreenactmentofsection63andnewsections63A,63Band63C
32.Section63oftheCompaniesActisrepealedandthefollowingsectionssubstitutedtherefor:
Returnastoallotmentsbyprivatecompanies
63.(1)Aprivatecompanymayallotnewshares,otherthanadeemedallotment,bylodgingwiththeRegistrarareturnoftheallotmentinthe
prescribedform,whichshallincludethefollowingparticulars:
(a) thenumberofthesharescomprisedintheallotment
(b) theamount(ifany)paidordeemedtobepaidontheallotmentofeachshare
(c) theamount(ifany)unpaidoneachsharereferredtoinparagraph(b)
(d) wherethecapitalofthecompanyisdividedintosharesofdifferentclasses,theclassofsharestowhicheachsharecomprisedinthe
allotmentbelongsand
(e) the full name, identification, nationality (if such identification or nationality, as the case may be, is required by the Registrar) and
addressof,andthenumberandclassofsharesheldbyeachofitsmembers.
(2)Anallotmentofshares,otherthanadeemedallotment,byaprivatecompanyonorafterthedateofcommencementofsection32ofthe
Companies(Amendment)Act2014doesnottakeeffectuntiltheelectronicregisterofmembersofthecompanyisupdatedbytheRegistrarunder
section196A(5).
(3)Inthissectionandsection63A,deemedallotmentmeansanissueofshareswithoutformalallotmenttosubscriberstotheconstitution.
Returnastoallotmentsbypubliccompanies
63A.(1) Where a public company makes any allotment of its shares, other than a deemed allotment, the company shall within 14 days
thereafterlodgewiththeRegistrarareturnoftheallotmentsstating
(a) thenumberofthesharescomprisedintheallotment
(b) theamount(ifany)paidordeemedtobepaidontheallotmentofeachshare
(c) theamount(ifany)unpaidoneachsharereferredtoinparagraph(b)
(d) wherethecapitalofthecompanyisdividedintosharesofdifferentclasses,theclassofsharestowhicheachsharecomprisedinthe
allotmentbelongsand
(e) the full name, identification, nationality (if such identification or nationality, as the case may be, is required by the Registrar) and
addressof,andthenumberandclassofsharesheldbyeachofthe50memberswho,followingtheallotment,holdthemostnumberof
sharesinthecompany(excludingtreasuryshares).
(2)Areturnofallotmentreferredtoinsubsection(1)byapubliccompany,thesharesofwhicharelistedonasecuritiesexchangeinSingapore
oranysecuritiesexchangeoutsideSingapore,neednotstatetheparticularsreferredtoinsubsection(1)(e).
(3)Ifdefaultismadeincomplyingwiththissection,everyofficerofthepubliccompanywhoisindefaultshallbeguiltyofanoffenceand
shallbeliableonconvictiontoafinenotexceeding$4,000andtoadefaultpenaltyof$250.
Lodgmentofdocumentsinrelationtoallotment
63B.(1)Wheresharesareallottedbyacompanyasfullyorpartlypaidupotherwisethanincashandtheallotmentismadepursuanttoa
contractinwriting,thecompanyshalllodgewiththereturnofallotmentthecontractevidencingtheentitlementoftheallotteeoracopyofany
suchcontractcertifiedasprescribed.
(2)Ifacertifiedcopyofacontractislodged,theoriginalcontractdulystampedshalliftheRegistrarsorequestsbeproducedatthesametime
totheRegistrar.
(3)Wheresharesareallottedasfullyorpartlypaidupotherwisethanincashandtheallotmentismade
(a) pursuanttoacontractnotreducedtowriting
(b) pursuanttoaprovisionintheconstitutionor
(c) insatisfactionofadividenddeclaredinfavourof,butnotpayableincashto,theshareholders,orinpursuanceoftheapplicationof
moneysheldbythecompanyinanaccountorreserveinpayingupunissuedsharestowhichtheshareholdershavebecomeentitled,
thecompanyshalllodgewiththeRegistrarthedocumentspecifiedinsubsection(4)withinthetimespecifiedinsubsection(5).
(4)Thedocumentreferredtoinsubsection(3)is
(a) astatementofprescribedparticularsor
(b) inlieuofthestatement,wherethesharesareallottedpursuanttoaschemeofarrangementapprovedbytheCourtundersection210,a
copyoftheorderoftheCourt.
(5)Thecompanymustlodgethedocumentspecifiedinsubsection(4)atthesametimeandtogetherwiththereturnofallotment.
(6)Ifdefaultismadeincomplyingwiththissection,everyofficerofacompanywhoisindefaultshalleachbeguiltyofanoffenceandshall
eachbeliableonconvictiontoafinenotexceeding$4,000andtoadefaultpenaltyof$250.
Noticeofincreaseintotalamountpaiduponshares
63C.Whereaprivatecompanyissuesanypartlypaidorunpaidshareofanyclassandthecompanysubsequentlyreceivesalloranypartofthe
unpaid amount with respect to the share, the company shall lodge with the Registrar a notice in the prescribed form with respect to the total
amountofsuchpaymentsandtheincreaseinthetotalamountpaidupontherelevantclassofshareswithin14daysafterthepayment..
Repealandreenactmentofsection64andnewsection64A
Rightsandpowersattachingshares
64.(1) Subject to subsections (2) and (3), sections 21 and 76J, and any written law to the contrary, a share in a company confers on the
holderofthesharetherighttoonevoteonapollatameetingofthecompanyonanyresolution.
(2)Acompanysconstitutionmayprovidethatamembershallnotbeentitledtovoteunlessallcallsorothersumspersonallypayablebyhim
inrespectofsharesinthecompanyhavebeenpaid.
(3)Subjecttosubsection(4)andsection64A,arightspecifiedinsubsection(1)maybenegated,altered,oraddedtobytheconstitutionofthe
company.
(4)Notwithstandingsubsection(3),therightofaholderofaspecifiedshareofacompanytoatleastonevoteonapollatameetingofthe
companyonthefollowingresolutionsmaynotbenegatedoraltered:
(a) aresolutiontowindupthecompanyvoluntarilyundersection290or
(b) aresolutiontovaryanyrightattachedtoaspecifiedshareandconferredontheholder.
(5)Insubsection(4),specifiedsharemeansashareinthecompany,bywhatevernamecalledwhich,butforthatsubsection,doesnotentitle
theholderthereoftotherighttovoteatageneralmeetingofthecompany.
(6)Thissectionshallnotoperatesoastolimitorderogatefromtherightsofanypersonundersection74.
Issueofshareswithdifferentvotingrightsbypubliccompany
64A.(1)Differentclassesofsharesinapubliccompanymaybeissuedonlyif
(a) theissueoftheclassorclassesofsharesisprovidedforintheconstitutionofthepubliccompanyand
(b) theconstitutionofthepubliccompanysetsoutinrespectofeachclassofsharestherightsattachedtothatclassofshares.
(2)Withoutlimitingsubsection(1)butsubjecttotheconditionsofsubsection(1)(a)and(b),sharesinapubliccompanymay
(a) conferspecial,limited,orconditionalvotingrightsor
(b) notconfervotingrights.
(3)Notwithstandinganythinginsubsection(1)or(2),apubliccompanyshallnotundertakeanyissuanceofsharesinthepubliccompanythat
confersspecial,limitedorconditionalvotingrights,orthatconfersnovotingrightsunlessitisapprovedbythemembersofthepubliccompany
byspecialresolution.
(4)Whereapubliccompanyhasoneormoreclassesofsharesthatconferspecial,limitedorconditionalvotingrights,orthatconfernovoting
rights,thenoticeofanygeneralmeetingrequiredtobegiventoapersonentitledtoreceivenoticeofthemeetingmustspecifythespecial,limited
orconditionalvotingrights,ortheabsenceofvotingrights,inrespectofeachsuchclassofshares.
(5)Thissectionshallnotoperatesoastolimitorderogatefromtherightsofanypersonundersection74.
(6)Nothinginthissectionshallaffecttherightofaprivatecompany,subjecttoitsconstitution,toissuesharesofdifferentclasses,including
sharesconferringspecial,limitedorconditionalvotingrightsornovotingrights,asthecasemaybe..
34.Section66oftheCompaniesActisamendedbydeletingsubsections(2)and(3)andsubstitutingthefollowingsubsections:
(2)Thebearerofasharewarrantissuedbefore29December1967shall,inthe2yearperiodafterthedateofcommencementofsection34of
theCompanies(Amendment)Act2014,beentitledtosurrenderitforcancellationandtohavehisnameenteredintheregisterofmembers.
(3)Thecompanyshallberesponsibleforanylossincurredbyanypersonbyreasonofthecompanyenteringintheregisterthenameofa
bearerofasharewarrantissuedbefore29December1967inrespectofthesharesthereinspecifiedwithoutthewarrantbeingsurrenderedand
cancelled.
(4)Acompanyshallcancelanysharewarrantwhichisissuedbyacompanybefore29December1967thatisunaccountedforbytheexpiryof
the2yearperiodreferredtoinsubsection(2),andthecompanyshallnotberesponsibleforanylossincurredbyanypersonbyreasonofsuch
cancellation..
Newsections67and68
35.TheCompaniesActisamendedbyinserting,immediatelyaftersection66,thefollowingsections:
Useofsharecapitaltopayexpensesincurredinissueofnewshares
67.(1)Acompanymayuseitssharecapitaltopayanyexpenses(includingbrokerageorcommission)incurreddirectlyintheissueofnew
shares.
(2)Apaymentmadeundersubsection(1)shallnotbetakenasreducingtheamountofsharecapitalofthecompany.
Issueofsharesfornoconsideration
68.Acompanyhavingasharecapitalmayissuesharesforwhichnoconsiderationispayabletotheissuingcompany..
(a) bydeletingsubsection(2)
(b) byinserting,immediatelyaftersubsection(4),thefollowingsubsections:
(5)Fortheavoidanceofdoubt,sharesredeemedoutofproceedsofafreshissueofsharesissuedforthepurposeofredemption
shallnotbetreatedashavingbeenredeemedoutofthecapitalofthecompany.
(6) A private company may redeem any redeemable preference shares by lodging a prescribed notice of redemption with the
Registrar.
(7)Aredemptionofanyredeemablepreferencesharesbyaprivatecompanyonorafterthedateofcommencementofsection36of
theCompanies(Amendment)Act2014doesnottakeeffectuntiltheelectronicregisterofmembersofthecompanyisupdatedbythe
Registrarundersection196A(5).and
(8)Ifapubliccompanyredeemsanyredeemablepreferenceshares,itshallwithin14daysafterdoingsogivenoticethereoftothe
Registrarspecifyingthesharesredeemed..
(a) bydeletingthewordsAcompany,ifsoauthorisedbyitsarticlesinsubsection(1)andsubstitutingthewordsSubjecttosubsections(1B)
and(1C),acompany,ifsoauthorisedbyitsconstitutionand
(b) bydeletingsubsection(1A)andsubstitutingthefollowingsubsections:
(1A)ApubliccompanywhichaltersitssharecapitalmaylodgewiththeRegistraranoticeofthealterationintheprescribedform.
(1B)AprivatecompanymayalteritssharecapitalbylodginganoticeofalterationintheprescribedformwiththeRegistrar.
(1C) An alteration of share capital of a private company on or after the date of commencement of section 37 of the Companies
(Amendment)Act2014doesnottakeeffectuntiltheelectronicregisterofmembersofthecompanyisupdatedbytheRegistrarunder
section196A(5)..
Newsections73,73Aand73B
Redenominationofshares
73.(1)Acompanyhavingasharecapitalmaybyordinaryresolutionconvertitssharecapitaloranyclassofsharesfromonecurrencyto
anothercurrency.
(2)Aresolutionunderthissectionmayauthoriseacompanyhavingasharecapitaltoredenominateitssharecapital
(a) onmorethanoneoccasionand
(b) ataspecifiedtimeorunderspecifiedcircumstances.
(3)Theredenominationmustbemadeataspotrateofexchangespecifiedintheresolution.
(4)Theratereferredtoinsubsection(3)mustbeeither
(a) arateprevailingonadayspecifiedintheresolutionor
(b) aratedeterminedbytakingtheaverageofratesprevailingoneachconsecutivedayofaperiodspecifiedintheresolution.
(5)Thedayorperiodspecifiedforthepurposesofsubsection(4)mustbewithintheperiodof28daysendingonthedaybeforetheresolution
ispassed.
(6)Aresolutionunderthissectionmayspecifyconditionswhichmustbemetbeforetheredenominationtakeseffect.
(7)Redenominationinaccordancewitharesolutionunderthissectiontakeseffect
(a) onthedayonwhichtheresolutionispassedor
(b) onsuchlaterdayasmaybedeterminedinaccordancewiththeresolution.
(8)Aresolutionunderthissectionlapsesiftheredenominationforwhichitprovideshasnottakeneffectattheendoftheperiodof28days
beginningonthedateonwhichitispassed.
(9)Acompanysconstitutionmayexcludeorrestricttheexerciseofapowerconferredbythissection.
(10) In this section and sections 73A and 73B, redenomination means the conversion of share capital or any class of shares from one
currencytoanother.
Effectofredenomination
73A.(1)Aredenominationofsharesshallnotaffect
(a) any rights or obligations of members under the companys constitution or any restrictions affecting members under the companys
constitutionor
(b) anyentitlementtodividends(includinganyentitlementtodividendsinaparticularcurrency),votingrightsandliabilityinrespectof
amountsremainingunpaidonshares(includingliabilityinaparticularcurrency).
(2)Forthepurposesofsubsection(1),thereferencetoacompanysconstitutionincludesthetermsonwhichanysharesofthecompanyare
allottedorheld.
Noticeofredenomination
73B.(1)Within14daysafterpassingaresolutionundersection73,acompanymustdeliveranoticeinthespecifiedformtotheRegistrarfor
registrationinrelationtotheredenomination.
(2)Thenoticemustincludethefollowinginformationwithrespecttothecompanyssharecapitalasredenominatedbytheresolution:
(a) thetotalnumberofissuedsharesinthecompany
(b) the amount paid up or regarded as paid up and the amount (if any) remaining unpaid on the total number of issued shares in the
company
(c) thetotalamountofthecompanysissuedsharecapitaland
(d) foreachclassofshares
(i)
theparticularsspecifiedinsubsection(3)
(ii)
thetotalnumberofissuedsharesintheclass
(iii)
theamountpaiduporregardedaspaidupandtheamount(ifany)remainingunpaidonthetotalnumberofissuedsharesinthe
classand
(iv)
thetotalamountofissuedsharecapitaloftheclass.
(3)Theparticularsreferredtoinsubsection(2)(d)(i)are
(a) particularsofanyvotingrightsattachedtosharesintheclass,includingrightsthatariseonlyincertaincircumstances
(b) particularsofanyrightsattachedtosharesintheclass,asrespectsdividends,toparticipateinadistribution
(c) particularsofanyrightsattachedtosharesintheclass,asrespectscapital,toparticipateinadistribution(includingonawindingupof
thecompany)and
(d) whetherornotsharesintheclassareredeemableshares.
(4)Ifdefaultismadeincomplyingwiththissection,everyofficerofthecompanywhoisindefaultshallbeguiltyofanoffenceandshallbe
liableonconvictiontoafinenotexceeding$4,000andtoadefaultpenaltyof$250..
(1) If, in the case of a company the share capital of which is divided into different classes of shares, provision is made by the
constitution for authorising the variation or abrogation of the rights attached to any class of shares in the company, subject to the
consentofanyspecifiedproportionoftheholdersoftheissuedsharesofthatclassorthesanctionofaresolutionpassedataseparate
meetingoftheholdersofthoseshares,andinpursuanceofthatprovision,therightsattachedtoanysuchclassofsharesareatanytime
variedorabrogated,theholdersofnotlessintheaggregatethan5%ofthetotalnumberofissuedsharesofthatclassmayapplytothe
Courttohavethevariationorabrogationcancelled,and,ifanysuchapplicationismade,thevariationorabrogationshallnothaveeffect
untilconfirmedbytheCourt.and
(b) bydeletingthewordsissuedsharecapitalinsubsection(1A)andsubstitutingthewordsissuedshares.
Newsection74A
Conversionofshares
74A.(1)Subjecttothissectionandsections64Aand75,acompanythesharecapitalofwhichisdividedintodifferentclassesofsharesmay
makeprovisioninitsconstitutiontoauthorisetheconversionofoneclassofsharesintoanotherclassofshares.
(2)Apubliccompanymayconvertoneclassofshares(A)intoanotherclassofshares(B)byspecialresolutiononlyiftheconstitutionofthe
publiccompany
(a) permitsBtobeissuedand
(b) setsouttherightsattachedtoB.
(3) A private company may convert shares from one class to another by lodging a notice of conversion in the prescribed form with the
Registrar.
(4)Aconversionofsharesbyaprivatecompanyonorafterthedateofcommencementofsection40oftheCompanies(Amendment)Act
2014doesnottakeeffectuntiltheelectronicregisterofmembersofthecompanyisupdatedbytheRegistrarundersection196A(5).
(5)Section74shallapplywhereaconversionofsharesundertakenbyacompanyinvolvesavariationoranabrogationoftherightsattachedto
anyclassofsharesinthecompany.
(6)Notwithstandinganythinginthissection,asharethatisnotaredeemablepreferencesharewhenissuedcannotafterwardsbeconvertedinto
aredeemablepreferenceshare..
(1) Except as otherwise expressly provided by this Act, a public company or a company whose holding company or ultimate
holdingcompanyisapubliccompanyshallnot,whetherdirectlyorindirectly,giveanyfinancialassistanceforthepurposeof,orin
connectionwith
(a) theacquisitionbyanyperson,whetherbeforeoratthesametimeasthegivingoffinancialassistance,of
(i)
sharesorunitsofsharesinthecompanyor
(ii)
sharesorunitsofsharesinaholdingcompanyorultimateholdingcompany,asthecasemaybe,ofthecompanyor
(b) theproposedacquisitionbyanypersonof
(i)
(ii)
sharesorunitsofsharesinaholdingcompanyorultimateholdingcompany,asthecasemaybe,ofthecompany.
(1A)ExceptasotherwiseexpresslyprovidedbythisAct,acompanyshallnot
(a) whetherdirectlyorindirectly,inanyway
(i)
acquiresharesorunitsofsharesinthecompanyor
(ii)
purporttoacquiresharesorunitsofsharesinaholdingcompanyorultimateholdingcompany,asthecasemaybe,of
thecompanyor
(b) whetherdirectlyorindirectly,inanyway,lendmoneyonthesecurityof
(i)
(ii)
sharesorunitsofsharesinaholdingcompanyorultimateholdingcompany,asthecasemaybe,ofthecompany.
(b) bydeletingthewordssubsection(1)(a)insubsections(3)and(4)andsubstitutingineachcasethewordssubsection(1)
(c) byinserting,immediatelyafterthewordssubsection(1)wherevertheyappearinsubsections(5),(8)and(9),thewordsor(1A)
(d) bydeletingparagraph(a)ofsubsection(8)andsubstitutingthefollowingparagraphs:
(a) adistributionofacompanysassetsbywayofdividendslawfullymade
(aa) adistributioninthecourseofacompanyswindingup
(e) bydeletingthewordorattheendofsubsection(8)(i)
(f) bydeletingthecommaattheendofparagraph(j)ofsubsection(8)andsubstitutingasemicolon,andbyinsertingimmediatelythereafterthe
followingparagraphs:
(k) anallotmentofbonusshares
(l) aredemptionofredeemablesharesofacompanyinaccordancewiththecompanysconstitutionor
(m) thepaymentofsomeorallofthecostsbyacompanylistedonasecuritiesexchangeinSingaporeoranysecuritiesexchange
outside Singapore associated with a scheme, an arrangement or a plan under which any shareholder of the company may
purchaseorsellsharesforthesolepurposeofroundingoffanyoddlotswhichheowns,
(g) byinserting,immediatelyaftersubsection(8),thefollowingsubsection:
(8A)Forthepurposesofsubsection(8)(m)
(a) anoddlotmeansanyamountofsharesinthecompanywhichislessthantheamountofsharesconstitutingaboardlot
(b) aboardlotmeansastandardunitoftradingofthesecuritiesexchangeonwhichthecompanyislistedand
(c) the reference to rounding off any oddlots includes an act by a shareholder, who owns only oddlots in a company,
disposingallsuchoddlots.
(h) by inserting, immediately after the words holding company in subsections (9)(b), (9A), (9B) and (9D), the words or ultimate holding
company,asthecasemaybe,
(i) byinserting,immediatelyaftersubsection(9B),thefollowingsubsection:
(9BA)Nothinginsubsection(1)prohibitsthegivingbyacompanyoffinancialassistanceforthepurposeof,orinconnectionwith,
an acquisition or proposed acquisition by a person of shares or units of shares in the company or in a holding company or ultimate
holdingcompany,asthecasemaybe,ofthecompanyif
(a) givingtheassistancedoesnotmateriallyprejudice
(i)
theinterestsofthecompanyoritsshareholdersor
(ii)
thecompanysabilitytopayitscreditors
(b) theboardofdirectorsofthecompanypassesaresolutionthat
(i)
thecompanyshouldgivetheassistanceand
(ii)
thetermsandconditionsunderwhichtheassistanceisproposedtobegivenarefairandreasonabletothecompany
(c) theresolutionsetsoutinfullthegroundsforthedirectorsconclusionsand
(d) thecompanylodgeswiththeRegistraracopyoftheresolutionreferredtoinparagraph(c).
(j) byinserting,immediatelyaftersubsection(9C),thefollowingsubsection:
(9CA)Acompanyshallnotgivefinancialassistanceundersubsection(9BA)if,beforetheassistanceisgiven,anyofthedirectors
whovotedinfavouroftheresolutionundersubsection(9BA)(c)ceasestobesatisfiedthatthetermsandconditionsunderwhichthe
assistanceisproposedarefairandreasonabletothecompany.
(k) byinserting,immediatelyafterthewordssubsection(9A)insubsection(9D)(a),thewordsor(9BA)and
(l) by inserting, immediately after the words holding company where they first appear in subsection (10), the words or ultimate holding
company,asthecasemaybe,.
(a) byinserting,immediatelyafterthewordsholdingcompanyinsubsections(1)(a)and(b)and(6),thewordsorultimateholdingcompany,
asthecasemaybe,
(b) byinserting,immediatelyaftersubsection(1),thefollowingsubsection:
(1A)Subsection(1)shallnotapplytoadispositionofbookentrysecurities,butaCourt,onbeingsatisfiedthatadispositionof
bookentrysecuritieswouldintheabsenceofthissubsectionbevoidmay,ontheapplicationoftheRegistraroranyotherperson,order
thetransferofthesharesacquiredincontraventionofsubsection(1).
(c) bydeletingthewordsor(10)insubsections(6),(7),(11)and(12)andsubstitutingineachcasethewords,(9BA)or(10)and
(d) by deleting the words gives financial assistance as mentioned in section 76(1)(a) or lends money as mentioned in section 76(1)(c) in
subsection (14) and substituting the words gives financial assistance as mentioned in section 76(1) or lends money as mentioned in
section76(1A)(b).
(3)Thetotalnumberofordinarysharesandstocksinanyclassthatmaybepurchasedoracquiredbyacompanyduringtherelevant
periodshallnotexceed20%(orsuchotherpercentageastheMinistermaybynotificationprescribe)ofthetotalnumberofordinary
sharesandstocksofthecompanyinthatclassascertainedasatthedateofanyresolutionpassedpursuanttosection76C,76D,76DAor
76Eunless
(a) thecompanyhas,atanytimeduringtherelevantperiod,reduceditssharecapitalbyaspecialresolutionundersection78Bor
78Cor
(b) the Court has, at any time during the relevant period, made an order under section 78I confirming the reduction of share
capitalofthecompany.
(b) bydeletingsubsection(3B)andsubstitutingthefollowingsubsection:
(3B) The total number of preference shares in any class which are not redeemable under section 70 that may be purchased or
acquiredbyacompanyduringtherelevantperiodshallnotexceed20%(orsuchotherpercentageastheMinistermaybynotification
prescribe) of the total number of nonredeemable preference shares of the company in that class ascertained as at the date of any
resolutionpassedpursuanttosection76C,76D,76DAor76E,unless
(a) thecompanyhas,atanytimeduringtherelevantperiod,reduceditssharecapitalbyaspecialresolutionundersection78Bor
78Cor
(b) the Court has, at any time during the relevant period, made an order under section 78I confirming the reduction of share
capitalofthecompany.
(4)Insubsections(3),(3B)and(3D),relevantperiodmeanstheperiod
(a) commencingfromthedateofaresolutionpassedpursuanttosection76C,76D,76DAor76E(asthecasemaybe)and
(b) expiringonthedatethenextannualgeneralmeetingisorisrequiredbylawtobeheld,whicheveristheearlier.and
(d) bydeletingsubsections(7),(8)and(9)andsubstitutingthefollowingsubsections:
(7)Aprivatecompanymaypurchaseoracquireanyofitssharesundersection76C,76D,76DAor76Ebylodgingthefollowing
withtheRegistrar:
(a) acopyofaresolutionreferredtoinsection76C,76D,76DAor76Eand
(b) anoticeofpurchaseoracquisitionintheprescribedformwiththefollowingparticulars:
(i)
thedateofthepurchaseoracquisition
(ii)
thenumberofsharespurchasedoracquired
(iii)
thenumberofsharescancelled
(iv)
thenumberofsharesheldastreasuryshares
(v)
thecompanysissuedsharecapitalbeforethepurchaseoracquisition
(vi)
thecompanysissuedsharecapitalafterthepurchaseoracquisition
(vii)
theamountofconsiderationpaidbythecompanyforthepurchaseoracquisitionoftheshares
(viii)
(ix)
whethertheshareswerepurchasedoracquiredoutoftheprofitsorthecapitalofthecompanyand
suchotherparticularsasmayberequiredintheprescribedform.
(8) A purchase or acquisition by a private company on or after the date of commencement of section 43 of the Companies
(Amendment)Act2014doesnottakeeffectuntiltheelectronicregisterofmembersofthecompanyisupdatedbytheRegistrarunder
section196A(5).
(9)Whereapubliccompanypurchasesoracquiressharesissuedbyitundersection76C,76D,76DAor76E
(a) within 30 days after the passing of a resolution referred to in section 76C, 76D, 76DA or 76E, as the case may be, the
directorsofthecompanyshalllodgewiththeRegistraracopyoftheresolution
(b) within30daysafterthepurchaseoracquisitionoftheshares,thedirectorsofthecompanyshalllodgeanoticeofpurchaseor
acquisitionintheprescribedformwiththefollowingparticulars:
(i)
thedateofthepurchaseoracquisition
(ii)
thenumberofsharespurchasedoracquired
(iii)
thenumberofsharescancelled
(iv)
thenumberofsharesheldastreasuryshares
(v)
thecompanysissuedsharecapitalbeforethepurchaseoracquisition
(vi)
thecompanysissuedsharecapitalafterthepurchaseoracquisition
(vii)
theamountofconsiderationpaidbythecompanyforthepurchaseoracquisitionoftheshares
(viii)
whethertheshareswerepurchasedoracquiredoutoftheprofitsorthecapitalofthecompanyand
(ix)
suchotherparticularsasmayberequiredintheprescribedformand
(c) forthepurposesofthissection,sharesaredeemedtobepurchasedoracquiredonthedateonwhichthecompanywould,
apartfromsubsection(5),becomeentitledtoexercisetherightsattachedtotheshares..
Amendmentofsection76C
44.Section76CoftheCompaniesActisamended
(a) by inserting, immediately after the words securities exchange wherever they appear in subsection (1), the words in Singapore or any
securitiesexchangeoutsideSingaporeand
(b) bydeletingthewordsordinaryissuedsharecapitalinsubsection(2)(a)andsubstitutingthewordsordinaryshares.
Amendmentofsection76D
45.Section76D(1)oftheCompaniesActisamendedbydeletingparagraph(b).
Amendmentofsection76DA
46.Section76DA(1)oftheCompaniesActisamendedbyinserting,immediatelyafterthewordssecuritiesexchange,thewordsinSingaporeor
anysecuritiesexchangeoutsideSingapore.
Amendmentofsection76E
47.Section76E(2)oftheCompaniesActisamendedbydeletingthewordsordinaryissuedsharecapitalinparagraph(a)andsubstitutingthe
wordsordinaryshares.
Amendmentofsection76F
48.Section76FoftheCompaniesActisamended
(1A)Apaymentreferredtoinsubsection(1)(a)shallincludeanyexpenses(includingbrokerageorcommission)incurreddirectly
inthepurchaseoracquisitionbythecompanyofitsownshares.and
(b) bydeletingsubsections(4),(5)and(6)andsubstitutingthefollowingsubsection:
(4)Forthepurposesofthissection,acompanyissolventifatthedateofthepaymentreferredtoinsubsection(1)thefollowing
conditionsaresatisfied:
(a) thereisnogroundonwhichthecompanycouldbefoundtobeunabletopayitsdebts
(b) if
(i)
itisintendedtocommencewindingupofthecompanywithintheperiodof12monthsimmediatelyafterthedateof
the payment, the company will be able to pay its debts in full within the period of 12 months after the date of
commencementofthewindingupor
(ii)
itisnotintendedsotocommencewindingup,thecompanywillbeabletopayitsdebtsastheyfalldueduringthe
periodof12monthsimmediatelyafterthedateofthepaymentand
(c) thevalueofthecompanysassetsisnotlessthanthevalueofitsliabilities(includingcontingentliabilities)andwillnot,after
the proposed purchase, acquisition, variation or release (as the case may be), become less than the value of its liabilities
(includingcontingentliabilities)..
Amendmentofsection76G
49. The Companies Act is amended by renumbering section 76G as subsection (1) of that section, and by inserting immediately thereafter the
followingsubsection:
(2) For the purpose of subsection (1), the total amount of the purchase price referred to in that subsection shall include any expenses
(including brokerage or commission) incurred directly in the purchase or acquisition of the shares of a company which is paid out of the
companyscapitalorprofitsundersection76F(1)..
Amendmentofsection76H
50.Section76H(2)oftheCompaniesActisamendedbyinserting,immediatelyafterthewordssection190(Registerandindexofmembers),the
wordsandsection196A(Electronicregisterofmembers).
Amendmentofsection76J
51.Section76J(5)oftheCompaniesActisamendedbydeletingthewordssmalleramountinparagraph(b)andsubstitutingthewordsgreateror
smallernumber.
Amendmentofsection76K
52.Section76KoftheCompaniesActisamended
(1)Subjecttosubsection(1A),wheresharesareheldbyaprivatecompanyastreasuryshares,thecompanymayatanytime
(a) selltheshares(oranyofthem)forcash
(b) transfertheshares(oranyofthem)forthepurposesoforpursuanttoanysharescheme,whetherforemployees,directorsor
otherpersons
(c) transfertheshares(oranyofthem)asconsiderationfortheacquisitionofsharesinorassetsofanothercompanyorassetsofa
person
(d) canceltheshares(oranyofthem)or
(e) sell,transferorotherwiseusethetreasurysharesforsuchotherpurposesastheMinistermaybyorderprescribe.
(1A)Aprivatecompanymaycancelordisposeoftreasurysharespursuanttosubsection(1)bylodgingaprescribednoticeofthe
cancellationordisposaloftreasuryshareswiththeRegistrartogetherwiththeprescribedfee.
(1B)Acancellationordisposaloftreasurysharesbyaprivatecompanyonorafterthedateofcommencementofsection52ofthe
Companies (Amendment) Act 2014 does not take effect until the electronic register of members of the company is updated by the
Registrarundersection196A(5).
(1C)Wheresharesareheldbyapubliccompanyastreasuryshares,thecompanymayatanytime
(a) selltheshares(oranyofthem)forcash
(b) transfertheshares(oranyofthem)forthepurposesoforpursuanttoanysharescheme,whetherforitsemployees,directors
orotherpersons
(c) transfertheshares(oranyofthem)asconsiderationfortheacquisitionofsharesinorassetsofanothercompanyorassetsofa
person
(d) canceltheshares(oranyofthem)or
(e) sell,transferorotherwiseusethetreasurysharesforsuchotherpurposesastheMinistermaybyorderprescribe.
(1D)Whereapubliccompanycancelsordisposestreasurysharesinaccordancewithsubsection(1C),thedirectorsofthecompany
shall lodge with the Registrar a prescribed notice of the cancellation or disposal of treasury shares together with the prescribed fee
within30daysafterthecancellationordisposaloftreasuryshares.
(b) bydeletingthewordssubsection(1)(a)insubsection(2)andsubstitutingthewordssubsections(1)(a)and(1C)(a)
(c) bydeletingthewordssubsection(1)insubsection(3)andsubstitutingthewordssubsection(1)or(1C),asthecasemaybe
(d) bydeletingthewordssubsection(1)insubsection(4)andsubstitutingthewordssubsection(1)or(1C),asthecasemaybe,and
(e) bydeletingsubsection(5).
(a) bydeletingthedefinitionofComptrollerinsubsection(4)and
(5A)ThisDivisionshallnotapplytoanyredemptionofpreferencesharesissuedbyacompanyundersection70(1)whichresultsin
areductioninthecompanyssharecapital..
(a) bydeletingparagraph(a)ofsubsection(1)
(2)Notwithstandingsubsection(1),thecompanyneednotmeetthesolvencyrequirementsifthereductionofsharecapitaldoesnot
involveanyofthefollowing:
(a) areductionordistributionofcashorotherassetsbythecompany
(b) areleaseofanyliabilityowedtothecompany.and
(c) bydeletingthewords15daysinsubsection(3)(b)(ii)andsubstitutingthewords20days.
(a) bydeletingparagraph(a)ofsubsection(1)
(2)Notwithstandingsubsection(1),thecompanyneednotmeetthesolvencyrequirementsifthereductionofsharecapitaldoesnot
involveanyofthefollowing:
(a) areductionordistributionofcashorotherassetsbythecompany
(b) areleaseofanyliabilityowedtothecompany.and
(c) bydeletingthewords22daysinsubsection(3)(b)(ii)andsubstitutingthewords30days.
56.Section78EoftheCompaniesActisamended
(a) bydeletingthewordssection78B(1)(a)and(c)insubsections(1)(a)and(ii)(B)and(3)(a)and(iii)(A)andsubstitutingineachcasethe
wordssection78B(1)(c)and
(b) bydeletingthewordssection78C(1)(a)and(c)insubsections(2)(a)and(i)and(4)(a)and(iii)(A)andsubstitutingineachcasethewords
section78C(1)(c).
Amendmentofsection78G
57.Section78GoftheCompaniesActisamendedbydeletingsubsection(2).
58.Section86oftheCompaniesActisamendedbyinserting,immediatelyaftersubsection(2),thefollowingsubsection:
(2A)ThissectionshallnotapplytotheDepositoryastheregisteredholderofacompanysshares..
59.Section123(2)oftheCompaniesActisamendedbydeletingparagraph(c)andsubstitutingthefollowingparagraph:
(c) theclassoftheshares,whetherthesharesarefullyorpartlypaidupandtheamount(ifany)unpaidontheshares..
60.Section125oftheCompaniesActisamendedbyinserting,immediatelyaftersubsection(3),thefollowingsubsections:
(4)Forthepurposesofthissectioninrelationtoabookentrysecurity,areferencetoanownerthereinshallbeconstruedasareferencetothe
Depository.
(5)Subsection(2)shallnotapplytodocumentsevidencingtitleinrelationtolistedsecuritieswhichhavebeendepositedwiththeDepository
andregisteredinitsnameoritsnomineesname..
Repealofsections126to130andnewsections126to130AE
61.Sections126to130oftheCompaniesActarerepealedandthefollowingsectionssubstitutedtherefor:
Transferofsharesinprivatecompanies
126.(1)Notwithstandinganythinginitsconstitution,aprivatecompanyshallnotlodgeatransferofsharesunlessaproperinstrumentof
transferhasbeendeliveredtothecompany,butthissectionshallnotprejudiceanypowertolodgeanoticeoftransferofsharesinrespectofany
persontowhomtherighttoanysharesofthecompanyhasbeentransmittedbyoperationoflaw.
(2)Wheretherehasbeenatransferofshares,aprivatecompanyshalllodgewiththeRegistrarnoticeofthattransferofsharesintheprescribed
form.
(3)Atransferofanyshareinaprivatecompanyonorafterthedateofthecommencementofsection61oftheCompanies(Amendment)Act
Transferofdebenturesinprivatecompanies
127.Notwithstandinganythinginitsconstitution,aprivatecompanyshallnotregisteratransferofdebenturesunlessaproperinstrumentof
transferhasbeendeliveredtothecompany,butthissectionshallnotprejudiceanypowertoregisterasdebentureholderanypersontowhomthe
righttoanydebenturesofthecompanyhasbeentransmittedbyoperationoflaw.
Registrationoftransferatrequestoftransferorbyprivatecompanies
128.(1)Subjecttosection129,ontherequestinwritingofthetransferorof
(a) anyshareinaprivatecompany,thecompanyshalllodgewiththeRegistraranoticeoftransferofsharesintheprescribedformor
(b) anydebentureorotherinterestinaprivatecompany,thecompanyshallenterinsuchregisterasthecompanyconsidersappropriate,the
name of the transferee in the same manner and subject to the same conditions as if the application for the entry were made by the
transferee.
(2)Thetransferofanyshareinaprivatecompanyonorafterthedateofcommencementofsection61oftheCompanies(Amendment)Act
(3)Ontherequestinwritingofthetransferorofashareordebenture,theprivatecompanyshallbynoticeinwritingrequirethepersonhaving
thepossession,custodyorcontrolofthesharecertificateordebentureandtheinstrumentoftransferthereoforeitherofthemtodeliverorproduce
itorthemtotheofficeofthecompanywithinastatedperiod,beingnotlessthan7andnotmorethan28daysafterthedateofthenotice,tohave
thesharecertificateordebenturecancelledorrectified,andthetransferregistered(inthecaseofatransferofdebenture)orotherwisedealtwith.
(4) If any person refuses or neglects to comply with a notice given under subsection (3), the transferor may apply to a judge to issue a
summons for that person to appear before the Court and show cause why the documents mentioned in the notice should not be delivered or
producedasrequiredbythenotice.
(5)UponappearanceofapersonsosummonedtheCourtmayexaminehimuponoathandreceiveotherevidence,orifhedoesnotappearafter
beingdulyservedwithsuchsummons,theCourtmayreceiveevidenceinhisabsenceandineithercasetheCourtmayorderhimtodeliversuch
documentstothecompanyuponsuchtermsorconditionsastotheCourtseemsfit,andthecostsofthesummonsandproceedingsthereonshallbe
inthediscretionoftheCourt.
(6)Listsofsharecertificatesordebenturescalledinunderthissectionandnotdeliveredorproducedshallbeexhibitedintheofficeofthe
companyandshallbeadvertisedinsuchnewspapersandatsuchtimesasthecompanythinksfit.
Noticeofrefusaltoregistertransferbyprivatecompanies
129.(1)Ifaprivatecompanyrefusestolodgeanoticeoftransferofanyshareinthecompanyitshall,within30daysafterthedateonwhich
thetransferwaslodgedwithit,sendtothetransferorandthetransfereenoticeoftherefusal.
(2)Ifaprivatecompanyrefusestoregisteratransferofanydebentureorotherinterestinthecompanyitshall,within30daysafterthedateon
whichthetransferwaslodgedwithit,sendtothetransferorandtothetransfereenoticeoftherefusal.
(3)WhereanapplicationismadetoaprivatecompanytolodgewiththeRegistraranoticeoftransferintheprescribedforminrespectofany
sharewhichhavebeentransferredortransmittedtoapersonbyactofpartiesoroperationoflaw,thecompanyshallnotrefusetodosobyvirtue
ofanydiscretioninthatbehalfconferredbytheconstitutionunlessithasservedontheapplicant,within30daysbeginningwiththedayonwhich
theapplicationwasmade,anoticeinwritingstatingthefactswhichareconsideredtojustifyrefusalintheexerciseofthatdiscretion.
(4)Ifdefaultismadeincomplyingwiththissection,theprivatecompanyandeveryofficerofthecompanywhoisindefaultshalleachbe
guiltyofanoffenceandshalleachbeliableonconvictiontoafinenotexceeding$1,000andalsotoadefaultpenalty.
Transferofsharesanddebenturesinpubliccompanies
130.(1)Notwithstandinganythinginitsconstitution,apubliccompanyshallnotregisteratransferofsharesordebenturesunlessaproper
instrument of transfer has been delivered to the company, but this subsection shall not prejudice any power to register as a shareholder or
debentureholderanypersontowhomtherighttoanysharesinordebenturesofthecompanyhasbeentransmittedbyoperationoflaw.
(2) Where there has been a transfer of shares, a public company may lodge with the Registrar a notice of that transfer of shares in the
prescribedform.
(3)Thenoticemuststate
(a) every other transfer of shares effected prior to the date of the notice, other than a transfer that has been previously notified to the
Registraror
(b) theprescribedinformationinrelationtothesharesheldbyeachofthe50memberswhoholdthemostnumberofsharesinthepublic
companyafterthetransfer.
Registrationoftransferatrequestoftransferorbypubliccompanies
130AA.(1)Ontherequestinwritingofthetransferorofanyshare,debentureorotherinterestinapubliccompanythecompanyshallenter
intheappropriateregisterthenameofthetransfereeinthesamemannerandsubjecttothesameconditionsasiftheapplicationfortheentrywere
madebythetransferee.
(2)Ontherequestinwritingofthetransferorofashareordebenturethepubliccompanyshallbynoticeinwritingrequirethepersonhaving
thepossession,custodyorcontrolofthesharecertificateordebentureandtheinstrumentoftransferthereoforeitherofthemtodeliverorproduce
itorthemtotheofficeofthecompanywithinastatedperiod,beingnotlessthan7andnotmorethan28daysafterthedateofthenotice,tohave
thesharecertificateordebenturecancelledorrectifiedandthetransferregisteredorotherwisedealtwith.
(3) If any person refuses or neglects to comply with a notice given under subsection (2), the transferor may apply to a judge to issue a
summons for that person to appear before the Court and show cause why the documents mentioned in the notice should not be delivered or
producedasrequiredbythenotice.
(4)UponappearanceofapersonsosummonedtheCourtmayexaminehimuponoathandreceiveotherevidence,orifhedoesnotappearafter
beingdulyservedwithsuchsummons,theCourtmayreceiveevidenceinhisabsenceandineithercasetheCourtmayorderhimtodeliversuch
documentstothecompanyuponsuchtermsorconditionsastotheCourtseemsfit,andthecostsofthesummonsandproceedingsthereonshallbe
inthediscretionoftheCourt.
(5)Listsofsharecertificatesordebenturescalledinunderthissectionandnotbroughtinshallbeexhibitedintheofficeofthecompanyand
shallbeadvertisedinsuchnewspapersandatsuchtimesasthecompanythinksfit.
Noticeofrefusaltoregistertransferbypubliccompanies
130AB.(1)Ifapubliccompanyrefusestoregisteratransferofanyshare,debentureorotherinterestinthecompanyitshall,within30days
afterthedateonwhichthetransferwaslodgedwithit,sendtothetransferorandtothetransfereenoticeoftherefusal.
(2) Where an application is made to a public company for a person to be registered as a member in respect of shares which have been
transferredortransmittedtohimbyactofpartiesoroperationoflaw,thecompanyshallnotrefuseregistrationbyvirtueofanydiscretioninthat
behalf conferred by its constitution unless it has served on the applicant, within 30 days beginning with the day on which the application was
made,anoticeinwritingstatingthefactswhichareconsideredtojustifyrefusalintheexerciseofthatdiscretion.
(3)Ifdefaultismadeincomplyingwiththissection,thepubliccompanyandeveryofficerofthecompanywhoisindefaultshalleachbe
guiltyofanoffenceandshalleachbeliableonconvictiontoafinenotexceeding$1,000andalsotoadefaultpenalty.
Transferbypersonalrepresentative
130AC.(1)Atransferoftheshare,debentureorotherinterestofadeceasedpersonmadebyhispersonalrepresentativeshall,althoughthe
personalrepresentativeisnothimselfamemberofthecompany,beasvalidasifhehadbeensuchamemberatthetimeoftheexecutionofthe
instrumentoftransfer.
(2)Theproductiontoacompanyofanydocumentwhichisbylawsufficientevidenceofprobateofthewill,orlettersofadministrationofthe
estate,ofadeceasedpersonhavingbeengrantedtosomepersonshallbeacceptedbythecompany,notwithstandinganythinginitsconstitution,as
sufficientevidenceofthegrant.
(3)Inthissection,instrumentoftransferincludesawrittenapplicationfortransmissionofashare,debentureorotherinteresttoapersonal
representative.
Certificationofprimafacietitle
130AD.(1) The certification by a company of any instrument of transfer of shares, debentures or other interests in the company shall be
takenasarepresentationbythecompanytoanypersonactingonthefaithofthecertificationthattherehavebeenproducedtothecompanysuch
documentsasonthefaceofthemshowaprimafacietitletotheshares,debenturesorotherinterestsinthetransferornamedintheinstrumentof
transferbutnotasarepresentationthatthetransferorhasanytitletotheshares,debenturesorotherinterests.
(2)Whereanypersonactsonthefaithofafalsecertificationbyacompanymadenegligently,thecompanyshallbeunderthesameliabilityto
himasifthecertificationhadbeenmadefraudulently.
(3)Whereanycertificationbyaprivatecompanyisexpressedtobelimitedto42daysoranylongerperiodfromthedateofcertification,the
companyanditsofficersshallnot,intheabsenceoffraud,beliable
(a) inrespectofanytransferofsharesaftertheexpirationoftheperiodsolimitedoranyextensionthereofgivenbythecompanyifthe
instrumentoftransferhasnotbeensenttoorreceivedbythecompanyundersection126(1)withinthatperiodor
(b) in respect of the registration of any transfer of debentures or other interests comprised in the certification after the expiration of the
periodsolimitedoranyextensionthereofgivenbythecompanyiftheinstrumentoftransferhasnotwithinthatperiodbeenlodgedwith
thecompanyforregistration.
(4)Whereanycertificationbyapubliccompanyisexpressedtobelimitedto42daysoranylongerperiodfromthedateofcertification,the
companyanditsofficersshallnot,intheabsenceoffraud,beliableinrespectoftheregistrationofanytransferofshares,debenturesorother
interestscomprisedinthecertificationaftertheexpirationoftheperiodsolimitedoranyextensionthereofgivenbythecompanyiftheinstrument
oftransferhasnotwithinthatperiodbeenlodgedwiththecompanyforregistration.
(a) aninstrumentoftransferistobetreatedascertificatedifitbearsthewordscertificatelodgedorwordstothelikeeffect
(b) thecertificationofaninstrumentoftransferistobetreatedasmadebyacompanyif
(i)
thepersonissuingtheinstrumentisapersonapparentlyauthorisedtoissuecertificatedinstrumentsoftransferonthecompanys
behalfand
(ii)
thecertificationissignedbyapersonapparentlyauthorisedtocertificatetransfersonthecompanysbehalforbyanyofficer
eitherofthecompanyorofacorporationsoapparentlyauthorisedand
(c) acertificationthatpurportstobeauthenticatedbyapersonssignatureorinitials(whetherhandwrittenornot)shallbedeemedtobe
signed by him unless it is shown that the signature or initials were not placed there by him and were not placed there by any other
personapparentlyauthorisedtousethesignatureorinitialsforthepurposeofcertificatingtransfersonthecompanysbehalf.
Dutiesofcompanywithrespecttoissueofcertificatesanddefaultinissueofcertificates
130AE.(1)Everypubliccompanyshallwithin60daysaftertheallotmentofanyofitssharesordebentures,andwithin30daysafterthe
dateonwhichatransfer(otherthansuchatransferasthecompanyisforanyreasonentitledtorefusetoregisteranddoesnotregister)ofanyof
its shares or debentures is lodged with the company, complete and have ready for delivery all the appropriate certificates and debentures in
connectionwiththeallotmentortransfer.
(2)Everyprivatecompanyshall
(a) within60daysaftertheallotmentofanyofitssharesordebentures
(b) within30daysafterthedateonwhichanoticeoftransferofsharesislodgedwiththeRegistrarundersection126(2)or128(1)(a)and
(c) within30daysafterthedateonwhichatransfer(otherthansuchatransferasthecompanyisforanyreasonentitledtorefusetoregister
anddoesnotregister)ofanyofitsdebenturesislodgedwiththecompany,
completeandhavereadyfordeliveryalltheappropriatecertificatesanddebenturesinconnectionwiththeallotmentortransfer.
(3)Ifdefaultismadeincomplyingwiththissection,thecompanyandeveryofficerofthecompanywhoisindefaultshalleachbeguiltyofan
offenceandshalleachbeliableonconvictiontoafinenotexceeding$1,000andalsotoadefaultpenalty.
(4)Ifanycompanyonwhichanoticehasbeenservedrequiringthecompanytomakegoodanydefaultincomplyingwiththissectionfailsto
makegoodthedefaultwithin10daysaftertheserviceofthenotice,theCourtmay,ontheapplicationofthepersonentitledtohavethecertificates
orthedebenturesdeliveredtohim,makeanorderdirectingthecompanyandanyofficerofthecompanytomakegoodthedefaultwithinsuch
timeasisspecifiedintheorder,andtheordermayprovidethatallcostsofandincidentaltotheapplicationshallbebornebythecompanyorby
anyofficerofthecompanyindefaultinsuchproportionsastheCourtthinksfit..
RepealofDivision7AofPartIV
62.Division7AofPartIVoftheCompaniesActisrepealed.
(a) byinserting,immediatelyafterthewordswiththeRegistrarinsubsection(1),thewordsintheprescribedmanner
(b) bydeletingthewordsThechargestowhichthissectionappliesareinsubsection(3)andsubstitutingthewordsThissectionappliesto
thefollowingchargesthatarecreatedonorafterthedateofcommencementofsection63oftheCompanies(Amendment)Act2014:
(c) bydeletingthewordsoranassignmentinsubsection(3)(d)
(d) byinserting,immediatelyafterthewordsanyinterestthereininsubsection(3)(e),thewordsbutnotincludinganychargeforanyrentor
otherperiodicalsumissuingoutofland
(e) bydeletingparagraph(j)ofsubsection(3)andsubstitutingthefollowingparagraph:
(j) a charge on goodwill, on a patent or a licence under a patent, on a trade mark or a licence to use a trademark, or on a
copyrightoralicenceunderacopyrightoronaregistereddesignoralicencetousearegistereddesign.and
(3AA)Thissectionalsoappliestoanychargethat
(a) wasachargetowhichthissectionappliedundersubsection(3)inforceimmediatelybeforethedateofcommencementof
section63oftheCompanies(Amendment)Act2014and
(b) wascreatedbeforethatdate..
64.Section132(1)oftheCompaniesActisamendedbyinserting,immediatelyafterthewordsmaybelodgedforregistration,thewordsinthe
prescribedmanner.
(a) byinserting,immediatelyafterthewordsregisteredofficeofthecompanyinsubsection(1),thewordsforaslongasthechargetowhich
theinstrumentrelatesremainsinforce,and
(1A)Aninstrumentcreatinganychargeoracopythereof,oracopyoftheseriesofdebentures,asthecasemaybe,thatisrequired
tobekeptundersubsection(1)
(a) shallbedeemedtoformpartoftherecordsthatarerequiredtobekeptundersection199(1)and
(b) forthepurposesofsection199(2),shallberetainedbythecompanyforaperiodof5yearsafter
(i)
thedatethedebtforwhichthechargewasgivenwaspaidorsatisfiedinwhole
(ii)
the date the property or undertaking charged was released or ceased to form part of the companys property or
undertakingor
(iii)
wherebothoftheeventsreferredtoinsubparagraphs(i)and(ii)occurinanyparticularcase,thelaterofthedates..
66.Section141oftheCompaniesActisamendedbyinserting,immediatelyafterthewordsaforeigncompany,thewordsif,andonlyif,itis.
67.Section143(1)oftheCompaniesActisamendedbydeletingthewords14daysofandsubstitutingthewords14daysafter.
(a) byinserting,immediatelyaftersubsection(4),thefollowingsubsections:
(4A) Subject to subsection (5), unless the constitution otherwise provides, a director of a company may resign by giving the
companyanoticeinwritingofhisresignation.
(4B) Subject to subsection (5), the resignation of a director shall not be conditional upon the companys acceptance of his
resignation.and
(6)Subsection(5)shallnotapplywhereadirectorofacompanyisrequiredtoresignorvacatehisoffice
(a) ifhehasnotwithintheperiodreferredtoinsection147(1)obtainedhisqualification
(b) by virtue of his disqualification or removal or the revocation of his appointment as a director, as the case may be, under
section148,149,149A,154,155,155Aor155CofthisAct,section50or54oftheBankingAct(Cap.19),section47ofthe
FinanceCompaniesAct(Cap.108),section57oftheFinancialAdvisersAct(Cap.110),section62or63oftheFinancial
Holdings Companies Act 2013 (Act 13 of 2013), section 31, 31A, 35ZJ or 41(2)(a)(ii) of the Insurance Act (Cap. 142),
section30AAIoftheMonetaryAuthorityofSingaporeAct(Cap.186),section12AoftheMoneychangingandRemittance
BusinessesAct(Cap.187),section22ofthePaymentSystems(Oversight)Act(Cap.222A),section44,46Z,81P,81ZJ,97
or292AoftheSecuritiesandFuturesAct(Cap.289)andsection14oftheTrustCompaniesAct(Cap.336)or
(c) ifhe,beingadirectorofaRegisteredFundManagementCompanyasdefinedintheSecuritiesandFutures(Licensingand
ConductofBusiness)Regulations(Cap.289,Rg10),hasbeenremovedbythecompanyasdirectorinaccordancewiththose
Regulations..
69.Section146(1A)oftheCompaniesActisamendedbydeletingparagraph(a)andsubstitutingthefollowingparagraph:
(a) hehas,byhimselforthrougharegisteredqualifiedindividualauthorisedbyhim,filedwiththeRegistrar
(i)
adeclarationthathehasconsentedtoactasadirector
(ii)
astatementintheprescribedformthatheisnotdisqualifiedfromactingasadirectorunderthisActand
(iii)
astatementintheprescribedformthatheisnotdebarredundersection155Bfromactingasdirectorofthecompanyand.
(a) bydeletingthewordsonemonthinsubsection(4)andsubstitutingthewords14daysand
(b) bydeletingthewordsbeingdirectorormanagerinthesectionheading.
71. Section 149(6) of the Companies Act is amended by deleting the words 197, 199 and 201 in paragraph (a)(iii) and substituting the words
196B,197,199and201.
Newsection149B
72.TheCompaniesActisamendedbyinserting,immediatelyaftersection149A,thefollowingsection:
Appointmentofdirectorsbyordinaryresolution
149B.Unlesstheconstitutionotherwiseprovides,acompanymayappointadirectorbyordinaryresolutionpassedatageneralmeeting..
(a) bydeletingthewordsunderthissectionortoappointsomepersoninplaceofadirectorsoremovedatthemeetingatwhichheisremoved,
andonreceiptofnoticeofanintendedresolutiontoremoveadirectorunderthissectioninsubsection(2)andsubstitutingthewordsofa
publiccompanyundersubsection(1)ortoappointsomepersoninplaceofadirectorsoremovedatthemeetingatwhichheisremoved,and
onreceiptofnoticeofanintendedresolutiontoremoveadirectorundersubsection(1)
(b) bydeletingthewordcompanywhereitappearsforthefirsttimeinsubsections(3)and(4)andsubstitutingineachcasethewordspublic
company
(c) byinserting,immediatelyafterthewordsadirectorinsubsection(5),thewordsofapubliccompany
(d) byinserting,immediatelyafterthewordsappointeddirectorinsubsection(6),thewordsofapubliccompany
(e) byinserting,immediatelyafterthewordremovedinsubsection(7),thewordsasadirectorofapubliccompanyand
(9)Subjecttoanyprovisiontothecontraryintheconstitution,aprivatecompanymaybyordinaryresolutionremoveadirector
beforetheexpirationofhisperiodofofficenotwithstandinganythinginanyagreementbetweentheprivatecompanyandthedirector..
Repealofsection153
74.Section153oftheCompaniesActisrepealed.
(a) bydeletingsubsections(1)to(4)andsubstitutingthefollowingsubsections:
(1)Apersonshallbesubjecttothedisqualificationsprovidedinsubsection(3)if
(a) thepersonisconvictedofanyofthefollowingoffences:
(i)
any offence, whether in Singapore or elsewhere, involving fraud or dishonesty punishable with imprisonment for
3monthsormore
(ii)
anyoffenceunderPartXIIoftheSecuritiesandFuturesAct(Cap.289)or
(b) thepersonissubjecttotheimpositionofacivilpenaltyundersection232oftheSecuritiesandFuturesAct.
(2)WhereapersonisconvictedinSingaporeof
(a) anyoffenceinconnectionwiththeformationormanagementofacorporationor
(b) anyoffenceundersection157or339,
thecourtmaymakeadisqualificationorderagainstthepersoninadditiontoanyothersentenceimposed.
(3)SubjecttoanyleavewhichtheCourtmaygivepursuanttoanapplicationundersubsection(6),apersonwho
(a) isdisqualifiedundersubsection(1)or
(b) hashadadisqualificationordermadeagainsthimundersubsection(2),
shallnotactasadirector,ortakepart(whetherdirectlyorindirectly)inthemanagementofacompany,orofaforeigncompanyto
whichDivision2ofPartXIapplies,duringtheperiodofthedisqualificationordisqualificationorder.
(4)Thedisqualificationsinsubsection(3)shall
(a) inacasewherethedisqualifiedpersonhasbeenconvictedofanyoffencereferredtoinsubsection(1)or(2)buthasnotbeen
sentencedtoimprisonment,takeeffectuponconvictionandcontinueforaperiodof5yearsorforsuchshorterperiodasthe
courtmayorderundersubsection(2)or
(b) inacasewherethedisqualifiedpersonhasbeenconvictedofanyoffencereferredtoinsubsection(1)or(2)andhasbeen
sentencedtoimprisonment,takeeffectuponconvictionandcontinueforaperiodof5yearsafterhisreleasefromprison.
(b) bydeletingthewordsactsincontraventionofadisqualificationunderthissectioninsubsection(5)andsubstitutingthewordscontravenes
subsection(3)
(6)Apersonwho
(a) isdisqualifiedundersubsection(1)or
(b) hashadadisqualificationordermadeagainsthimundersubsection(2),
mayapplytotheCourtforleavetoactasadirector,ortotakepart(whetherdirectlyorindirectly)inthemanagementofacompany,or
ofaforeigncompanytowhichDivision2ofPartXIapplies,duringtheperiodofthedisqualificationordisqualificationorder,upon
givingtheMinisternotlessthan14daysnoticeofhisintentiontoapplyforsuchleave.and
(d) bydeletingthewordsthissectioninsubsection(7)andsubstitutingthewordssubsection(6).
Repealandreenactmentofsection155Aandnewsections155Band155C
76.Section155AoftheCompaniesActisrepealedandthefollowingsectionssubstitutedtherefor:
Disqualificationforbeingdirectorinnotlessthan3companieswhichwerestruckoffwithin5yearperiod
155A.(1)Subjecttosubsection(5),aperson
(a) who was a director of a company (Company A) at the time that the name of Company A had been struck off the register under
section344and
(b) who, within a period of 5 years immediately before the date on which the name of Company A was struck off the register under
section344
(i)
hadbeenadirectorofnotlessthan2othercompanieswhosenameshadbeenstruckofftheregisterundersection344and
(ii)
wasadirectorofthosecompaniesatthetimethenamesofthecompaniesweresostruckofftheregister,
shallnotactasdirectorof,orinanyway(whetherdirectlyorindirectly)takepartinorbeconcernedinthemanagementof,anycompanyorany
foreigncompanytowhichDivision2ofPartXIappliesforaperiodof5yearscommencingafterthedateonwhichthenameofCompanyAwas
struckoff.
(2)Anypersonwhocontravenessubsection(1)shallbeguiltyofanoffenceandshallbeliableonconvictiontoafinenotexceeding$10,000
ortoimprisonmentforatermnotexceeding2yearsortoboth.
(3)Apersonwhoissubjecttoadisqualificationundersubsection(1)mayapplytotheCourtforleavetoactasdirectorof,ortotakepartinor
beconcernedinthemanagementof,acompanyoraforeigncompanytowhichDivision2ofPartXIappliesduringtheperiodofdisqualification
upongivingtheMinisternotlessthan14daysnoticeofhisintentiontoapplyforsuchleave.
(4)Onthehearingofanyapplicationunderthissection,theMinistermayberepresentedatthehearingandmayopposethegrantingofthe
application.
Contents
Whole Document
(5)ThissectionshallonlyapplywhereCompanyAandthecompaniesreferredtoinsubsection(1)(b)(i)werestruckoffonorafterthedateof
51Amendmentofsection76J
commencementofsection76oftheCompanies(Amendment)Act2014.
52Amendmentofsection76K
DebarmentfordefaultofrelevantrequirementofthisAct
53Amendmentofsection78A
54Amendmentofsection78B
155B.(1)WheretheRegistrarissatisfiedthatacompanyisindefaultinrelationtoarelevantrequirementofthisAct,theRegistrarmay
55Amendmentofsection78C
makeadebarmentorderagainstanypersonwho,atthetimetheorderismade,isadirectororsecretaryofthecompany.
56Amendmentofsection78E
(2)Subjecttosubsection(3),apersonwhohasadebarmentordermadeagainsthimshallnot
57Amendmentofsection78G
(a) except in respect of a company of which the person is a director immediately before the order was made, act as director of any
58Amendmentofsection86
companyor
(b) except in respect of a company of which the person is a secretary immediately before the order was made, act as secretary of any
61Repealofsections126to130andnewsections126to130AE
company.
62RepealofDivision7AofPartIV
(3)ThedebarmentorderappliesfromthedatethattheorderismadeandcontinuesinforceuntiltheRegistrarcancelsorsuspendstheorder.
(4)TheRegistrarmay,upontheapplicationofapersonwhohasadebarmentordermadeagainsthimoronhisownaccord,cancelorsuspend
suchdebarmentorderwherethedefaultinrelationtotherelevantrequirementsofthisActasatthetimethedebarmentorderismadehasbeen
rectifiedoronsuchothergroundasmaybeprescribed,subjecttosuchconditionsastheRegistrarmayimpose.
(5) Where the Registrar imposes conditions on the suspension of a debarment order under subsection (4), the suspension of the debarment
ordershalloperatesolongasthatpersonfulfilsandcontinuestofulfilallsuchconditionsimposedbytheRegistrar.
(6)TheRegistrarshallnotmakeadebarmentorderundersubsection(1)
(a) unlessthedefaultinrelationtoarelevantrequirementofthisActhaspersistedforacontinuousperiodof3monthsormoreandthe
personwasadirectororsecretaryofthecompanyduringthatperiodand
72Newsection149B
(b) unless the Registrar has, not less than 14 days before the order is made, sent the director or secretary concerned a notice of the
Registrarsintentiontomakeadebarmentorderundersubsection(1)specifyingthedefaultinrelationtotherelevantrequirementofthis
74Repealofsection153
Get Provisions Reset
Actforwhichthedebarmentorderisproposedtobemadeandgivingthedirectororsecretaryanopportunitytoshowcausewhythe
debarmentordershouldnotbemade.
(7)TheRegistrarmust,indeterminingwhethertomakeadebarmentorder,consideranyrepresentationfromthedirectororsecretarymade
pursuanttothenoticeundersubsection(6)(b).
(8)Anypersonwhoisaggrievedbyadebarmentordermadeundersubsection(1),ortheRegistrarsrefusaltocancelorsuspendadebarment
orderundersubsection(4),mayappealtotheMinister.
(9)Anappealundersubsection(8)shallnotsuspendtheeffectofthedebarmentorder.
(11)TheRegistrarmayfromtimetotimeprepareandpublish,insuchformandmannerastheRegistrarmaydecide,thenamesandparticulars
ofthepersonsagainstwhomadebarmentorderhasbeenmadeandwhichcontinuesinforce.
(12)Inthissection
debarmentordermeansadebarmentordermadeundersubsection(1)
relevantrequirementofthisActhasthesamemeaningasinsection155(2)
secretarymeansasecretaryofthecompanyappointedundersection171.
DisqualificationunderLimitedLiabilityPartnershipsAct
155C.(1) Subject to any leave which the Court may give pursuant to an application under subsection (3), a person who is subject to a
disqualificationordisqualificationorderundersection34,35or36oftheLimitedLiabilityPartnershipsAct(Cap.163A)shallnotactasdirector
of,orinanyway(whetherdirectlyorindirectly)takepartinorbeconcernedinthemanagementof,anycompanyoranyforeigncompanyto
whichDivision2ofPartXIappliesduringtheperiodofdisqualificationordisqualificationorder.
(3)Apersonwhoissubjecttoadisqualificationordisqualificationorderundersection34or36oftheLimitedLiabilityPartnershipsActmay
applytotheCourtforleavetoactasdirectorof,ortotakepartinorbeconcernedinthemanagementof,acompanyoraforeigncompanyto
whichDivision2ofPartXIappliesduringtheperiodofdisqualificationordisqualificationorder,upongivingtheMinisternotlessthan14days
noticeofhisintentiontoapplyforsuchleave.
(4)Onthehearingofanyapplicationundersubsection(3),theMinistermayberepresentedatthehearingandmayopposethegrantingofthe
application..
Disclosureofinterestsintransactions,property,offices,etc.
156.(1) Subject to this section, every director or chief executive officer of a company who is in any way, whether directly or indirectly,
interested in a transaction or proposed transaction with the company shall as soon as is practicable after the relevant facts have come to his
knowledge
(a) declarethenatureofhisinterestatameetingofthedirectorsofthecompanyor
(b) sendawrittennoticetothecompanycontainingdetailsonthenature,characterandextentofhisinterestinthetransactionorproposed
transactionwiththecompany.
(2)Anoticeundersubsection(1)(b)shallbegivenassoonasispracticableafter
(a) thedateonwhichthedirectororchiefexecutiveofficerbecameadirectororchiefexecutiveofficer(asthecasemaybe)or
(b) (ifalreadyadirectororchiefexecutiveofficer,asthecasemaybe)thedateonwhichthedirectororchiefexecutiveofficerbecame,
directlyorindirectly,interestedinatransactionorproposedtransactionwiththecompany,
asthecaserequires.
(3)Therequirementsofsubsection(1)shallnotapplyinanycasewheretheinterestofthedirectororchiefexecutiveofficer(asthecasemay
be) consists only of being a member or creditor of a corporation which is interested in a transaction or proposed transaction with the
firstmentionedcompanyiftheinterestofthedirectororchiefexecutiveofficer(asthecasemaybe)mayproperlyberegardedasnotbeinga
materialinterest.
(4) A director or chief executive officer of a company shall not be deemed to be interested or to have been at any time interested in any
transactionorproposedtransactionbyreasononly
(a) in the case where the transaction or proposed transaction relates to any loan to the company that he has guaranteed or joined in
guaranteeingtherepaymentoftheloanoranypartoftheloanor
(b) in the case where the transaction or proposed transaction has been or will be made with or for the benefit of or on behalf of a
corporationwhichbyvirtueofsection6isdeemedtoberelatedtothecompanythatheisadirectororchiefexecutiveofficer(asthe
casemaybe)ofthatcorporation,
and this subsection shall have effect not only for the purposes of this Act but also for the purposes of any other law, but shall not affect the
operationofanyprovisionintheconstitutionofthecompany.
(5) A declaration given by a director or chief executive officer under subsection (1)(a), or a written notice given by a director or chief
executive officer under subsection (1)(b), shall be treated as a sufficient declaration or written notice under those provisions in relation to a
transactionorproposedtransactionif
(a) inthecaseofadeclaration,thedeclarationisgivenatameetingofthedirectorsorthedirectororchiefexecutiveofficer(asthecase
maybe)takesreasonablestepstoensurethatitisbroughtupandreadatthenextmeetingofthedirectorsafteritisgiven
(b) thedeclarationorwrittennoticeistotheeffectthat
(i)
he is an officer or a member of a specified corporation, a member of a specified firm, or a partner or officer of a specified
(ii)
heistoberegardedasinterestedinanytransactionwhichmay,afterthedateofthedeclarationorwrittennotice,bemadewith
thespecifiedcorporation,firmorlimitedliabilitypartnership
(c) the declaration or written notice specifies the nature and extent of his interest in the specified corporation, firm or limited liability
partnershipand
(d) atthetimeanytransactionismadewiththespecifiedcorporation,firmorlimitedliabilitypartnership,hisinterestisnotdifferentin
natureorgreaterinextentthanthenatureandextentspecifiedinthedeclarationorwrittennotice.
(6) Every director and chief executive officer of a company who holds any office or possess any property whereby, whether directly or
indirectly,anydutyorinterestmightbecreatedinconflictwiththeirdutiesorinterestsasdirectororchiefexecutiveofficer(asthecasemaybe)
shall
(a) declareatameetingofthedirectorsofthecompanythefactandthenature,characterandextentoftheconflictor
(b) sendawrittennoticetothecompanysettingoutthefactandthenature,characterandextentoftheconflict.
(7)Adeclarationundersubsection(6)(a)shallbemadeatthefirstmeetingofthedirectorsofthecompanyheld
(a) afterhebecomesadirectororchiefexecutiveofficer(asthecasemaybe)or
(b) (ifalreadyadirectororchiefexecutiveofficer,asthecasemaybe)afterhecommencedtoholdtheofficeortopossesstheproperty,
asthecaserequires.
(8)Awrittennoticeundersubsection(6)(b)shallbegivenassoonasispracticableafter
(a) thedateonwhichthedirectororchiefexecutiveofficerbecameadirectororchiefexecutiveofficer(asthecasemaybe)or
(b) (ifalreadyadirectororchiefexecutiveofficer,asthecasemaybe)afterhecommencedtoholdtheofficeortopossesstheproperty,
asthecaserequires.
(9)Thecompanyshall,assoonaspracticableafterthereceiptofthewrittennoticereferredtoinsubsection(1)(b)or(6)(b),sendacopyofthe
noticeto
(a) inthecasewherethenoticeisgivenbyachiefexecutiveofficer,allthedirectorsor
(b) inthecasewherethenoticeisgivenbyadirector,alltheotherdirectors.
(10) Where a chief executive officer or a director of the company declares an interest or conflict by a written notice referred to in
subsection(1)(b)or(6)(b),respectively,inaccordancewiththissection
(a) themakingofthedeclarationisdeemedtoformpartoftheproceedingsatthenextmeetingofthedirectorsafterthenoticeisgivenand
(b) theprovisionsofsection188(minutesofproceedings)shallapplyasifthedeclarationhadbeenmadeatthatmeeting.
(11)Thesecretaryofthecompanyshallrecordeverydeclarationunderthissectionintheminutesofthemeetingatwhichitwasmadeand
keeprecordsofeverywrittenresolutiondulysignedandreturnedtothecompanyunderthissection.
(12)Thedirectorsofacompanyshallpermitachiefexecutiveofficerofthecompanywhoisnotadirectortoattendameetingoftheboardof
directorswheresuchattendanceisnecessaryforthechiefexecutiveofficertomakeadeclarationforthepurposeofcomplyingwiththissection.
(a) an interest of a member of a directors family shall be treated as an interest of the director and the words member of a directors
familyshallincludehisspouse,son,adoptedson,stepson,daughter,adopteddaughterandstepdaughterand
(b) aninterestofamemberofachiefexecutiveofficersfamilyshallbetreatedasaninterestofthechiefexecutiveofficerandthewords
memberofthechiefexecutiveofficersfamilyshallincludehisspouse,son,adoptedson,stepson,daughter,adopteddaughterand
stepdaughter.
(14)Subjecttosubsection(4),thissectionshallbeinadditiontoandnotinderogationoftheoperationofanyruleoflaworanyprovisionin
theconstitutionrestrictingadirectororchiefexecutiveofficerfromhavinganyinterestintransactionswiththecompanyorfromholdingoffices
orpossessingpropertiesinvolvingdutiesorinterestsinconflictwithhisdutiesorinterestsasadirectororchiefexecutiveofficer(asthecasemay
be).
(15)Anydirectororchiefexecutiveofficerofacompanywhofailstocomplywithanyoftheprovisionsofthissectionshallbeguiltyofan
offenceandshallbeliableonconvictiontoafinenotexceeding$5,000ortoimprisonmentforatermnotexceeding12months..
78.Section157(2)oftheCompaniesActisamendedbyinserting,immediatelyafterthewordsmakeimproperuseof,thewordshispositionas
anofficeroragentofthecompanyor.
79.Section157A(1)oftheCompaniesActisamendedbydeletingthewordsmanagedbyorunderthedirectionofandsubstitutingthewords
managedby,orunderthedirectionorsupervisionof,.
(a) bydeletingthewordsiftheconditionsspecifiedinsubsection(3)aremetinsubsection(1)andsubstitutingthewordsifsuchdisclosureis
notlikelytoprejudicethecompanyandismadewiththeauthorisationoftheboardofdirectorsand
(b) bydeletingsubsections(3)and(4)andsubstitutingthefollowingsubsection:
(3)Theauthorisationreferredtoinsubsection(1)maybeconferredinrespectofdisclosureof
(a) alloranyclassofinformationor
(b) onlysuchinformationasmaybespecifiedintheauthorisation..
Loansandquasiloanstodirectors,credittransactionsandrelatedarrangements
162.(1)Forthepurposesofthissection,acompanymakesarestrictedtransactionifit
(a) makesaloanorquasiloantoadirector
(i)
ofthecompanyor
(ii)
ofacompanywhichbyvirtueofsection6isdeemedtoberelatedtothatcompany,
(referredtointhissectionasarelevantdirector)
(b) enters into any guarantee or provides any security in connection with a loan or quasiloan made to a relevant director by any other
person
(c) entersintoacredittransactionascreditorforthebenefitofarelevantdirector
(d) entersintoanyguaranteeorprovidesanysecurityinconnectionwithacredittransactionenteredintobyanypersonforthebenefitofa
relevantdirector
(e) takespartinanarrangementunderwhich
(i)
another person enters into a transaction that, if it had been entered into by the company, would have been a restricted
transactionunderparagraph(a),(b),(c),(d)or(f)and
(ii)
thatperson,inpursuanceofthearrangement,obtainsabenefitfromthecompanyoracompanywhichbyvirtueofsection6is
deemedtoberelatedtothatcompanyor
(f) arrangestheassignmenttothecompany,orassumptionbythecompany,ofanyrights,obligationsorliabilitiesunderatransactionthat,
ifithadbeenenteredintobythecompany,wouldhavebeenarestrictedtransactionunderparagraphs(a)to(e).
(2) Subject to subsections (3) and (4) and sections 163A and 163B, a company (other than an exempt private company) shall not make a
restrictedtransaction.
(3)Subjecttosubsection(4),nothinginthissectionshallapplytoanytransactionwhichwouldotherwisebearestrictedtransactionthatis
(a) madetoorforthebenefitofarelevantdirectortomeetexpenditureincurredortobeincurredbyhimforthepurposesofthecompany
orforthepurposeofenablinghimtoproperlyperformhisdutiesasanofficerofthecompany
(b) madetoorforthebenefitofarelevantdirectorwhoisengagedinthefulltimeemploymentofthecompanyorofacorporationthatis
deemedtoberelatedtothecompany,asthecasemaybe,forthepurposeofpurchasingorotherwiseacquiringahomeoccupiedortobe
occupiedbythedirector,exceptthatnotmorethanonesuchrestrictedtransactionmaybeoutstandingatanytime
(c) madetoorforthebenefitofarelevantdirectorwhoisengagedinthefulltimeemploymentofthecompanyorofacorporationthatis
deemedtoberelatedtothatcompany,asthecasemaybe,wherethecompanyhasatageneralmeetingapprovedofaschemeforthe
makingofsuchtransactiontoorforthebenefitofemployeesofthecompanyandtherestrictedtransactionisinaccordancewiththat
schemeor
(d) madetoorforthebenefitofarelevantdirectorintheordinarycourseofbusinessofacompanywhoseordinarybusinessincludesthe
lendingofmoneyorthegivingofguaranteesinconnectionwithloans,quasiloansorcredittransactionsmadeorenteredintobyother
personsiftheactivitiesofthatcompanyareregulatedbyanywrittenlawrelatingtobanking,financecompaniesorinsuranceorare
subjecttosupervisionbytheMonetaryAuthorityofSingapore.
(4)Subsection(3)(a)or(b)shallnotauthorisethemakingofanyrestrictedtransaction,except
(a) withthepriorapprovalofthecompanygivenatageneralmeetingatwhichthepurposesoftheexpenditureandtheamountorextentof
therestrictedtransactionaredisclosedor
(b) onconditionthat,ifthepriorapprovalofthecompanyisnotgivenasaforesaidatorbeforethenextfollowingannualgeneralmeeting,
theamountoforliabilityundertherestrictedtransactionshallberepaidordischarged,asthecasemaybe,within6monthsfromthe
conclusionofthatmeeting.
(5)Wherethepriorapprovalofthecompanyisnotgivenasrequiredbytheconditionreferredtoinsubsection(4)(b),thedirectorsauthorising
themakingoftherestrictedtransactionshallbejointlyandseverallyliabletoindemnifythecompanyagainstanylossarisingtherefrom.
(6)Whereacompanycontravenesthissection,anydirectorwhoauthorisesthemakingoftherestrictedtransactionshallbeguiltyofanoffence
andshallbeliableonconvictiontoafinenotexceeding$20,000ortoimprisonmentforatermnotexceeding2years.
(7) Nothing in this section shall operate to prevent the company from recovering the amount of any loan, quasiloan, credit transaction or
arrangementoramountforwhichitbecomesliableunderanyguaranteeenteredintoorinrespectofanysecuritygivencontrarytothissection.
(8)Forthepurposeofsubsection(1),areferencetoadirectororrelevantdirectorthereinincludesareferencetothedirectorsspouse,son,
adoptedson,stepson,daughter,adopteddaughterandstepdaughter.
(9)Indeterminingforthepurposesofthissectionwhetheratransactionisarestrictedtransactionundersubsection(1)(e),thetransactionshall
betreatedashavingbeenenteredintoonthedateofthearrangement.
(10) For the purposes of this section, a reference to prior approval does not include any approval of the company that is given after the
restrictedtransactionhasbeenmade,providedfororenteredinto(asthecasemaybe).
(11)Inthissectionandsection163
conditionalsaleagreementhasthesamemeaningasinsection2oftheHirePurchaseAct(Cap.125)
credittransactionmeansatransactionunderwhichoneparty(referredtointhissectionandsection163asthecreditor)
(a) suppliesanygoodsordisposesofanyimmovablepropertyunderahirepurchaseagreementoraconditionalsaleagreement
(b) leasesorhiresanyimmovablepropertyorgoodsinreturnforperiodicpaymentsor
(c) otherwisedisposesofimmovablepropertyorsuppliesgoodsorservicesontheunderstandingthatpayment(whetherinalump
sumorinstalmentsorbywayofperiodicpaymentsorotherwise)istobedeferred
quasiloanmeansatransactionunderwhichoneparty(referredtointhissectionandsection163asthecreditor)agreestopay,orpays
otherwisethaninpursuanceofanagreement,asumforanother(referredtointhissectionastheborrower)oragreestoreimburse,or
reimbursesotherwisethaninpursuanceofanagreement,expenditureincurredbyanotherpartyforanother(referredtointhissection
andsection163astheborrower)
(a) ontermsthattheborrower(orapersononhisbehalf)willreimbursethecreditoror
(b) incircumstancesgivingrisetoaliabilityontheborrowertoreimbursethecreditor
servicesmeansanythingotherthangoodsorimmovableproperty.
(12)Forthepurposesofsubsection(11)
(a) areferencetothepersontowhomaquasiloanismadeisareferencetotheborrower
(b) theliabilitiesoftheborrowerunderaquasiloanincludetheliabilitiesofanypersonwhohasagreedtoreimbursethecreditoronbehalf
oftheborrower
(c) areferencetothepersonforwhosebenefitacredittransactionisenteredintoisareferencetothepersontowhomgoods,immovable
propertyorservicesaresupplied,sold,leased,hiredorotherwisedisposedofunderthetransactionand
(d) areferencetothesupplyofservicesmeansthesupplyofanythingotherthangoodsorimmovablepropertyandincludesthetransferor
disposalofchosesinactionorofintellectualpropertyrights..
(a) bydeletingsubsections(1),(2)and(3)andsubstitutingthefollowingsubsections:
(1) Subject to this section and sections 163A and 163B, it shall not be lawful for a company (other than an exempt private
company)
(a) tomakealoanorquasiloantoanothercompanyoralimitedliabilitypartnership
(b) toenterintoanyguaranteeorprovideanysecurityinconnectionwithaloanorquasiloanmadetoanothercompanyora
limitedliabilitypartnershipbyapersonotherthanthefirstmentionedcompany
(c) toenterintoacredittransactionascreditorforthebenefitofanothercompanyoralimitedliabilitypartnershipor
(d) toenterintoanyguaranteeorprovideanysecurityinconnectionwithacredittransactionenteredintobyanypersonforthe
benefitofanothercompanyoralimitedliabilitypartnership,
ifadirectorordirectorsofthefirstmentionedcompanyisortogetherareinterestedin20%ormoreofthetotalvotingpowerinthe
othercompanyorthelimitedliabilitypartnership,asthecasemaybe,unlessthereispriorapprovalbythecompanyingeneralmeeting
forthemakingof,provisionfororenteringintotheloan,quasiloan,credittransaction,guaranteeorsecurity(asthecasemaybe)at
whichtheinteresteddirectorordirectorsandhisortheirfamilymembersabstainedfromvoting.
(2)Subsection(1)shallextendtoapplyto
(a) aloanorquasiloanmadebyacompany(otherthananexemptprivatecompany)toanothercompanyoralimitedliability
partnership
(b) acredittransactionmadebyacompany(otherthananexemptprivatecompany)forthebenefitofanothercompanyortoa
(c) aguaranteeenteredintoorsecurityprovidedbyacompany(otherthananexemptprivatecompany)inconnectionwithaloan
orquasiloanmadetoanothercompanyoralimitedliabilitypartnershipbyapersonotherthanthefirstmentionedcompany
orwithacredittransactionmadeforthebenefitofanothercompanyoralimitedliabilitypartnershipenteredintobyaperson
otherthanthefirstmentionedcompany,
wheresuchothercompanyorsuchlimitedliabilitypartnershipisincorporatedorformed,asthecasemaybe,outsideSingapore,ifa
directorordirectorsofthefirstmentionedcompanyhaveaninterestintheothercompanyorthelimitedliabilitypartnership,asthecase
maybe.
(3)Forthepurposesofsubsection(2),adirectorordirectorsofacompany
(a) haveaninterestintheothercompanyif
(i)
inthecaseofacompanywithasharecapital,thedirectorordirectorsisortogetherareinterestedin20%ormoreof
thetotalvotingpowerintheothercompanyor
(ii)
inthecaseofacompanywithoutasharecapital,thedirectorordirectorsexercisesortogetherexercisecontrolover
theothercompany(whetherbyreasonofhavingthepowertoappointdirectorsorotherwise)or
(b) haveaninterestinalimitedliabilitypartnershipifthedirectorordirectorsisortogetherareinterestedin20%ormoreofthe
totalvotingpowerinthelimitedliabilitypartnership.
(3A)Subjecttothissectionandsections163Aand163B,acompany(otherthananexemptprivatecompany)shallnot
(a) takepartinanarrangementunderwhich
(i)
another person enters into a transaction that, if it had been entered into by the company, would have required
approvalunderthissectionand
(ii)
thatperson,inpursuanceofthearrangement,obtainsabenefitfromthecompanyorarelatedcompanyor
(b) arrangetheassignmenttoit,orassumptionbyit,ofanyrights,obligationsorliabilitiesunderatransactionthat,ifithadbeen
enteredintobythecompany,wouldhaverequiredsuchapproval,
unlessthereispriorapprovalbythecompanyingeneralmeetingfortakingpartinsuchanarrangementorforarrangingtheassignment
or assumption of rights, obligations or liabilities under such a transaction at which the interested director or directors or his or their
familymembersabstainedfromvoting.
(3B)Indeterminingforthepurposesofsubsection(3A)whetheratransactionisonethatwouldhaverequiredapprovalunderthis
section if it had been entered into by the company, the transaction shall be treated as having been entered into on the date of the
arrangement.
(3C)Therequirementinsubsections(1)and(3A)thattheinteresteddirectorordirectorsorhisortheirfamilymembersabstainfrom
votingatthegeneralmeetingofthecompanyshallnotapplywherealltheshareholdersofthecompanyhaveeachvotedtoapprovethe
arrangement.
(3D)Forthepurposesofthissection
(a) whereacompanymakesaloanorquasiloantoanothercompany,entersintoacredittransactionforthebenefitofanother
company,givesaguaranteeorprovidessecurityinconnectionwithaloan,quasiloanorcredittransactionmadetoorentered
intoforthebenefitofanothercompany,orentersintoanarrangementreferredtoinsubsection(3A),adirectorordirectorsof
thefirstmentionedcompanyshallnotbetakentohaveaninterestinsharesinthatothercompanybyreasononlythatthe
firstmentionedcompanyhasaninterestinsharesinthatothercompanyandadirectorordirectorshaveaninterestinshares
inthefirstmentionedcompany
(b) interestinshareshasthemeaningassignedtothatexpressioninsection7
(c) apersonwhohasaninterestinashareofacompanyundersection7istobetreatedashavinganinterestinthevotingpower
conferredontheholderbythatshare
(d) areferencetopriorapprovalofthecompanyinsubsection(1)shallnotincludeanyapprovalofthecompanythatisgiven
aftertheloan,quasiloan,credittransaction,guaranteeorsecurityreferredtointhatsubsectionhasbeenmade,providedfor
orenteredinto(asthecasemaybe)and
(e) areferencetopriorapprovalofthecompanyinsubsection(3A)shallnotincludeanyapprovalofthecompanythatisgiven
afterthearrangementreferredtointhatsubsectionhasbeenenteredinto.
(a) aninterestofamemberofadirectorsfamilyshallbetreatedastheinterestofthedirectorand
(b) a reference to a member of a directors family shall include the directors spouse, son, adopted son, stepson, daughter,
adopteddaughterandstepdaughter.
(c) bydeletingthewordsrecoveryofanyloaninsubsection(6)andsubstitutingthewordsrecoveryoftheamountofanyloan,quasiloan,
credittransactionorarrangement
(d) by deleting the words the making of any loan, the entering into of any guarantee or the providing of any security in subsection (7) and
substitutingthewordsthemakingofanyloanorquasiloan,theenteringintoofanycredittransaction,theenteringintoofanyguarantee,
theprovidingofanysecurityortheenteringintoofanyarrangementand
(e) bydeletingthesectionheadingandsubstitutingthefollowingsectionheading:
Approval of company required for loans and quasiloans to, and credit transactions for benefit of, persons connected with
directorsoflendingcompany,etc..
Newsections163Aand163B
Exceptionforexpenditureondefendingproceedings,etc.
163A.(1)Sections162and163shallnotapplytoanythingdonebyacompany
(a) toprovideadirectorofthecompanywithfundsbywayofanyloantomeetexpenditureincurredortobeincurredbyhim
(i)
indefendinganycriminalorcivilproceedingsinconnectionwithanyallegednegligence,default,breachofdutyorbreachof
trustbyhiminrelationtothecompanyor
(ii)
inconnectionwithanapplicationforreliefor
(b) toenableanysuchdirectortoavoidincurringsuchexpenditure,
ifitisdoneonthetermsprovidedinsubsection(2).
(2)Thetermsreferredtoinsubsection(1)are
(a) thattheloanistoberepaid,or(asthecasemaybe)anyliabilityofthecompanyincurredunderanytransactionconnectedwiththething
doneistobedischarged,intheeventof
(i)
thedirectorbeingconvictedintheproceedings
(ii)
judgmentbeinggivenagainsthimintheproceedingsor
(iii)
thecourtrefusingtogranthimreliefontheapplicationand
(b) thatitistoberepaidordischargednotlaterthan14daysafter
(i)
thedatewhentheconvictionbecomesfinal
(ii)
thedatewhenthejudgmentbecomesfinalor
(iii)
thedatewhentherefusalofreliefbecomesfinal.
(a) aconviction,judgmentorrefusalofreliefbecomesfinal
(i)
ifitisnotappealedagainst,attheendoftheperiodforbringinganappealor
(ii)
ifitisappealedagainst,whentheappeal(oranyfurtherappeal)isdisposedof
(b) anappealorfurtherappealisdisposedof
(i)
if it is determined and there is no right of further appeal, or if there is a right of further appeal, the period for bringing any
furtherappealhasendedor
(ii)
ifitisabandonedorotherwiseceasestohaveeffectand
(c) areferencetotherepaymentofaloanincludesthepaymentofanyinterestwhichischargeableunderthetermsonwhichtheloanwas
given.
(4)Thereferenceinthissectiontoanapplicationforreliefistoanapplicationforreliefundersection76A(13)or391.
Exceptionforexpenditureinconnectionwithregulatoryactionorinvestigation
163B.Sections162,163and172shallnotapplytoanythingdonebyacompany
(a) toprovideadirectorofthecompanywithfundsbywayofanyloantomeetexpenditureincurredortobeincurredbyhimindefending
himself
(i)
inaninvestigationbyaregulatoryauthorityor
(ii)
againstanyactionproposedtobetakenbyaregulatoryauthority,
inconnectionwithanyallegednegligence,default,breachofdutyorbreachoftrustbyhiminrelationtothecompanyor
(b) toenableanysuchdirectortoavoidincurringsuchexpenditure..
(1A)Acompanyshallkeeparegistershowingwithrespecttoeachchiefexecutiveofficerofthecompanyparticularsof
(a) shares in that company, being shares of which the chief executive officer is their registered holder or in which he has an
interestandthenatureandextentofthatinterest
(b) debenturesofthecompanywhichareheldbythechiefexecutiveofficerorinwhichhehasaninterestandthenatureand
extentofthatinterest
(c) rightsoroptionsofthechiefexecutiveofficerorofthechiefexecutiveofficerandanotherpersonorotherpersonsinrespect
oftheacquisitionordisposalofsharesinthecompanyand
(d) contractstowhichthechiefexecutiveofficerisapartyorunderwhichheisentitledtoabenefit,beingcontractsunderwhich
apersonhasarighttocallforortomakedeliveryofsharesinthecompany.
(3) A company that is a whollyowned subsidiary of another company shall be deemed to have complied with this section in
relation to a director or chief executive officer of that other company (whether or not he is also a director of that company) if the
particulars required by this section to be shown in the registers of the firstmentioned company with respect to the director or chief
executiveofficer(asthecasemaybe)areshownintheregistersofthesecondmentionedcompany.
(5)Acompanyshall,within3daysafterreceivingnoticefromadirectororchiefexecutiveofficerundersection165(1)(a)ofthis
Actorsection133(1)(a),(b),(c), (d) or (e) of the Securities and Futures Act, enter in its register in relation to the director or chief
executiveofficer(asthecasemaybe)theparticularsreferredtoinsubsection(1)or(1A),asthecasemaybe,includingthenumberand
descriptionofshares,debentures,participatoryinterests(ifapplicable),rights,optionsandcontractstowhichthenoticerelatesandin
respectofshares,debentures,participatoryinterests(ifapplicable),rightsoroptionsacquiredorcontractsenteredintoafterhebecamea
directororchiefexecutiveofficer(asthecasemaybe)
(a) the price or other consideration for the transaction, if any, by reason of which an entry is required to be made under this
sectionand
(b) thedateof
(i)
theagreementforthetransactionor,ifitislater,thecompletionofthetransactionor
(ii)
wheretherewasnotransaction,theoccurrenceoftheeventbyreasonofwhichanentryisrequiredtobemadeunder
thissection.
(d) byinserting,immediatelyafterthewordsadirectorinsubsection(6),thewordsorchiefexecutiveofficer(asthecasemaybe)
(12) It is a defence to a prosecution for failing to comply with subsection (1), (1A) or (5) in respect of particulars relating to a
directororchiefexecutiveofficerifthedefendantprovesthatthefailurewasduetothefailureofthedirectororchiefexecutiveofficer
to comply with section 165 of this Act, or (as the case may be) section 133 of the Securities and Futures Act with respect to those
particulars.
(f) bydeletingsubsections(15)and(16)andsubstitutingthefollowingsubsections:
(15)Forthepurposesoftheapplicationofthissection
(a) adirectororchiefexecutiveofficerofacompanyshallbedeemedtoholdorhaveaninterestorarightinoroveranyshares
ordebenturesif
(i)
a wife or husband of the director or chief executive officer (as the case may be) (not being herself or himself a
directororchiefexecutiveofficerthereof)holdsorhasaninterestorarightinoroveranysharesordebenturesor
(ii)
achildoflessthan18yearsofageofthatdirectororchiefexecutiveofficer(asthecasemaybe)(notbeinghimself
orherselfadirectororchiefexecutiveofficer)holdsorhasaninterestinsharesordebenturesand
(b) any contract, assignment or right of subscription shall be deemed to have been entered into or exercised or made by, or a
grantshallbedeemedashavingbeenmadeto,thedirectororchiefexecutiveofficer(asthecasemaybe)if
(i)
thecontract,assignmentorrightofsubscriptionisenteredinto,exercisedormadeby,oragrantismadeto,thewife
or husband of a director or chief executive officer of a company (not being herself or himself a director or chief
executiveofficerthereof)or
(ii)
thecontract,assignmentorrightofsubscriptionisenteredinto,exercisedormadeby,oragrantismadeto,achildof
lessthan18yearsofageofadirectororchiefexecutiveofficerofacompany(notbeinghimselforherselfadirector
orchiefexecutiveofficerthereof).
(16)Insubsection(15),childincludesstepson,adoptedson,stepdaughterandadopteddaughter.and
(g) byinserting,immediatelyaftertheworddirectorsinthesectionheading,thewordsandchiefexecutiveofficers.
(a) bydeletingthewordsAdirectorinsubsection(1)andsubstitutingthewordsEverydirectorandchiefexecutiveofficer
(b) byinserting,immediatelyafterthewordssection164insubsection(1)(a),thewordsthatareapplicableinrelationtohim
(c) byinsertingthewordandattheendofsubsection(1)(b)
(d) bydeletingthewordssection173insubsection(1)(c)andsubstitutingthewordssection173A
(e) bydeletingthewordandattheendofsubsection(1)(c)andsubstitutingafullstop
(f) bydeletingparagraph(d)ofsubsection(1)
(g) by inserting, immediately after the words a director in subsection (2)(a)(i), the words or the chief executive officer became a chief
executiveofficer,asthecasemaybe
(h) byinserting,immediatelyaftertheworddirectorinsubsection(2)(a)(ii),thewordsorchiefexecutiveofficer,asthecasemaybe,
(i) byinsertingthewordandattheendofsubsection(2)(a)
(j) bydeletingthewordandattheendofsubsection(2)(b)andsubstitutingafullstop
(k) bydeletingparagraph(c)ofsubsection(2)
(l) byinserting,immediatelyaftertheworddirectorsinsubsection(3),thewordsorchiefexecutiveofficers
(m) byinserting,immediatelyaftertheworddirectorinsubsection(9),thewordsorchiefexecutiveofficerand
(n) bydeletingparagraphs(a)and(b)ofsubsection(10)andsubstitutingthefollowingparagraphs:
(a) whoisadirectororchiefexecutiveofficerofalistedcompanyand
(b) whoisrequiredtomakedisclosureofthemattersreferredtoinsubsection(1)(a)and(b)ofthissectionundersection133of
theSecuritiesandFuturesAct(Cap.289)..
86.Section168oftheCompaniesActisamendedbyinserting,immediatelyaftersubsection(1),thefollowingsubsections:
(1A)Therequirementforapprovalbythecompanyinsubsection(1)shallnotapplyinrespectofanypaymenttoadirectorholdingasalaried
employmentorofficeinthecompanybywayofcompensationforterminationofemploymentpursuanttoanexistinglegalobligationarisingfrom
anagreementmadebetweenthecompanyandthedirectorif
(a) theamountofthepaymentdoesnotexceedthetotalemolumentsofthedirectorfortheyearimmediatelyprecedinghisterminationof
employmentand
(b) theparticularswithrespecttotheproposedpayment,includingtheamountthereof,havebeendisclosedtothemembersofthecompany
uponorpriortothepayment.
(1B)Forthepurposesofsubsection(1A)
(a) anexistinglegalobligationisanobligationofthecompany,oranycorporationwhichisbyvirtueofsection6deemedtoberelatedto
thecompany,thatwasnotenteredintoinconnectionwith,orinconsequenceof,theeventgivingrisetothepaymentforlossofoffice
and
(b) if paragraph (a) or (b) of that subsection is not complied with, the amount received by the director shall be deemed to have been
receivedbyhimontrustforthecompany..
Repealofsection170
(a) byinserting,immediatelyafterthewordSingaporeinsubsection(1),thewordsandwhoisnotdebarredundersection155Bfromacting
assecretaryofthecompany
(b) bydeletingsubsection(1AA)andsubstitutingthefollowingsubsection:
(1AA)Inaddition,itshallbethedutyofthedirectorsofapubliccompanytotakeallreasonablestepstosecurethateachsecretary
ofthecompanyisapersonwho
(a) on15May1987heldtheofficeofsecretaryinthatcompanyandcontinuedtoholdthatofficeon15May2003or
(b) satisfiessuchrequirementsrelatingtoexperience,professionalandacademicrequirementsandmembershipofprofessional
associations,asmaybeprescribed.
(c) bydeletingthewordssubsection(1AA)(b),(c)or(d)insubsection(1AB)andsubstitutingthewordssubsection(1AA)(b)
(d) bydeletingthewordssubsection(1AA)(b),(c)and(d)insubsection(1C)andsubstitutingthewordssubsection(1AA)(b)
(e) bydeletingsubsection(1D)andsubstitutingthefollowingsubsection:
(1D)Inthissectionandsections173to173I,secretaryincludesanassistantordeputysecretary.and
(3A) Notwithstanding subsection (3), a secretary, his agent or clerk of a private company need not be physically present at the
registered office during the times specified in that subsection if a secretary, his agent or clerk of the private company is readily
contactablebyapersonattheregisteredofficebytelephoneorothermeansofinstantaneouscommunicationduringthosetimes..
Repealandreenactmentofsection172andnewsections172Aand172B
Provisionprotectingofficersfromliability
172.(1)Anyprovisionthatpurportstoexemptanofficerofacompany(toanyextent)fromanyliabilitythatwouldotherwiseattachtohim
inconnectionwithanynegligence,default,breachofdutyorbreachoftrustinrelationtothecompanyisvoid.
(2)Anyprovisionbywhichacompanydirectlyorindirectlyprovidesanindemnity(toanyextent)foranofficerofthecompanyagainstany
liabilityattachingtohiminconnectionwithanynegligence,default,breachofdutyorbreachoftrustinrelationtothecompanyisvoid,exceptas
permittedbysection172Aor172B.
(3)Thissectionshallapplytoanyprovision,whethercontainedinacompanysconstitutionorinanycontractwiththecompanyorotherwise.
Provisionofinsurance
172A.Section172(2)shallnotpreventacompanyfrompurchasingandmaintainingforanofficerofthecompanyinsuranceagainstanysuch
liabilityreferredtointhatsubsection.
Thirdpartyindemnity
172B.(1)Section172(2)shallnotapplywheretheprovisionforindemnityisagainstliabilityincurredbytheofficertoapersonotherthan
thecompany,exceptwhentheindemnityisagainst
(a) anyliabilityoftheofficertopay
(i)
afineincriminalproceedingsor
(ii)
asumpayabletoaregulatoryauthoritybywayofapenaltyinrespectofnoncompliancewithanyrequirementofaregulatory
nature(howeverarising)or
(b) anyliabilityincurredbytheofficer
(i)
indefendingcriminalproceedingsinwhichheisconvicted
(ii)
indefendingcivilproceedingsbroughtbythecompanyorarelatedcompanyinwhichjudgmentisgivenagainsthimor
(iii)
inconnectionwithanapplicationforreliefreferredtoinsubsection(4)inwhichthecourtrefusestogranthimrelief.
(2)Thereferencesinsubsection(1)(b)toaconviction,judgmentorrefusalofreliefarereferencestothefinaldecisionintheproceedings.
(a) aconviction,judgmentorrefusalofreliefbecomesfinal
(i)
ifitisnotappealedagainst,attheendoftheperiodforbringinganappealor
(ii)
ifitisappealedagainst,atthetimewhentheappeal(oranyfurtherappeal)isdisposedofand
(b) anappeal(orfurtherappeal)isdisposedof
(i)
if it is determined and there is no right of further appeal, or if there is a right of further appeal, the period for bringing any
furtherappealhasendedor
(ii)
ifitisabandonedorotherwiseceasestohaveeffect.
(4)Thereferenceinsubsection(1)(b)(iii)toanapplicationforreliefistoanapplicationforreliefundersection76A(13)or391..
Repealandreenactmentofsection173andnewsections173Ato173I
90.Section173oftheCompaniesActisrepealedandthefollowingsectionssubstitutedthereforinDivision2ofPartV:
Registersofdirectors,chiefexecutiveofficers,secretariesandauditors
173.(1)TheRegistrarshall,inrespectofeachcompany,keeparegisterofthecompanys
(a) directors
(b) chiefexecutiveofficers
(c) secretariesand
(d) auditors(ifany).
(2)Theregisterundersubsection(1)shallbekeptinsuchformastheRegistrarmaydetermine.
(3)Subjecttosubsection(4),theregisterofacompanysdirectorsshallcontainthefollowinginformationinrespectofeachdirectorofthe
company:
(a) fullnameandanyformername
(b) residentialaddressor,atthedirectorsoption,alternateaddress
(c) nationality
(d) identification
(e) dateofappointmentand
(f) dateofcessationofappointment.
(4)TheRegistrarshallonlykeepanyformernameofadirectorintheregisterofthecompanyforaperiodof5yearsfromthedateonwhich
thenamewasfurnishedtotheRegistrar.
(5)Theregisterofacompanyschiefexecutiveofficersshallcontainthefollowinginformationinrespectofeachchiefexecutiveofficerofthe
company:
(a) fullname
(b) residentialaddressor,atthechiefexecutiveofficersoption,alternateaddress
(c) nationality
(d) identification
(e) dateofappointmentand
(f) dateofcessationofappointment.
(6)Theregisterofacompanyssecretariesshallcontainthefollowinginformationinrespectofeachsecretaryofthecompany:
(a) fullname
(b) residentialaddressor,atthesecretarysoption,alternateaddress
(c) identification
(d) dateofappointmentand
(e) dateofcessationofappointment.
(7)Theregisterofacompanysauditorsshallcontainthefollowinginformationinrespectofeachauditorofthecompany:
(a) fullname
(b) anaddressatwhichtheauditorsmaybecontacted
(c) identification,ifany
(d) dateofappointmentand
(e) dateofcessationofappointment.
(8)Anentryintheregisterofdirectors,registerofchiefexecutiveofficers,registerofsecretariesandregisterofauditorsrequiredtobekeptby
theRegistrarunderthissection,isprimafacieevidenceofthetruthofanymatterswhicharebythisActdirectedorauthorisedtobeenteredor
insertedintherespectiveregister.
(9)AcertificateoftheRegistrarsettingoutanyoftheparticularsrequiredtobeenteredorinsertedintheregisterofdirectors,registerofchief
executiveofficers,registerofsecretariesorregisterofauditorsrequiredtobekeptbytheRegistrarunderthissectionshallinallcourtsandbefore
allpersonsandbodiesauthorisedbylawtoreceiveevidencebereceivedasprimafacieevidenceoftheentryofsuchparticularsintherespective
register.
(10)AcertificateoftheRegistrarstatingthat,atthetimespecifiedinthecertificate,apersonwasnamedasdirector,chiefexecutiveofficer,
secretaryorauditorofthecompanyintheregisterofdirectors,registerofchiefexecutiveofficers,registerofsecretariesorregisterofauditors,as
thecasemaybe,shallinallcourtsandbeforeallpersonsandbodiesauthorisedbylawbereceivedasprimafacieevidenceofthefact,untilbya
notificationofchangegiventotheRegistraritappearsthathehasceasedtobeorbecomesdisqualifiedtoactassuchadirector,chiefexecutive
officer,secretaryorauditor,asthecasemaybe.
(a) apersonsnameandidentification
(i)
inthecaseofapersonregisteredundertheNationalRegistrationAct(Cap.201),meansthenameandidentificationasthey
appearinthelatestidentitycardissuedtothatpersonundersection7ofthatActor
(ii)
inthecaseofapersonnotregisteredundertheNationalRegistrationAct,meansthenameandidentificationastheyappearin
thelatestpassportissuedtothatpersonorsuchothersimilarevidenceofidentificationasisavailable
(b) adirectorincludesanalternate,asubstituteoralocaldirector.
(12)Forthepurposesofthissection,onlyonealternateaddressmaybeprovidedatanyonetime.
(13)Analternateaddressofanindividualmustcomplywiththefollowingconditions:
(a) itisanaddressatwhichtheindividualcanbelocated
(b) itisnotapostofficeboxnumber
(c) itisnottheresidentialaddressoftheindividualand
(d) itislocatedinthesamejurisdictionastheindividualsresidentialaddress.
(14) Any document required to be served under this Act on any person who is a director, chief executive officer or secretary shall be
sufficientlyservedifaddressedtothepersonandleftatorsentbyposttohisresidentialaddressoralternateaddress,asthecasemaybe,whichis
enteredintheregisterofdirectors,registerofchiefexecutiveofficersorregisterofsecretarieskeptbytheRegistrarunderthissection.
(15)AnydocumentrequiredtobeservedunderthisActonapersonwhoisforthetimebeinganauditorofacompanyshallbesufficiently
servedifaddressedtothepersonandleftatorsentbyposttotheaddresswhichisenteredintheregisterofauditorskeptbytheRegistrarunder
thissection.
Dutyofcompanytoprovideinformationondirectors,chiefexecutiveofficers,secretariesandauditors
173A.(1)AcompanyshallbynoticefurnishtotheRegistrar
(a) within 14 days after a person becomes a director, chief executive officer, secretary or auditor, the information required under
section173(3),(5),(6)or(7),asthecasemaybeand
(b) within14daysafteranychangein
(i)
theappointmentofanydirector,chiefexecutiveofficer,secretaryorauditoror
(ii)
anyinformationrequiredtobecontainedintheregistersofdirectors,chiefexecutiveofficers,secretariesandauditorsreferred
toinsection173(3),(5),(6)or(7).
(2)Aprescribedfeeispayablefortheprovisionofanalternateaddressinprescribedcircumstancesforthepurposesoftheregisterofdirectors,
registerofchiefexecutiveofficersorregisterofsecretaries(asthecasemaybe)undersection173.
(3)TheinformationtobefurnishedtotheRegistrarundersubsection(1)shallbegiveninanoticeinsuchformasmaybeprescribedor,ifnot
prescribed,insuchformastheRegistrarmaydetermine.
Dutyofdirectors,chiefexecutiveofficers,secretariesandauditorstoprovideinformationtocompany
173B.(1)Adirector,achiefexecutiveofficer,asecretaryoranauditor,asthecasemaybe,shallgivethecompany
(a) anyinformationthecompanyneedstocomplywithsection173A(1)(a)assoonaspracticablebutnotlaterthan14daysafterhisinitial
appointmentunlesshehaspreviouslygiventheinformationtothecompanyinwritingand
(b) any information the company needs to comply with section 173A(1)(b) as soon as practicable but not later than 14 days after any
changetotheinformationreferredtoinsection173(3),(5),(6)and(7).
(2) Notwithstanding subsection (1), a director, a chief executive officer, a secretary or an auditor, as the case may be, shall, subject to
subsection(3),provideanyinformationreferredtoinsection173(3),(5),(6)or(7)forthepurposeofenablingthecompanytoconfirmitsrecord
ofsuchinformationorreinstateitsrecordoftheinformationwheretheoriginalrecordoftheinformationhasbeendestroyedorlost.
(3)Thedirector,chiefexecutiveofficer,secretaryorauditor,asthecasemaybe,referredtoinsubsection(2)shallfurnishtheinformationto
thecompanyassoonaspracticablebutnotlaterthan14daysafterreceiptofawrittenrequestforsuchinformationfromthecompany.
(4)Adirector,chiefexecutiveofficerorsecretarywhowishesto
(a) substitutehisresidentialaddress,asstatedintheregisterofdirectors,registerofchiefexecutiveofficersorregisterofsecretaries,with
analternateaddressor
(b) substitutehisalternateaddress,asstatedintheregisterofdirectors,registerofchiefexecutiveofficersorregisterofsecretaries,withhis
residentialaddressorwithadifferentalternateaddress,
mustinformthecompanywhichwilltreatthechangeasachangeofparticularsundersection173A(1)(b)(ii).
Dutyofcompanytokeepconsentsofdirectorsandsecretaries
173C.Everycompanyshallkeepatitsregisteredoffice
(a) inrespectofeachdirector
(i)
asignedcopyofhisconsenttoactasdirector
(ii)
astatementthatheisnotdisqualifiedtoactasdirectorunderthisActorunderanyotherwrittenlawand
(iii)
documentaryevidence(ifany)ofanychangeinhisnameand
(b) inrespectofasecretary,asignedcopyofhisconsenttoactassecretary.
Savingsandtransitionalprovisionsforexistingparticularsofdirectors,chiefexecutiveofficers,secretariesandauditors
173D.(1)Inthecaseofacompanyincorporatedbeforethedateofcommencementofsection90oftheCompanies(Amendment)Act2014
(referred to in this section as the appointed day) the name and particulars of the persons who were lodged with the Registrar as a director, a
secretaryoranauditorofthecompanyundersection173inforceimmediatelybeforetheappointedday,shallbeenteredinthecompanysregister
of directors, register of secretaries or register of auditors, whichever may be applicable, referred to in section 173, until a notification of any
changetotheinformationreferredtoinsection173(3),(6)or(7)isreceivedbytheRegistrarundersection173A(1)(b).
(2) Where a company referred to in subsection (1) has lodged the name and particulars of one or more managers with the Registrar as a
manager or managers, as the case may be, of the company under section 173 in force immediately before the appointed day, the name and
particularsofthemanagerormanagers,asthecasemaybe,shallbeenteredinthecompanysregisterofchiefexecutiveofficersreferredtoin
section173,untilanotificationofanychangeintheinformationreferredtoinsection173(5)isreceivedbytheRegistrarundersection173A(1)
(b).
(3)Forthepurposesofsubsections(1)and(2)
(a) theaddresslodgedwiththeRegistrarinrespectofanydirectororsecretaryundersection173inforceimmediatelybeforetheappointed
dayshallbeenteredashisresidentialaddress
(b) theaddresslodgedwiththeRegistrarinrespectofanymanagerundersection173inforceimmediatelybeforetheappointeddayshall
beenteredashisresidentialaddressinhiscapacityaschiefexecutiveofficerofthecompanyand
(c) theaddresslodgedwiththeRegistrarinrespectofanyauditorundersection173inforceimmediatelybeforetheappointedday,shallbe
enteredashisaddress.
Selfnotificationincertaincircumstances
173E.(1)Adirectorwhoceasestoqualifytoactasdirectorbyvirtueofsection148or155
(a) shall,withoutprejudicetosection165(1)(c),notifythecompanyofhisdisqualificationassoonaspracticablebutnotlaterthan14days
afterthedisqualificationand
(b) maygivethenoticereferredtoinsection173A(1)(b)totheRegistrarifhehasreasonablecausetobelievethatthecompanywillnotdo
so.
(2)Adirectorwhoresignsfromofficeandwhohasgivennoticeofhisresignationtothecompany,oradirectorwhoisremovedorretiresfrom
officemaygivethenoticereferredtoinsection173A(1)(b)totheRegistrarifhehasreasonablecausetobelievethatthecompanywillnotdoso.
(3)Asecretarywhoresignsfromofficeandwhohasgivennoticeofhisresignationtothecompany,orasecretarywhoisremovedorretires
fromofficemaygivethenoticereferredtoinsection173A(1)(b)totheRegistrarifhehasreasonablecausetobelievethatthecompanywillnot
doso.
(4)Adirector,chiefexecutiveofficerorsecretarywhohaschangedhisresidentialaddressoralternateaddress,asthecasemaybe,whichis
entered in the register of directors, register of chief executive officers or register of secretaries kept by the Registrar under section 173, or an
auditor who has changed his address which is entered in the register of auditors kept by the Registrar under section 173 may give the notice
referredtoinsection173A(1)(b)totheRegistrarifhehasreasonablecausetobelievethatthecompanywillnotdoso.
AmendmentofregisterbyRegistrar
173F.(1)WheretheRegistrarhasreasonablecausetobelievethatadirectorofacompany
(a) isnolongerqualifiedtoactassuchbyvirtueofsection148or155or
(b) isdead,
theRegistrarmayonhisowninitiativeamendtheregisterofdirectorsofthecompanykeptbytheRegistrarundersection173toindicatethatthe
personhasceasedtobeadirectorbyvirtueofthatfact.
(2) Where the Registrar has reasonable cause to believe that a chief executive officer of a company is dead, the Registrar may on his own
initiative amend the register of chief executive officers of the company kept by the Registrar under section 173 to indicate that the person has
ceasedtobeachiefexecutiveofficerofthecompanybyvirtueofthatfact.
(3)WheretheRegistrarhasreasonablecausetobelievethatasecretaryofacompanyisdead,theRegistrarmayonhisowninitiativeamend
theregisterofsecretariesofthecompanykeptbytheRegistrarundersection173toindicatethatthepersonhasceasedtobeasecretaryofthe
companybyvirtueofthatfact.
(4)WheretheRegistrarhasreasonablecausetobelievethattheauditorofacompany
(a) hashaditsregistrationasanaccountingentitysuspendedorremovedor
(b) beinganindividualisdead,
theRegistrarmayonhisowninitiativeamendtheregisterofauditorsofthecompanykeptbytheRegistrarundersection173toindicatethatthe
personhasceasedtobeanauditorofthecompanybyvirtueofthatfact.
(5)WheretheRegistrarhasreasonablecausetobelievethathehasmadeanamendmenttotherelevantregisterundersubsection(1),(2),(3)or
(4)underamistakenbeliefthatadirector,achiefexecutiveofficer,asecretaryoranauditor,asthecasemaybe,ofacompanyhasceasedtobea
director,achiefexecutiveofficer,asecretaryoranauditor,asthecasemaybe,ofthecompany,theRegistrarmayonhisowninitiativeamendthe
register of directors, register of chief executive officers, register of secretaries or register of auditors to restore the name of the person in such
register.
Provisionanduseofresidentialaddress
173G.(1)Subjecttothissection,adirector,achiefexecutiveofficerandasecretaryofacompanythatisincorporatedonorafterthedateof
commencementofsection90oftheCompanies(Amendment)Act2014isrequiredtogivenoticetotheRegistrarofthefollowing:
(a) atincorporationorwithin14daysafterthedateofhisappointment,asthecasemaybe,hisresidentialaddress,unlesshisresidential
address has already been entered in the register of directors, register of chief executive officers or register of secretaries kept by the
Registrarundersection173
(b) ifthereisanychangetohisresidentialaddress,theparticularsofthechangewithin14daysafterthechange,unlesssuchchangehas
alreadybeenenteredintheregisterofdirectors,registerofchiefexecutiveofficersorregisterofsecretaries,asthecasemaybe,keptby
theRegistrarundersection173.
(2)Inthecaseofacompanyincorporatedbeforethedateofcommencementofsection90oftheCompanies(Amendment)Act2014
(a) adirector,chiefexecutiveofficerandsecretaryofthecompanyisrequiredtogivenoticetotheRegistrarofthefollowing:
(i)
anychangeinhisresidentialaddressthatwaslodgedwiththeRegistrarundersection173inforceimmediatelybeforethatdate
within 14 days after the change, unless such change has already been entered in the register of directors, register of chief
executiveofficersorregisterofsecretaries,asthecasemaybe,keptbytheRegistrarundersection173
(ii)
anysubsequentchangeinhisresidentialaddresswithin14daysafterthechange,unlesssuchchangehasalreadybeenentered
intheregisterofdirectors,registerofchiefexecutiveofficersorregisterofsecretaries,asthecasemaybe,keptbytheRegistrar
undersection173
(b) iftheaddressthatisenteredastheresidentialaddressofachiefexecutiveofficerorasecretaryundersection173D(3)(a)or(b)isnot
theindividualsresidentialaddress,thechiefexecutiveofficerorsecretary,asthecasemaybe,isrequiredtogivenoticetotheRegistrar
oftheindividualsresidentialaddresswithin14daysafterthedateofcommencementofsection90oftheCompanies(Amendment)Act
2014,unlesstheresidentialaddresshas,pursuanttoanoticebythecompanyundersection173A(1)(b)(ii),alreadybeenenteredinthe
registerofchiefexecutiveofficersortheregisterofsecretaries,asthecasemaybe,keptbytheRegistrarundersection173.
(3)Whereadirector,chiefexecutiveofficerorsecretaryofacompanyhasmadeareportofachangeofhisresidentialaddressundersection8
oftheNationalRegistrationAct(Cap.201),heshallbetakentohavenotifiedtheRegistrarofthechangeincompliancewithsubsection(1)(b)or
(2),whicheversubsectionisapplicable.
(4)Notwithstandingsection12or12A,whereonorafterthedateofcommencementofsection90oftheCompanies(Amendment)Act2014,
theresidentialaddressofapersonisnotifiedtotheRegistrarundersubsection(1)or(2),oristransmittedtotheRegistrarbytheCommissionerof
NationalRegistrationundersection8AoftheNationalRegistrationAct,theresidentialaddressoftheindividualisprotectedfromdisclosureand
isnotavailableforpublicinspectionoraccessexceptasprovidedforunderthissectionorwheretheindividualsresidentialaddressisenteredin
theregisterofdirectors,registerofchiefexecutiveofficersorregisterofsecretarieskeptbytheRegistrarundersection173.
(5)Where
(a) thealternateaddressofadirector,chiefexecutiveofficerorsecretaryisenteredintheregisterofdirectors,registerofchiefexecutive
officersorregisterofsecretaries,asthecasemaybe,thatiskeptbytheRegistrarundersection173(1)(a),(b)or(c),respectivelyand
(b) thecircumstancessetoutinsubsection(6)apply,
theRegistrarmayentertheresidentialaddressofthedirector,chiefexecutiveofficerorsecretaryintherespectiveregisterofdirectors,registerof
chiefexecutiveofficersorregisterofsecretaries,asthecasemaybe.
(6)Subsection(5)applieswhere
(a) communications sent by the Registrar under this Act, or by any officer of the Authority under any ACRA administered Act to the
director, chief executive officer or secretary, as the case may be, at his alternate address and requiring a response within a specified
periodremainunansweredor
(b) thereisevidencetoshowthatserviceofanydocumentunderthisActorunderanyACRAadministeredActatthealternateaddressis
noteffectivetobringittothenoticeofthedirector,chiefexecutiveofficerorsecretary,asthecasemaybe.
(7)Beforeproceedingundersubsection(5),theRegistrarshallgivenoticetothedirector,chiefexecutiveofficerorsecretaryaffected,andto
everycompanyofwhichtheRegistrarhasbeennotifiedunderthisActthattheindividualisadirector,chiefexecutiveofficerorsecretary,asthe
casemaybe.
(8)Thenoticereferredtoinsubsection(7)shall
(a) state the grounds on which it is proposed to enter the individuals residential address in the register of directors, register of chief
executiveofficersorregisterofsecretaries,asthecasemaybeand
(b) specifyaperiodwithinwhichrepresentationsmaybemadebeforethatisdone.
(9)TheRegistrarshalltakeaccountofanyrepresentationsreceivedwithinthespecifiedperiod.
(10)WheretheRegistrarenterstheresidentialaddressintheregisterofdirectors,registerofchiefexecutiveofficersorregisterofsecretaries
undersubsection(5),theRegistrarshallgivenoticeofthatfacttothedirector,chiefexecutiveofficerorsecretaryaffected,andtoeverycompany
ofwhichtheRegistrarhasbeennotifiedunderthisActthattheindividualisadirector,chiefexecutiveofficerorsecretary,asthecasemaybe.
(11)Anoticetoadirector,chiefexecutiveofficerorsecretaryundersubsection(7)or(10)shallbesenttotheindividualathisresidential
addressunlessitappearstotheRegistrarthatserviceatthataddressmaybeineffectivetobringittotheindividualsnotice,inwhichcaseitmay
besenttoanyotherlastknownaddressofthatindividual.
(12)WheretheRegistrarentersanindividualsresidentialaddressintheregisterofdirectors,registerofchiefexecutiveofficersorregisterof
secretaries under subsection (5), or a Registrar appointed under any other ACRA administered Act discloses and makes available for public
inspectionunderthatActtheparticularsofanindividualsresidentialaddressunderaprovisionofthatActequivalenttosubsection(5)
(a) theresidentialaddressceasestobeprotectedundersubsection(4)fromdisclosureorfrompublicinspectionoraccessand
(b) theindividualisnot,foraperiodof3yearsafterthedateonwhichtheresidentialaddressisenteredintheregisterofdirectors,register
ofchiefexecutiveofficersorregisterofsecretaries,allowedtoprovideanalternateaddressundersection173B(1)(b)or173E(4).
(13)NothinginthissectionappliestoanyinformationlodgedwiththeRegistrarordeemedtobelodgedbeforethedateofcommencementof
section 90 of the Companies (Amendment) Act 2014 or prevents such information from being disclosed or from being available for public
inspectionoraccess.
(14)NothinginthissectionpreventstheresidentialaddressofanindividualthatisnotifiedtotheRegistrarundersubsection(1)or(2),oris
transmittedtotheRegistrarbytheCommissionerofNationalRegistrationundersection8AoftheNationalRegistrationActfrom
(a) beingusedbytheRegistrarforthepurposesofanycommunicationwiththeindividual
(b) beingdisclosedforthepurposesofissuinganysummonsorotherlegalprocessagainsttheindividualforthepurposesofthisActorany
otherwrittenlaw
(c) disclosureincompliancewiththerequirementofanycourtortheprovisionsofanywrittenlaw
(d) disclosureforthepurposeofassistinganypublicofficerorofficerofanyotherstatutorybodyintheinvestigationorprosecutionofany
offenceunderanywrittenlawor
(e) disclosureinsuchothercircumstancesasmaybeprescribed.
(15)AnyindividualaggrievedbythedecisionoftheRegistrarundersubsection(5)may,within30daysafterthedateofreceivingthenotice
undersubsection(10),appealtotheHighCourtwhichmayconfirmthedecisionorgivesuchdirectionsinthematterasseemproperorotherwise
determinethematter.
(16) In this section, ACRA administered Act means the Accounting and Corporate Regulatory Authority Act (Cap. 2A) and any of the
writtenlawsspecifiedintheSecondScheduletothatAct.
Penaltyforbreachundersections173,173A,173B,173Cand173G
173H.(1)Ifdefaultismadebyacompanyinsection173A(1)or173C,thecompanyandeveryofficerofthecompanywhoisindefaultshall
eachbeguiltyofanoffenceandshalleachbeliableonconvictiontoafinenotexceeding$5,000andalsotoadefaultpenalty.
(2)Subjecttosubsection(3)
(a) adirector,achiefexecutiveofficer,asecretaryoranauditorwhobeingboundtocomplywitharequirementundersection173Bfailsto
dosoor
(b) adirector,achiefexecutiveofficerorasecretarywhobeingboundtocomplywitharequirementundersection173G(1)or(2)failsto
doso,
shallbeguiltyofanoffenceandshallbeliableonconvictiontoafinenotexceeding$5,000andalsotoadefaultpenalty.
(3)Adirector,achiefexecutiveofficerorasecretarywhohasoptedtoprovidethecompanywithanalternateaddressinsteadofhisresidential
addressforthepurposeofsection173(3)(b),(5)(b)or(6)(b),asthecasemaybe,mustensurethatthealternateaddressthathehasprovidedisand
continuestobeanaddressatwhichhemaybelocated,andifhefailstodosoheshallbeguiltyofanoffenceandshallbeliableonconvictiontoa
finenotexceeding$10,000ortoimprisonmentforatermnotexceeding2yearsortoboth.
(4)Forthepurposesofsubsection(3),areferencetothedirector,chiefexecutiveofficerorsecretarybeinglocatedatanaddressmeansthe
director,chiefexecutiveofficerorsecretarymaybephysicallyfoundattheaddressafterreasonableattemptshavebeenmadetocontacttheperson
attheaddress.
Transitionalprovisionsforoldregistersofdirectors,managers,secretariesandauditors
173I.(1)Acompanyshallcontinuetokeepthefollowinginformationfortheperiodssetoutinsubsection(2):
(a) with respect to each person who is a director of the company immediately before the date of commencement of section 90 of the
Companies(Amendment)Act2014(referredtointhissectionastheappointedday)
(i)
the signed copy of the persons consent to act as a director referred to in section 173(2)(a) in force immediately before the
appointeddayand
(ii)
documentaryevidence(ifany)ofanychangeinthepersonsnamereferredtoinsection173(2)(c)inforceimmediatelybefore
theappointeddayand
(b) withrespecttoeachpersonwhoisasecretaryofthecompanyimmediatelybeforetheappointedday,thesignedcopyofthepersons
consenttoactasasecretaryreferredtoinsection173(4A)inforceimmediatelybeforetheappointedday.
(2)Theperiodreferredtoinsubsection(1)commencesontheappointeddayandceaseson
(a) inthecaseofsubsection(1)(a),thedateonwhichthepersonceasestobeadirectorofthecompanyor
(b) inthecaseofsubsection(1)(b),thedateonwhichthepersonceasestobeasecretaryofthecompany.
(3) Section 173(8) in force immediately before the appointed day shall continue to apply in respect of any information lodged with the
Registrarundersection173inforceimmediatelybeforethatday..
(2) Notwithstanding subsection (1), the Registrar may extend the period of 15 months or 18 months referred to in that subsection,
notwithstandingthattheperiodissoextendedbeyondthecalendaryear
(a) uponanapplicationbythecompany,iftheRegistrarthinkstherearespecialreasonstodosoor
(b) inrespectofanyprescribedclassofcompanies..
(1)Thedirectorsofacompany,notwithstandinganythinginitsconstitution,shall,ontherequisitionofmembersholdingatthedate
ofthedepositoftherequisitionnotlessthan10%ofthetotalnumberofpaidupsharesasatthedateofthedepositcarriestherightof
votingatgeneralmeetingsor,inthecaseofacompanynothavingasharecapital,ofmembersrepresentingnotlessthan10%ofthe
total voting rights of all members having at that date a right to vote at general meetings, immediately proceed duly to convene an
extraordinarygeneralmeetingofthecompanytobeheldassoonaspracticablebutinanycasenotlaterthan2monthsafterthereceipt
bythecompanyoftherequisition.and
(b) bydeletingthewordspaidupcapitalinsubsection(1A)andsubstitutingthewordspaidupshares.
(4)Sofarastheconstitutiondoesnotmakeotherprovisioninthatbehalf,noticeofeverymeetingshallbeservedoneverymemberhavinga
righttoattendthereatinthemannerinwhichnoticesarerequiredtobeservedbythemodelconstitutionprescribedundersection36(1)forthe
typeofcompanytowhichthecompanybelongs,ifany..
(a) bydeletingthewordsAnyprovisioninacompanysarticlesinsubsection(1)andsubstitutingthewordsSubjecttosubsection(1B),any
provisioninacompanysconstitution
(b) bydeleting10%insubsection(1)(b)(ii)and(iii)andsubstitutingineachcase5%
(c) bydeletingthewords48hoursinsubsection(1)(c)andsubstitutingthewords72hours
(d) byinserting,immediatelyaftersubsection(1),thefollowingsubsection:
(1A) Notwithstanding subsection (1)(b), where any provision of the constitution of a company incorporated before the date of
commencementofsection94oftheCompanies(Amendment)Act2014isvoidundersubsection(1)(b)(ii)or(iii),ademandforapoll
onanyquestionormatterotherthantheelectionofthechairmanofthemeetingortheadjournmentofthemeetingmaybemade
(a) byamemberormembersrepresentingnotlessthan5%ofthetotalvotingrightsofallthemembershavingtherighttovoteat
themeetingor
(b) byamemberormembersholdingsharesinthecompanyconferringarighttovoteatthemeeting,beingsharesonwhichan
aggregatesumhasbeenpaidupequaltonotlessthan5%ofthetotalsumpaiduponallthesharesconferringthatright.
(e) byinserting,immediatelybeforesubsection(2),thefollowingsubsection:
(1B)Anyprovisionintheconstitutionofacompanyincorporatedbeforethedateofcommencementofsection94(c)and(e)ofthe
Companies (Amendment) Act 2014 which requires the instrument appointing a proxy or any other document necessary to show the
validityoforotherwiserelatingtotheappointmentofaproxytobereceivedbythecompanyoranyotherpersonlessthan72hours
beforeameetingoradjournedmeetinginorderthattheappointmentmaybeeffectivethereat,shallbereadasrequiringsuchinstrument
to be received by the company or any other person not more than 72 hours before a meeting or adjourned meeting in order that the
appointmentmaybeeffective.and
(f) bydeletingthesectionheadingandsubstitutingthefollowingsectionheading:
Righttodemandapoll.
(a) bydeletingthewordsthearticlesdonotmakeotherprovisioninthatbehalfandsubjecttosection64insubsection(1)andsubstitutingthe
wordstheconstitutiondoesnotmakeotherprovisioninthatbehalfandsubjecttosections64and64A
(b) byinserting,immediatelyafterthewordmeetinginsubsection(4)(b),thewordsasamemberorproxyorasacorporaterepresentativeof
anothermemberand
(c) bydeletingthewordsonemonthinsubsection(7)andsubstitutingthewords14days.
Astomembersrightsatmeetings
180.(1)Amembershall,notwithstandinganyprovisionintheconstitutionofthecompany,havearighttoattendanygeneralmeetingofthe
companyandtospeakonanyresolutionbeforethemeeting.
(2)Inthecaseofacompanylimitedbyshares,theholderofasharemayvoteonaresolutionbeforeageneralmeetingofthecompanyif,in
accordancewiththeprovisionsofsection64,theshareconfersontheholderarighttovoteonthatresolution.
(3) In the case of a company other than a company limited by shares, a member may vote on a resolution before a general meeting of the
companyiftherighttovoteonthatresolutionisconferredonthememberundertheconstitutionofthecompany.
(4)Notwithstandingsubsection(2),apreferenceshareissuedafter15August1984butbeforethedateofcommencementofsection96ofthe
Companies(Amendment)Act2014shall,inadditiontoanyotherrightconferredbythisAct,carrytherightinapollatanygeneralmeetingtoat
leastonevoteinrespectofeachsuchshareheldduringsuchperiodasthepreferentialdividendoranypartthereofremainsinarrearsandunpaid,
suchperiodstartingfromadatenotmorethan12months,orsuchlesserperiodastheconstitutionmayprovide,aftertheduedateofthedividend.
(a) preferencesharemeansashare,bywhatevernamecalled,whichdoesnotentitletheholderthereof
(i)
totherighttovoteatageneralmeeting(exceptinthecircumstancesspecifiedinsubsection(4))or
(ii)
toanyrighttoparticipatebeyondaspecifiedamountinanydistributionwhetherbywayofdividend,oronredemption,ina
windingup,orotherwiseand
(b) adividendshallbedeemedtobedueonthedateappointedintheconstitutionforthepaymentofthedividendforanyyearorother
periodor,ifnosuchdateisappointed,uponthedayimmediatelyfollowingtheexpirationoftheyearorotherperiodandwhetherornot
suchdividendshallhavebeenearnedordeclared..
(1)Subjecttothissection,amemberofacompanyentitledtoattendandvoteatameetingofthecompany,oratameetingofany
classofmembersofthecompany,shallbeentitledtoappointanotherperson,whetheramemberornot,ashisproxytoattendandvote
insteadofthememberatthemeetingandaproxyappointedtoattendandvoteinsteadofamembershallalsohavethesamerightasthe
membertospeakatthemeeting.
(1A)Subjecttothissection,unlesstheconstitutionotherwiseprovides
(a) aproxyshallnotbeentitledtovoteexceptonapoll
(b) amembershallnotbeentitledtoappointmorethan2proxiestoattendandvoteatthesamemeetingand
(c) whereamemberappoints2proxies,theappointmentsshallbeinvalidunlesshespecifiestheproportionsofhisholdingstobe
representedbyeachproxy.
(1B)AmemberofacompanyentitledtoattendandvoteatameetingofthecompanyheldpursuanttoanorderoftheCourtunder
section 210(1), or at any adjourned meeting under section 210(3), is, unless the Court orders otherwise, entitled to appoint only one
proxytoattendandvoteatthesamemeeting.
(1C) Except where subsection (1B) applies, a member of a company having a share capital who is a relevant intermediary may
appointmorethan2proxiesinrelationtoameetingtoexercisealloranyofhisrightstoattendandtospeakandvoteatthemeeting,but
each proxy must be appointed to exercise the rights attached to a different share or shares held by him (which number and class of
sharesshallbespecified).
(1D)Aproxyappointedundersubsection(1C)shallatameetinghavetherighttovoteonashowofhands.
(b) bydeletingthewordproxiesinsubsection(2)andsubstitutingthewordsaproxyorproxiesand
(6)Inthissection,relevantintermediarymeans
(a) abankingcorporationlicensedundertheBankingAct(Cap.19)orawhollyownedsubsidiaryofsuchabankingcorporation,
whosebusinessincludestheprovisionofnomineeservicesandwhoholdssharesinthatcapacity
(b) apersonholdingacapitalmarketsserviceslicencetoprovidecustodialservicesforsecuritiesundertheSecuritiesandFutures
Act(Cap.289)andwhoholdssharesinthatcapacityor
(c) theCentralProvidentFundBoardestablishedbytheCentralProvidentFundAct(Cap.36),inrespectofsharespurchased
under the subsidiary legislation made under that Act providing for the making of investments from the contributions and
intereststandingtothecreditofmembersoftheCentralProvidentFund,iftheBoardholdsthosesharesinthecapacityofan
intermediarypursuanttoorinaccordancewiththatsubsidiarylegislation..
(a) byinserting,immediatelyafterthewordsprivatecompanyinsubsection(1),thewordsoranunlistedpubliccompany
(b) byinserting,immediatelyafterthewordresolutioninsubsection(5)(a)(ii),thewordsbywayofthememberssignature(orhisproxys
signatureifthatisallowed),orsuchothermethodastheconstitutionmayprovideand
(9)Inthissectionandsections184Bto184F,unlistedpubliccompanymeansapubliccompanythesecuritiesofwhicharenot
listedforquotationorquotedonasecuritiesexchangeinSingaporeoranysecuritiesexchangeoutsideSingapore..
Newsection184DA
99.TheCompaniesActisamendedbyinserting,immediatelyaftersection184D,thefollowingsection:
Periodforagreeingtowrittenresolution
184DA.(1)Unlesstheconstitutionofacompanyotherwiseprovides,aresolutionproposedtobepassedbywrittenmeanslapsesifitisnot
passed before the end of the period of 28 days beginning with the date on which the written resolution is circulated to the members of the
company.
(2)Theagreementtoaresolutionisineffectiveifindicatedaftertheexpiryofthatperiod..
(1)Acopyof
(a) everyspecialresolutionand
(b) every resolution, including any resolution passed under section 175A(1), which effectively binds any class of shareholders whether
agreedtobyallthemembersofthatclassornot,
shall,exceptwhereotherwiseexpresslyprovidedbythisActwithin14daysafterthepassingormakingthereof,belodgedbythecompanywith
theRegistrar..
101.Section188(1)oftheCompaniesActisamendedbydeletingthewordmanagersinparagraph(a)andsubstitutingthewordschiefexecutive
officers.
102.Section189(2A)oftheCompaniesActisamendedbydeletingthewordmanagersandsubstitutingthewordschiefexecutiveofficers.
AmendmentofDivisionheadingofPartV
103.PartVoftheCompaniesActisamendedbyinserting,immediatelyafterthewordmembersintheheadingofDivision4,thewordskeptby
publiccompany.
Newsection189A
104.TheCompaniesActisamendedbyinserting,immediatelybeforesection190inDivision4,thefollowingsection:
ApplicationandinterpretationofDivision
189A.(1)ThisDivisionshallapplyonlyinrelationtoapubliccompany.
(2)InthisDivision,areferencetotheregistermeanstheregisterofmembersrequiredtobekeptbyapubliccompanyundersection190(1)..
(a) bydeletingthewordcompanywhereveritappearsinsubsections(1),(2A)and(5)(includingthesubsectionheading)andsubstitutingin
eachcasethewordspubliccompany
(b) by deleting the word company where it first appears in subsections (2), (3) and (7) and substituting in each case the words public
companyand
(c) byinserting,immediatelyafterthewordmembersinthesectionheading,thewordsofpubliccompanies.
(a) bydeletingthewordcompanywhereitfirstappearsinsubsections(1)and(3)andsubstitutingineachcasethewordspubliccompany
and
(b) bydeletingthewordcompanyinsubsection(2)andsubstitutingthewordspubliccompany.
(a) bydeletingthewordcompanyinsubsections(1)and(2)andsubstitutingineachcasethewordspubliccompanyand
(b) bydeletingthewordcompanywhereitfirstappearsinsubsections(3)and(4)andsubstitutingineachcasethewordspubliccompany.
108. Section 193 of the Companies Act is amended by deleting the word company where it first appears and substituting the words public
company.
(a) bydeletingthewordcompanyinsubsections(1),(2)and(4)andsubstitutingineachcasethewordspubliccompany
(b) bydeletingthewordsonemonthinsubsection(2)andsubstitutingthewords14days
(c) bydeletingthewordcompanywhereitfirstappearsinsubsections(6)and(9)andsubstitutingineachcasethewordspubliccompany
and
(d) bydeletingthewordcompaniesinsubsection(7)andsubstitutingthewordspubliccompanies.
NewDivision4AofPartV
110.PartVoftheCompaniesActisamendedbyinserting,immediatelyaftersection196,thefollowingDivision:
Division4AElectronicregisterofmemberskeptbyRegistrar
Electronicregisterofmembers
196A.(1)Onandafterthedateofcommencementofsection110oftheCompanies(Amendment)Act2014,theRegistrarshall,inrespectof
everyprivatecompany,keepandmaintainanelectronicregisterofmembersofthatcompanycontainingsuchinformationnotifiedtotheRegistrar
onorafterthatdate.
(2)TheelectronicregisterofmembersofaprivatecompanyshallbekeptinsuchformastheRegistrarmaydetermineandshallcontain
(a) thefollowinginformation:
(i)
thenamesofthemembers
(ii)
theaddressesofthemembers
(iii)
inthecaseofacompanyhavingasharecapital
(A) astatementofthesharesheldbyeachmemberoftheamountpaidoragreedtobeconsideredaspaidonthesharesof
eachmemberand
(B) thedateofeveryallotmentofsharestomembers(includinganydeemedallotmentasdefinedinsection63(3))andthe
numberofsharescomprisedineachallotment
(iv)
thedateonwhichthenameofeachpersonwasenteredintheregisterasamemberand
(v)
thedateonwhichanypersonwhoceasedtobeamemberduringtheprevious7yearssoceasedtobeamemberand
(b) any change to the information referred to in paragraph (a)(i), (ii) and (iii) that occurs on or after the date of commencement of
section110oftheCompanies(Amendment)Act2014.
(3)WhereaprivatecompanyhasconvertedanyofitssharesintostockandthecompanynotifiestheRegistrarofthisfact,theregistershall
showtheamountofstockornumberofstockunitsheldbyeachmemberinsteadofthenumberofsharesandtheparticularsrelatingtoshares
specifiedinsubsection(2)(a).
(4)Particularsofanychangeintheinformationreferredtoinsubsection(2)shallbegiventotheRegistrarwhereaprivatecompanypurchases
oneormoreofitssharesorstocksincircumstancesinwhichsection76Happliesunlessthecompanycancelsallthesharesorstocksimmediately
afterthepurchaseinaccordancewithsection76K(1).
(5)TheRegistrarshallupdatetheelectronicregisterofmembersinaccordancewithanychangethatisrequiredorauthorisedbyanyprovision
ofthisActtobelodgedwiththeRegistrar,includingsection31(1),63(1),70(6),71(1B),74A(3),76B(7),76K(1A),126(2)or128(1)(a).
(6) An entry in the register of members required to be kept by the Registrar under this section is prima facie evidence of the truth of any
matterswhicharebythisActdirectedorauthorisedtobeenteredorinsertedintheregisterofmembers.
Informationtobeprovidedbypreexistingprivatecompanies
196B.(1)Aprivatecompanyincorporated,orconvertedfromapubliccompany,beforethedateofcommencementofsection110ofthe
Companies(Amendment)Act2014shalllodgewiththeRegistrartheinformationnecessarytobeincludedinthecompanyselectronicregisterof
membersundersection196Awithintheearlierofthefollowingdates:
(a) 6monthsafterthedateofcommencementofsection110oftheCompanies(Amendment)Act2014or
(b) the date on which the first return under section 197 is required to be lodged with the Registrar after the date of commencement of
(2)Ifaprivatecompanytowhichsubsection(1)appliesfailstolodgeanyoftheinformationthatitisrequiredtolodgeunderthatsubsection,
theRegistrarmay,inplaceoftheomittedinformation,enterintheelectronicregisterofmembersthecorrespondinginformationcontainedinthe
register of members kept by the company under section 190 in force immediately before the date of commencement of section 110 of the
(3)TheRegistrarmayextendthetimeforfurnishingtheinformationundersubsection(1)iftheRegistrarconsidersitfairandreasonabletodo
sointhecircumstancesofthecase.
Applicationofsections194and195
196C.(1)Section194shallapplyinrespectoftheelectronicregisterofmembersofaprivatecompanyrequiredtobekeptbytheRegistrar
under section 196A as if a reference to a register under section 194 referred to the electronic register of members of the private company in
question.
(2)Section195shallapplyinrespectoftheelectronicregisterofmembersofaprivatecompanyrequiredtobekeptbytheRegistrarunder
section196Abutwiththefollowingmodifications:
(a) areferencetoaregisterundersection194referstotheelectronicregisterofmembersoftheprivatecompanyinquestion
(b) thereferencetoanybranchregisterwereomittedand
(c) the company is required to notify the Registrar of any request made by a trustee under section 195(3) for the relevant shares to be
markedintheelectronicregisterofmembersastoidentifythesharesbeingheldinrespectofatrustwithin14daysaftertherequest.
Maintenanceofoldregisterofmembers
196D.(1)Subjecttosubsections(2)and(3),aprivatecompanyincorporated,orwhichwasconvertedfromapubliccompanybeforethedate
ofcommencementofsection110oftheCompanies(Amendment)Act2014(referredtointhissectionastheappointedday)shall
(a) continue to keep any branch register of members under section 196 in force immediately before the appointed day for a period of
7yearsafterthatdayand
(b) continuetokeepitsregisterofmembersundersection190(1)inforceimmediatelybeforetheappointeddayforaperiodof7yearsafter
thelastmemberreferredtointheregisterceasestobeamemberofthecompany.
(2)Aprivatecompanyisnotrequiredtoupdatethebranchregisterortheregisterofmembersrequiredtobekeptundersubsection(1)withany
changesintheparticularsthereinthatoccurredonorafterthedateonwhichthecompanyfurnishestheinformationrequiredtobefurnishedtothe
Registrarundersection196B(1).
(3)Untiltheexpiryoftheperiodforwhichanybranchregisterandregisterofmembersisrequiredtobekeptundersubsection(1)butsubject
tosubsection(2)
(a) sections 190, 191, 192(2), (3) and (4), 194, 195 and 196 in force immediately before the appointed day shall, with the necessary
modifications,continuetoapplyinrelationtothebranchregisterandregisterofmembersrequiredtobekeptundersubsection(1)and
(b) anynoncompliancewiththesectionsreferredtoinparagraph(a)maybedealtwithandpunishedinaccordancewiththoseprovisions
asiftheywereinforceimmediatelybeforetheappointedday..
Annualreturnbycompanies
197.(1)EverycompanyshalllodgeareturnwiththeRegistrar
(a) inthecaseofacompanyhavingasharecapitalandkeepingabranchregisterinanyplaceoutsideSingapore,within60daysafterits
annualgeneralmeetingand
(b) inanyothercase,within30daysafteritsannualgeneralmeeting.
(2)Thereturnreferredtoinsubsection(1)
(a) shallbeinsuchform
(b) shallcontainsuchparticularsand
(c) shallbeaccompaniedbysuchdocuments,
asmaybeprescribed.
(3)Theparticularstobecontainedin,andthedocumentsthataretoaccompany,thereturnreferredtoinsubsection(1)maydifferaccordingto
theclassordescriptionofcompanyprescribed.
(4)Notwithstandingsubsection(1),ifacompanyhasdispensedwiththeholdingofitsannualgeneralmeetingundersection175Ainrelation
toacalendaryear,theannualreturnforthatcalendaryearshallbelodgedwiththeRegistrar
(a) inthecaseofacompanyhavingasharecapitalandkeepingabranchregisterinanyplaceoutsideSingapore,within60daysafterthe
startdateor
(b) inanyothercase,within30daysafterthestartdate.
(5)Insubsection(4)
balancesheet, consolidated financial statements, financial statements and parent company have the same meanings as in
section209A
calendaryearincludessuchperiodbeyondthecalendaryearasmaybeextendedbytheRegistrarundersection175(2)forholdingthe
annualgeneralmeeting
startdatemeansthelaterofthefollowingdates:
(a) the date on which the company sent a copy of its financial statements or, in the case of a parent company, a copy of the
consolidated financial statements and balancesheet (including every document required by law to be attached thereto), to all
personsentitledtoreceivenoticeofgeneralmeetingsofthecompanyundersection203(1)or
(b) thedateonwhichallresolutionsofthecompanybywrittenmeans(wheresuchresolutionswouldhavebeenpassedattheannual
generalmeetingifithadbeenheld)werepassed.
(6)Ifacompanyfailstocomplywiththissection,thecompanyandeveryofficerofthecompanywhoisindefaultshalleachbeguiltyofan
offenceandshalleachbeliableonconvictiontoafinenotexceeding$5,000andalsotoadefaultpenalty..
DeletionandsubstitutionofPartheadingofPartVI
112.TheheadingofPartVIoftheCompaniesActisdeletedandthefollowingheadingsubstitutedtherefor:
FINANCIALSTATEMENTSANDAUDIT.
DeletionandsubstitutionofDivisionheadingofPartVI
113.TheheadingofDivision1ofPartVIoftheCompaniesActisdeletedandthefollowingheadingsubstitutedtherefor:
Division1Financialstatements.
(a) bydeletingthewordsandthedirectorsandmanagersthereofinsubsection(1)
(b) bydeletingthewordsprofitandlossaccountsandbalancesheetsinsubsections(1),(2A)(b)and(4)andsubstitutingineachcasethewords
financialstatements
(c) bydeletingthewordsubsidiaryinsubsection(2A)andsubstitutingthewordssubsidiarycompanyand
(d) bydeletingthewordsafinenotexceeding$2,000ortoimprisonmentforatermnotexceeding3monthsinsubsection(6)andsubstituting
thewordsafinenotexceeding$5,000ortoimprisonmentforatermnotexceeding12months.
Repealofsection200
Financialstatementsandconsolidatedfinancialstatements
201.(1)Thedirectorsofeverycompanyshall,atadatenotlaterthan18monthsaftertheincorporationofthecompanyandsubsequentlyat
least once in every calendar year at intervals of not more than 15 months, lay before the company at its annual general meeting the financial
statementsfortheperiodsincetheprecedingfinancialstatements(orinthecaseofthefirstfinancialstatements,sincetheincorporationofthe
company)madeuptoadate
(a) inthecaseofapubliccompanythatislisted,notmorethan4monthsbeforethedateofthemeetingor
(b) inthecaseofanyothercompany,notmorethan6monthsbeforethedateofthemeeting.
(2) Subject to subsections (12) to (15), the financial statements referred to in subsection (1) shall comply with the requirements of the
AccountingStandardsandgiveatrueandfairviewofthefinancialpositionandperformanceofthecompany.
(3)TheMinistermay,byorderpublishedintheGazette,specifysuchotherperiodinsubstitutionoftheperiodreferredtoinsubsection(1)(a)
or(b).
(4)Notwithstandingsubsection(1),theRegistrarmayextendtheperiodsof18monthsand15monthsreferredtointhatsubsectionandwith
respecttoanyyearextendtheperiodreferredtoinsubsection(1)(a)or(b),notwithstandingthattheperiodissoextendedbeyondthecalendar
year
(a) uponanapplicationbythecompany,iftheRegistrarthinkstherearespecialreasonstodosoor
(b) inrespectofanyprescribedclassofcompanies.
(5)Subjecttosubsections(12)to(15),thedirectorsofacompanythatisaparentcompanyattheendofitsfinancialyearneednotcomplywith
subsection(1)butmustcausetobemadeoutandlaidbeforethecompanyatitsannualgeneralmeeting
(a) consolidatedfinancialstatementsdealingwiththefinancialpositionandperformanceofgroupfortheperiodbeginningfromthedate
theprecedingfinancialstatementsweremadeupto(or,inthecaseoffirstfinancialstatements,sincetheincorporationofthecompany)
andendingonadate
(i)
inacasewheretheparentcompanyisapubliccompanythatislisted,notmorethan4monthsbeforethedateofthemeetingor
(ii)
inanyothercase,notmorethan6monthsbeforethedateofthemeetingand
(b) abalancesheetdealingwiththestateofaffairsoftheparentcompanyattheendofitsfinancialyear,
each of which complies with the requirements of the Accounting Standards and gives a true and fair view of the matters referred to in
paragraph(a)or(b),asthecasemaybe,sofarasitconcernsmembersoftheparentcompany.
(6)Subsections(3)and(4)shall,withthenecessarymodifications,applytotheperiodsreferredtoinsubsection(5)(a)(i)and(ii)astheyapply
totheperiodsreferredtoinsubsection(1)(a)and(b).
(7)Thedirectorsshall(beforethefinancialstatementsreferredtoinsubsection(1)andthebalancesheetreferredtoinsubsection(5)(b)are
madeout)takereasonablesteps
(a) toascertainwhatactionhasbeentakeninrelationtothewritingoffofbaddebtsandthemakingofprovisionsfordoubtfuldebtsandto
causeallknownbaddebtstobewrittenoffandadequateprovisiontobemadefordoubtfuldebts
(b) toascertainwhetheranycurrentassets(otherthancurrentassetstowhichparagraph(a)applies)areunlikelytorealiseintheordinary
courseofbusinesstheirvalueasshownintheaccountingrecordsofthecompanyand,ifso,tocause
(i)
thoseassetstobewrittendowntoanamountwhichtheymightbeexpectedsotorealiseor
(ii)
adequateprovisiontobemadeforthedifferencebetweentheamountofthevalueassoshownandtheamountthattheymight
beexpectedsotorealiseand
(c) toascertainwhetheranynoncurrentassetisshowninthebooksofthecompanyatanamountwhich,havingregardtoitsvaluetothe
companyasagoingconcern,exceedstheamountwhichwouldberecoverableoveritsusefullifeoronitsdisposaland(unlessadequate
provisionforwritingdownthatassetismade)tocausetobeincludedinthefinancialstatementssuchinformationandexplanationsas
willpreventthefinancialstatementsfrombeingmisleadingbyreasonoftheoverstatementoftheamountofthatasset.
(8)Thefinancialstatementsshallbedulyauditedbeforetheyarelaidbeforethecompanyatitsannualgeneralmeetingasrequiredbythis
section,andtheauditorsreportrequiredbysection207shallbeattachedtoorendorseduponthosefinancialstatements.
(9)Thedirectorsofthecompanyshall
(a) takereasonablestepstoensurethatthefinancialstatementsareauditedasrequiredbythisPartnotlessthan14daysbeforetheannual
general meeting of the company, unless all the persons entitled to receive notice of general meetings of the company agree that the
financialstatementsmaybeauditedasrequiredbythisPartlessthan14daysbeforetheannualgeneralmeetingofthecompanyand
(b) causetobeattachedtothosefinancialstatementstheauditorsreportthatisfurnishedtothedirectorsundersection207(1A).
(10)Insubsections(8)and(9),financialstatements,inrelationtoacompany,means
(a) inthecasewherethecompanyisnotaparentcompany,thefinancialstatementsrequiredtobelaidbeforethecompanyatitsannual
generalmeetingundersubsection(1)or
(b) in the case where the company is a parent company, the consolidated financial statements of the group and the balancesheet of the
parentcompanyrequiredtobelaidbeforethecompanyatitsannualgeneralmeetingundersubsection(5).
(11)Whereattheendofafinancialyearacompanyisthesubsidiarycompanyofanothercorporation,thedirectorsofthecompanyshallstate
in, or in a note as a statement annexed to, the financial statements laid before the company at its annual general meeting the name of the
corporationwhichisitsultimateparentcorporation.
(12) The financial statements or consolidated financial statements of a company need not comply with any requirement of the Accounting
Standardsforthepurposesofsubsection(1)or(5),ifthecompanyhasobtainedtheapprovaloftheRegistrartosuchnoncompliance.
(13)WherefinancialstatementsorconsolidatedfinancialstatementspreparedinaccordancewithanyrequirementoftheAccountingStandards
forthepurposesofsubsection(1)or(5),wouldnotgiveatrueandfairviewofanymatterrequiredbythissectiontobedealtwithinthefinancial
statements or consolidated financial statements, the financial statements or consolidated financial statements need not comply with that
requirementtotheextentthatthisisnecessaryforthemtogiveatrueandfairviewofthematter.
(14)IntheeventofanynoncompliancewitharequirementoftheAccountingStandardsreferredtoinsubsection(13),thereshallbeincluded
inthefinancialstatementsorconsolidatedfinancialstatements,asthecasemaybe
(a) a statement by the auditor of the company that he agrees that such noncompliance is necessary for the financial statements or
consolidatedfinancialstatements,asthecasemaybe,togiveatrueandfairviewofthematterconcerned
(b) particularsofthedeparture,thereasonthereforanditseffect,ifanyand
(c) suchfurtherinformationandexplanationsaswillgiveatrueandfairviewofthatmatter.
(15) The Minister may, by order published in the Gazette, in respect of companies of a specified class or description, substitute other
accounting standards for the Accounting Standards, and the provisions of this section and sections 207 and 209A shall apply accordingly in
respectofsuchcompanies.
(16) The financial statements laid before a company at its general meeting (including any consolidated financial statements annexed to the
balancesheetofaparentcompany)shallbeaccompanied,beforetheauditorreportsonthefinancialstatementsunderthisPart,byastatement
signedonbehalfofthedirectorsby2directorsofthecompanycontainingtheinformationsetoutintheTwelfthSchedule.
(17)Anydocument(otherthananyfinancialstatementsorabalancesheetpreparedinaccordancewiththisAct)oradvertisementpublished,
issuedorcirculatedbyoronbehalfofacompany(otherthanabankingcorporation)shallnotcontainanydirectorindirectrepresentationthatthe
companyhasanyreserveunlesstherepresentationisaccompanied
(a) ifthereserveisinvestedoutsidethebusinessofthecompanybyastatementshowingthemannerinwhichandthesecurityupon
whichitisinvestedor
(b) ifthereserveisbeingusedinthebusinessofthecompanybyastatementtotheeffectthatthereserveisbeingsoused.
(18)TheprovisionsofthisActrelatingtotheformandcontentofthestatementofdirectorsandtheannualfinancialstatementsshallapplytoa
bankingcorporationwithsuchmodificationsandexceptionsasaredeterminedeithergenerallyorinanyparticularcasebytheMonetaryAuthority
ofSingaporeestablishedundersection3oftheMonetaryAuthorityofSingaporeAct(Cap.186).
(19)InrespectofacompanythatisregisteredasacharityorapprovedasaninstitutionofapubliccharacterundertheCharitiesAct(Cap.37),
the requirements of this section as to the form and content of a companys financial statements or consolidated financial statements being in
compliancewiththeAccountingStandardsshallapplysubjecttoanymodificationprescribedundersection13(1)(f)ofthatActinrespectofsuch
acompany.
(20) For the purposes of subsections (1) and (5), a reference to the preceding financial statements includes the profit and loss account,
balancesheetandconsolidatedaccountsrequiredtobelaidbeforethecompanyatitsannualgeneralmeetingundersection201inforcebeforethe
dateofcommencementofsection116oftheCompanies(Amendment)Act2014.
(21) For the purposes of subsections (1) and (5), a reference to the requirement to lay financial statements before a company includes the
layingoftheprofitandlossaccount,balancesheetandconsolidatedaccountspreparedinaccordancewithsection201inforceimmediatelybefore
the date of commencement of section 116 of the Companies (Amendment) Act 2014, where such profit and loss account, balancesheet and
consolidated accounts have been prepared in respect of a financial year which ended before the date of commencement of section 116 of the
(22) Subsection (16) shall not apply to any company in respect of any financial year which ended before the date of commencement of
section116oftheCompanies(Amendment)Act2014andsection201(5)to(8),(11),(12)and(15)inforceimmediatelybeforethatdateshall
continuetoapplytosuchcompanyforthatfinancialyear.
(23) Without prejudice to the generality of section 197(2), a company referred to in subsection (22) shall, when lodging a return with the
Registrar under section 197, attach a copy of the report prepared in accordance with section 201(5) in force immediately before the date of
commencementofsection116oftheCompanies(Amendment)Act2014..
Newsections201Aand201AA
Certaindormantcompaniesexemptedfromdutytopreparefinancialstatements
201A.(1) Subject to subsection (3), the directors of a dormant relevant company are exempt from the requirements of section 201 for a
financialyeariftherequirementssetoutinsubsection(2)aresatisfied.
(2)Therequirementsreferredtoinsubsection(1)are
(a) therelevantcompanyhasbeendormant
(i)
fromthetimeofitsformationor
(ii)
sincetheendofthepreviousfinancialyear
(b) thedirectorsoftherelevantcompanyhavelodgedwiththeRegistrarastatementbythedirectorsthat
(i)
thecompanyhasbeendormantfortheperiodsetoutinparagraph(a)(i)or(ii),asthecasemaybe
(ii)
nonoticehasbeenreceivedundersubsection(3)inrelationtothefinancialyearand
(iii)
theaccountingandotherrecordsrequiredbythisActtobekeptbythecompanyhavebeenkeptinaccordancewithsection199
and
(c) thestatementreferredtoinparagraph(b)hasbeenlodgedwiththeRegistraratthesametimethattheannualreturnisrequiredtobe
lodgedundersection197(1).
(3) A relevant person may by notice in writing require the directors of a dormant relevant company to comply with any or all of the
requirementsofsection201inrespectofafinancialyearbutthenoticeinwritingmustbeissuedtothedirectorsnotlessthan3monthsbeforethe
endofthefinancialyear.
(4)Insubsection(3),relevantpersonmeans
(a) theRegistrar
(b) oneormoremembersholdingnotlessthan5%ofthetotalnumberofissuedsharesofthecompany(excludingtreasuryshares)or
(c) notlessthan5%ofthetotalnumberofmembersofthecompany(excludingthecompanyitselfifitisregisteredasamember).
(a) relevantcompanymeansacompany
(i)
whichisnotalistedcompanyorasubsidiarycompanyofalistedcompany
(ii)
whosetotalassetsatanytimeduringthefinancialyearinquestiondoesnotexceed
(A) $500,000invalueor
(B) suchotheramountasmaybeprescribedinsubstitutionbytheMinisterand
(iii)
which, if it is a parent company (which is not itself a subsidiary company of another corporation), belongs to a group the
consolidatedtotalassetsofwhichatanytimeduringthefinancialyearinquestiondoesnotexceed
(A) $500,000invalueor
(B) suchotheramountasmaybeprescribedinsubstitutionbytheMinisterand
(b) section205B(2)and(3)shallapplyindeterminingwhetherarelevantcompanyisdormant.
(6)Thissectionshallnotapplytothedirectorsofanycompanyinrespectofafinancialyearwhichendedbeforethedateofcommencementof
section117oftheCompanies(Amendment)Act2014andthedirectorsofsuchcompanyshallpreparetheaccountsorconsolidatedaccountsfor
that financial year and lay the accounts or consolidated accounts of the company at its annual general meeting for that financial year, in
accordancewithPartVIinforceimmediatelybeforethatdate.
Registrarundersection197,attachacopyoftheaccountsorconsolidatedaccountssoprepared.
Retentionofdocumentslaidbeforecompanyatannualgeneralmeeting
201AA.(1)Everycompanyshallcausetobekeptatthecompanysregisteredoffice,orsuchotherplaceasthedirectorsthinkfit
(a) acopyofeachofthedocumentsthatwaslaidbeforethecompanyatitsannualgeneralmeetingundersection201foraperiodofnot
lessthan5yearsafterthedateoftheannualgeneralmeeting,beingadateonorafterthedateofcommencementofsection117ofthe
Companies(Amendment)Act2014or
(b) ifthecompanyhasdispensedwiththeholdingofitsannualgeneralmeetingundersection175A
(i)
acopyofthefinancialstatementsor
(ii)
inthecaseofaparentcompany,acopyoftheconsolidatedfinancialstatementsandbalancesheet(includingeverydocument
requiredbylawtobeattachedthereto),
andacopyoftheauditorsreportwheresuchfinancialstatementsorconsolidatedfinancialstatementsaredulyaudited,thatweresent
toallpersonsentitledtoreceivenoticeofgeneralmeetingsofthecompanyinaccordancewithsection203(1)foraperiodofnotless
than5yearsafterthedateonwhichthedocumentsweresent,beingadateonorafterthedateofcommencementofsection117ofthe
(2)Ifdefaultismadeincomplyingwithsubsection(1),thecompanyandeveryofficerofthecompanywhoisindefaultshalleachbeguiltyof
anoffenceandshalleachbeliableonconvictiontoafinenotexceeding$5,000ortoimprisonmentforatermnotexceeding12monthsandalsoto
adefaultpenalty.
(3)TheRegistraroranauthorisedofficermayatanytimerequirethecompanytofurnishanydocumentkeptundersubsection(1),andmay,
withoutfeeorreward,inspect,makecopiesoforextractsfromsuchdocument.
(4)Anypersonwho
(a) withoutlawfulexcuse,refusestoproduceanydocumentrequiredofhimbytheRegistraroranauthorisedofficerundersubsection(3)
or
(b) assaults,obstructs,hindersordelaystheRegistrarortheauthorisedofficerinthecourseofinspectingormakingcopiesorextractsfrom
thedocument,
shallbeguiltyofanoffenceandshallbeliableonconvictiontoafinenotexceeding$10,000ortoimprisonmentforatermnotexceeding2years
ortoboth.
(5)Inthissection,authorisedofficermeansanofficeroftheAuthorityauthorisedbytheRegistrarforthepurposesofthissection..
(a) bydeletingsubparagraph(vi)ofsubsection(5)(a)andsubstitutingthefollowingsubparagraph:
(vi)
the financial statements of the company and, if it is a parent company, the consolidated financial statements,
submittedtoitbythecompanyortheparentcompany,andthereaftertosubmitthemtothedirectorsofthecompany
orparentcompanyand
(9) Where the directors of a company or of a parent company are required to make a statement under section 201(16) and the
companyisalistedcompany,thedirectorsshalldescribeinthestatementthenatureandextentofthefunctionsperformedbytheaudit
committeepursuanttosubsection(5).and
(c) bydeletingsubsection(10).
(a) bydeletingthewordsaccountsorconsolidatedaccountsinparagraph(a)andsubstitutingthewordsfinancialstatementsorconsolidated
financialstatements
(b) bydeletingthewordaccountsinparagraph(b)andsubstitutingthewordsfinancialstatementsand
(c) bydeletingthewordaccountsinthesectionheadingandsubstitutingthewordsfinancialstatements.
(a) bydeletingthewordsaccountsorconsolidatedaccounts(otherthanarequirementoftheAccountingStandards)ortotheformandcontent
ofthereportrequiredbysection201(6)and(6A)insubsections(1)and(2)andsubstitutingineachcasethewordsfinancialstatementsor
consolidatedfinancialstatements(otherthanarequirementoftheAccountingStandards)ortotheformandcontentofthestatementrequired
bysection201(16)
(b) bydeletingthewordsaccountsorconsolidatedaccountsorreportinsubsections(1),(2)and(3)andsubstitutingineachcasethewords
financialstatementsorconsolidatedfinancialstatementsordirectorsstatementand
(c) by deleting the words accounts and reports in the section heading and substituting the words financial statements and directors
statement.
Newsections202Aand202B
Voluntaryrevisionofdefectivefinancialstatements,orconsolidatedfinancialstatementsorbalancesheet
202A.(1)Subjecttosubsection(3),thissectionappliesatanytime
(a) inthecasewheretheholdingofannualgeneralmeetingsisdispensedwithundersection175A,afterthefinancialstatementsor,inthe
case of a parent company, consolidated financial statements and balancesheet are sent to the members of the company under
section203or
(b) inanyothercase,afterthefinancialstatementsor,inthecaseofaparentcompany,consolidatedfinancialstatementsandbalancesheet
arelaidbeforethecompanyatanannualgeneralmeeting.
(2)Wherethissectionapplies,ifitappearstothedirectorsofthecompanythatthefinancialstatementsor,inthecaseofaparentcompany,
consolidatedfinancialstatementsorbalancesheetdonotcomplywiththerequirementsofthisAct(includingcompliancewiththeAccounting
Standards), the directors may cause the financial statements, or consolidated financial statements or balancesheet, as the case may be, to be
revisedandmakenecessaryconsequentialrevisionstothesummaryfinancialstatementordirectorsstatement.
(3)Therevisionofthefinancialstatements,orconsolidatedfinancialstatementsorbalancesheet,asthecasemaybe,undersubsection(2)
shallbeconfinedto
(a) those aspects in which the financial statements, or consolidated financial statements or balancesheet, as the case may be, did not
complywiththisAct(includingcompliancewiththeAccountingStandards)and
(b) themakingofanynecessaryconsequentialrevisions.
(4) Where the Registrar has given the directors of the company a notice under section 202B(1), the directors may not cause the financial
statements,orconsolidatedfinancialstatementsorbalancesheet,asthecasemaybe,toberevisedunlesstheRegistraragreeswiththedirectorson
themannerinwhichtorevisethefinancialstatements,orconsolidatedfinancialstatementsorbalancesheet,asthecasemaybe,referredtoin
section202B(2)(b).
(5)TheMinistermaymakeregulationsundersection411inrespectoftherevisionoffinancialstatements,consolidatedfinancialstatements,
balancesheet,directorsstatementorsummaryfinancialstatement,includingbutnotlimitedtothefollowing:
(a) the manner of revision of financial statements, consolidated financial statements, balancesheet, directors statement or summary
financialstatement
(b) the application of any provision of this Act to such financial statements, consolidated financial statements, balancesheet, directors
statementorsummaryfinancialstatementsubjecttosuchadditions,exceptionsandmodificationsasmaybespecifiedintheregulations
(c) thetakingofstepsbythedirectorstobringanyrevisionofthefinancialstatements,consolidatedfinancialstatements,balancesheet,
directors statement or summary financial statement to the notice of persons likely to rely on the previous financial statements,
consolidatedfinancialstatements,balancesheet,directorsstatementorsummaryfinancialstatementand
(d) the requirement to lodge the revised financial statements, consolidated financial statements, balancesheet, directors statement or
summaryfinancialstatementwiththeRegistrarandthepaymentofanyfilingfeepursuanttosuchlodgment.
RegistrarsapplicationtoCourtinrespectofdefectivefinancialstatements,orconsolidatedfinancialstatementsandbalancesheet
202B.(1) If it appears to the Registrar that there is, or may be, a question whether the financial statements or, in the case of a parent
company, consolidated financial statements and balancesheet comply with the requirements of this Act (including compliance with the
Accounting Standards), the Registrar may give notice to the directors of the company indicating the respects in which it appears that such a
questionarisesormayarise,andspecifytheperiodwithinwhichthedirectorsmustrespond.
(2)Thedirectorsofthecompanytowhomnoticeundersubsection(1)isgivenmustattheendoftheperiodreferredtoinsubsection(1),or
suchlongerperiodastheRegistrarmayallow
(a) givetheRegistraranexplanationofthefinancialstatements,orconsolidatedfinancialstatementsandbalancesheet,asthecasemaybe,
ifthedirectorsdonotproposetorevisethefinancialstatements,orconsolidatedfinancialstatementsorbalancesheet,asthecasemay
beor
(b) informtheRegistrarhowthedirectorsproposetorevisethefinancialstatements,orconsolidatedfinancialstatementsorbalancesheet,
asthecasemaybe,toaddressthequestionsinrespectofwhichtheRegistrarhasgivennotice.
(3)IftheRegistrarissatisfiedwiththeexplanationofthefinancialstatements,orconsolidatedfinancialstatementsandbalancesheet,asthe
casemaybe,referredtoinsubsection(2)(a),nofurtheractionneedbetakenbythedirectorsinrespectofthenoticeundersubsection(1).
(4)IftheRegistraragreeswiththedirectorsonthemannerinwhichtorevisethefinancialstatements,orconsolidatedfinancialstatementsor
balancesheet, as the case may be, referred to in subsection (2)(b), the directors may cause the financial statements, or consolidated financial
statementsorbalancesheet,asthecasemaybe,toberevisedinthemannerprovidedinsection202A.
(5)TheRegistrarmayapplytoCourtundersubsection(6)if
(a) theRegistrardoesnotreceivearesponsefromthedirectorsaftergivingthenoticereferredtoinsubsection(1)
(b) theRegistrarisnotsatisfiedwiththeexplanationofthefinancialstatements,orconsolidatedfinancialstatementsandbalancesheet,as
thecasemaybe,referredtoinsubsection(2)(a)or
(c) theRegistrardoesnotagreewiththedirectorsonthemannerinwhichthefinancialstatements,orconsolidatedfinancialstatementsor
balancesheet,asthecasemaybe,referredtoinsubsection(2)(b)aretoberevised.
(6)AnapplicationtoCourtreferredtoinsubsection(5)maybefor
(a) adeclarationthatthefinancialstatements,orconsolidatedfinancialstatementsorbalancesheet,asthecasemaybe,donotcomplywith
therequirementsofthisAct(includingcompliancewiththeAccountingStandards)and
(b) anorderrequiringthedirectorsofthecompanytocausethefinancialstatements,orconsolidatedfinancialstatementsorbalancesheet,
asthecasemaybe,toberevised.
(7) Where the Court orders the preparation of revised financial statements, or consolidated financial statements or balancesheet, under
subsection(6),itmaygivedirectionsasto
(a) theauditingofthefinancialstatements,orconsolidatedfinancialstatementsorbalancesheet,asthecasemaybe
(b) themakingofrevisionstothefinancialstatements,consolidatedfinancialstatements,balancesheet,directorsstatementorsummary
financialstatementinsuchmannerastheCourtconsidersnecessarywithinaspecifiedperiod
(c) where the Court has given directions under paragraph (b) to make revisions to the summary financial statement, the review by the
auditorsoftherevisedsummaryfinancialstatement
(d) themakingofnecessaryconsequentialrevisionstoanyotherdocument
(e) the taking of steps by the directors to bring the making of the order to the notice of persons likely to rely on the previous financial
statements,consolidatedfinancialstatements,balancesheet,directorsstatementorsummaryfinancialstatementand
(f) suchothermattersastheCourtthinksfit.
(8)IftheCourtfindsthatthefinancialstatements,orconsolidatedfinancialstatementsorbalancesheet,asthecasemaybe,didnotcomply
withtherequirementsofthisAct(includingtheAccountingStandards),itmayorderthatallorpartof
(a) thecostsoforincidentaltotheapplicationand
(b) any reasonable expenses incurred by the company in connection with or in consequence of the preparation of revised financial
statements,orconsolidatedfinancialstatementsorbalancesheet,asthecasemaybe,
shallbebornebyanyorallthedirectorswhoweredirectorsofthecompanyasatthedateofthedirectorsstatementwhichaccompaniedthe
defectivefinancialstatements,orconsolidatedfinancialstatementsandbalancesheet,asthecasemaybe.
(9)Theprovisionsofthissectionapplyequallytorevisedfinancialstatements,orconsolidatedfinancialstatementsorbalancesheet,asthe
case may be, in which case they have effect as if the references to revised financial statements, or consolidated financial statements or
balancesheet,asthecasemaybe,werereferencestofurtherrevisedfinancialstatements,orconsolidatedfinancialstatementsorbalancesheet,as
thecasemaybe..
(1) A copy of the financial statements or, in the case of a parent company, a copy of the consolidated financial statements and
balancesheet(includingeverydocumentrequiredbylawtobeattachedthereto),whichisdulyauditedandwhich(orwhichbutfor
section201C)istobelaidbeforethecompanyingeneralmeetingaccompaniedbyacopyoftheauditorsreportthereonshallbesentto
allpersonsentitledtoreceivenoticeofgeneralmeetingsofthecompany
(a) unlesssubsection(2)applies,notlessthan14daysbeforethedateofthemeetingor
(b) ifaresolutionundersection175Aisinforce,notlessthan28daysbeforetheendoftheperiodallowedforthelayingof
thosedocuments.
(2)Thefinancialstatements,orconsolidatedfinancialstatements,balancesheetanddocumentsreferredtoinsubsection(1)maybe
sentlessthan14daysbeforethedateofthemeetingasrequiredundersubsection(1)(a)ifallthepersonsentitledtoreceivenoticeof
generalmeetingsofthecompanysoagree.
(3)Anymemberofacompany(whetherheisorisnotentitledtohavesenttohimcopiesofthefinancialstatements,orconsolidated
financialstatementsandbalancesheet)towhomcopieshavenotbeensentandanyholderofadebentureshall,onarequestbeingmade
by him to the company, be furnished by the company without charge with a copy of the last financial statements, or consolidated
financialstatementsandbalancesheet(includingeverydocumentrequiredbythisActtobeattachedthereto)togetherwithacopyof
theauditorsreportthereon.
(3A)Ifdefaultismadeincomplyingwithsubsection(1)or(3),thecompanyandeveryofficerofthecompanywhoisindefault
shall,unlessitisprovedthatthememberorholderofadebentureinquestionhasalreadymadearequestforandbeenfurnishedwitha
copyofthefinancialstatements,orconsolidatedfinancialstatementsandbalancesheet,andalldocumentsreferredtoinsubsection(1)
or(3),eachbeguiltyofanoffenceandshalleachbeliableonconvictiontoafinenotexceeding$5,000andalsotoadefaultpenalty.
(b) bydeletingthewords28daysfrominsubsection(4)andsubstitutingthewords14daysafter
(c) bydeletingthewords21daysfrominsubsection(6)andsubstitutingthewords14daysafterand
(d) bydeletingthewordbalancesheetinthesectionheadingandsubstitutingthewordsfinancialstatements.
(a) bydeletingsubsections(1)and(2)andsubstitutingthefollowingsubsections:
(1)Notwithstandingsection203andanythinginitsconstitution,acompanymay,insuchcasesasmaybespecifiedbyregulations
andprovidedalltheconditionssospecifiedarecompliedwith,sendasummaryfinancialstatementinsteadofcopiesofthedocuments
referredtoinsection203(1)tomembersofthecompany.
(2)Whereacompanysendstoitsmembersasummaryfinancialstatementundersubsection(1),anymemberofthecompany,and
any holder of a debenture, entitled to be furnished by the company with a copy of the documents referred to in section 203(3) may
insteadrequestforasummaryfinancialstatement.
(b) bydeletingthewordsannualaccountsandthedirectorsreportinsubsections(5)and(6)(a)andsubstitutingineachcasethewordsannual
financialstatementsorconsolidatedfinancialstatements,anddirectorsstatement
(c) bydeletingparagraph(b)ofsubsection(6)andsubstitutingthefollowingparagraph:
(b) contain a statement by the companys auditors, if any, of their opinion as to whether the summary financial statement is
consistentwiththefinancialstatementsorconsolidatedfinancialstatements,andthedirectorsstatementandcomplieswith
therequirementsofthissectionandanyregulationsmadeundersubsection(9).
(d) byinserting,immediatelyaftersubsection(6),thefollowingsubsection:
(6A)Thedirectorsofthecompanyshallensurethatthesummaryfinancialstatementscomplywiththerequirementsreferredtoin
subsections(5)and(6).
(e) byinserting,immediatelyafterthewordsthissectioninsubsection(7),thewordsotherthansubsection(6A)and
(f) bydeletingsubsection(8).
(a) bydeletingthewordssection201(1A),(3),(3A)or(15)insubsection(1)andsubstitutingthewordssection201(2),(5)or(16)
(b) bydeletingthewordssection201(1A),(3),(3A)and(15)insubsection(1A)(a)andsubstitutingthewordssection201(2),(5)or(16)
and
(2)Inanyproceedingsagainstapersonforfailuretotakeallreasonablestepstocomplywith,ortosecurecompliancewith,the
precedingprovisionsofthisDivisionrelatingtotheformandcontentofthefinancialstatementsofacompanyorconsolidatedfinancial
statements of a parent company by reason of an omission from the financial statements or consolidated financial statements, it is a
defencetoprovethattheomissionwasnotintentionalandthattheinformationomittedwasimmaterialanddidnotaffectthegivingofa
true and fair view of the matters required by section 201 to be dealt with in the financial statements or consolidated financial
statements..
(a) by deleting the words a person or persons in subsections (1) and (2) and substituting in each case the words an accounting entity or
accountingentities
(3)Subjecttosubsections(7)and(8)andsection205AF,thedirectorsmayappointanaccountingentitytofillanycasualvacancy
intheofficeofauditorofthecompany,butwhilesuchavacancycontinuesthesurvivingorcontinuingauditororauditors,ifany,may
act.
(c) bydeletingthewordsanotherpersoninsubsection(7)(a)and(b)andsubstitutingineachcasethewordsanotheraccountingentity
(d) bydeletingthewordsapersoninsubsection(7)(b)andsubstitutingthewordsanaccountingentity
(e) bydeletingthewordstheRegistrarshallinsubsection(8)andsubstitutingthewordstheRegistrarmay
(f) bydeletingsubsection(11)andsubstitutingthefollowingsubsection:
(11) Subject to subsection (7), an accounting entity shall not be capable of being appointed auditor of a company at an annual
generalmeetingunlessitheldofficeasauditorofthecompanyimmediatelybeforethemeetingornoticeofitsnominationasauditor
wasgiventothecompanybyamemberofthecompanynotlessthan21daysbeforethemeeting.
(g) bydeletingthewordsapersoninsubsections(12)and(13)andsubstitutingineachcasethewordsanaccountingentity
(h) bydeletingthewordsthepersoninsubsections(12)and(13)andsubstitutingineachcasethewordstheaccountingentity
(i) bydeletingsubsections(14)and(15)and
(j) byinserting,immediatelyafterthewordsappointedbythedirectorsorbytheRegistrarinsubsection(16)(b),thewordsunderthissection
orundersection205AF.
Newsections205AAto205AF
Resignationofnonpublicinterestcompanyauditors
205AA.(1)Anauditorofanonpublicinterestcompany(otherthanacompanywhichisasubsidiarycompanyofapublicinterestcompany)
mayresignbeforetheendofthetermofofficeforwhichhewasappointedbygivingthecompanyanoticeofresignationinwriting.
(2)Whereanoticeofresignationisgivenundersubsection(1),theauditorstermofofficeexpires
(a) attheendofthedayonwhichnoticeisgiventothecompanyor
(b) ifthenoticespecifiesatimeonalaterdayforthepurpose,atthattime.
(3)Within14daysbeginningonthedateonwhichacompanyreceivesanoticeofresignationundersubsection(1),thecompanymustlodge
withtheRegistraranotificationofthatfactinsuchformastheRegistrarmayrequire.
(4)Inthissectionandsections205AB,205ACand205AF
nonpublicinterestcompanymeansacompanyotherthanapublicinterestcompany
public interest company means a company which is listed or in the process of issuing its debt or equity instruments for trading on a
securitiesexchangeinSingapore,orsuchothercompanyastheMinistermayprescribe.
Resignationofauditorofpublicinterestcompanyorsubsidiarycompanyofpublicinterestcompany
205AB.(1)Anauditorofapublicinterestcompany,orasubsidiarycompanyofapublicinterestcompany,maybygivingthecompanya
noticeofresignationinwriting,resignbeforetheendofthetermofofficeforwhichhewasappointed,if
(a) the auditor has applied for consent from the Registrar to the resignation and provided a written statement of his reasons for his
resignationand,atoraboutthesametimeastheapplication,notifiedthecompanyinwritingoftheapplicationtotheRegistrarand
providedthecompanywiththewrittenstatementofhisreasonsforhisresignationand
(b) theconsentoftheRegistrarhasbeengiven.
(2)TheRegistrarshall,assoonaspracticableafterreceivingtheapplicationfromanauditorundersubsection(1),notifytheauditorandthe
companywhetheritconsentstotheresignationoftheauditor.
(3) A statement made by an auditor in an application to the Registrar under subsection (1)(a) or in answer to an inquiry by the Registrar
relatingtothereasonsfortheapplication
(a) isnotadmissibleinevidenceinanycivilorcriminalproceedingsagainsttheauditorand
(b) subjecttosubsection(4),maynotbemadethegroundofaprosecution,anactionorasuitagainsttheauditor,
and a certificate by the Registrar that the statement was made in the application or in the answer to the inquiry by the Registrar is conclusive
evidencethatthestatementwassomade.
(4) Notwithstanding subsection (3), the statement referred to therein may be used in any disciplinary proceedings commenced under the
AccountantsAct(Cap.2)againsttheauditor.
(5)Theresignationofanauditorofapublicinterestcompany,orsubsidiarycompanyofapublicinterestcompany,takeseffect
(a) ontheday(ifany)specifiedforthepurposeinthenoticeofresignation
(b) onthedayonwhichtheRegistrarnotifiestheauditorandthecompanyofhisconsenttotheresignationor
(c) ontheday(ifany)fixedbytheRegistrarforthepurpose,
whicheverlastoccurs.
Writtenstatementtobedisseminatedunlessapplicationtocourtmade
205AC.(1) Where an auditor of a public interest company, or a subsidiary company of a public interest company, gives the company a
noticeofresignationundersection205AB,thecompanymustwithin14daysafterreceivingthenoticeofresignationandthewrittenstatementof
theauditorsreasonsforhisresignation(referredtointhissectionandsections205ADand205AEasthewrittenstatement)sendacopyofthe
writtenstatementtoeverymemberofthecompany.
(2)Copiesofthewrittenstatementneednotbesentoutifanapplicationismadetothecourtwithin14days,beginningonthedateonwhich
thecompanyreceivedthewrittenstatement,byeitherthecompanyoranyotherpersonwhoclaimstobeaggrievedbythewrittenstatement,fora
determinationthattheauditorhasabusedtheuseofthewrittenstatementorisusingtheprovisionsofthissectiontosecureneedlesspublicityfor
defamatorymatter.
(3)Inthecasewhereanapplicationismadeundersubsection(2)by
(a) thecompany,thecompanymustgivenoticeoftheapplicationtotheauditorofthecompanyor
(b) anyotherperson,thatpersonmustgivenoticeoftheapplicationtothecompanyandtheauditorofthecompany.
(4)Ifdefaultismadeincomplyingwithsubsection(1),thecompanyandeverydirectorofthecompanywhoisindefaultshalleachbeguilty
ofanoffenceandshalleachbeliableonconvictiontoafinenotexceeding$5,000.
Courtmayorderwrittenstatementnottobesentout
205AD.(1) This section applies if an application has been made under section 205AC(2) in relation to a written statement given by an
auditor.
(2) If the Court is satisfied that the auditor has abused the use of the written statement or is using the written statement to secure needless
publicityforanydefamatorymatter,theCourt
(a) mustdirectthatcopiesofthewrittenstatementarenottobesentundersection205AC(1)and
(b) mayordertheauditor,thoughnotapartytotheapplication,topaytheapplicantscostsontheapplicationinwholeorinpart.
(3)IftheCourtgivesdirectionsundersubsection(2)(a),thecompanymust,within14daysbeginningonthedateonwhichthedirectionsare
givensendanoticesettingouttheeffectofthedirectionsto
(a) everymemberofthecompanyand
(b) unlessalreadynamedasapartytotheproceedings,theauditorwhogavethewrittenstatement.
(4)IftheCourtdecidesnottogranttheapplication,thecompanymust,within14daysbeginningonthedateonwhichthedecisionismadeor
onwhichtheproceedingsarediscontinuedforanyreasons
(a) givenoticeofthedecisiontotheauditorwhohasgiventhewrittenstatementand
(b) sendacopyofthewrittenstatementtoeverymemberofthecompanyandtothatauditor.
(5)Ifdefaultismadeincomplyingwithsubsection(3)or(4),thecompanyandeverydirectorofthecompanywhoisindefaultshalleachbe
guiltyofanoffenceandshalleachbeliableonconvictiontoafinenotexceeding$5,000.
Privilegeagainstdefamation
205AE.Apersonisnotliabletoanyactionfordefamationatthesuitofanyperson
(a) in the absence of malice, in respect of the publication of the written statement to the member of the company pursuant to
section205AC(1)or
(b) inrespectofthepublicationofthewrittenstatementtothememberofthecompanypursuanttosection205AD(4)(b).
Appointmentofnewauditorinplaceofresigningauditor
205AF.(1)Subjecttosubsection(3),if
(a) anauditorofanonpublicinterestcompany(otherthanasubsidiarycompanyofapublicinterestcompany)givesnoticeofresignation
undersection205AA(1)or
(b) an auditor of a public interest company, or a subsidiary company of a public interest company, gives notice of resignation under
section205AB(1),andtheRegistrarapprovestheresignationoftheauditorundersection205AB(2),
thedirectorsofthecompanyinquestion
(i) shall call a general meeting of the company as soon as is practicable, and in any case not more than 3 months after the date of the
auditorsresignation,forthepurposeofappointinganauditorinplaceoftheauditorwhodesirestoresignorhasresignedand
(ii) upon appointment of the new auditor, shall lodge with the Registrar a notification of such appointment within 14 days of the
appointment.
(2)Ifthedirectorsofacompanyfailtoappointanauditorinplaceoftheauditorwhodesirestoresignorhasresigned,theRegistrarmay,on
theapplicationinwritingofanymemberofthecompany,maketheappointment.
(3)Subsections(1)and(2)shallnotapplyifthefinancialstatementsofthecompanyarenotrequiredtobeauditedunderthisAct,orwherethe
resigningauditorisnotthesoleauditorofthecompany.
(4)Anauditorappointedpursuanttosubsection(1)or(2)shall,unlessheisremovedorresigns,holdofficeuntiltheconclusionofthenext
annualgeneralmeetingofthecompany.
(5)Ifdefaultismadeincomplyingwithsubsection(1),thecompanyandeverydirectorofthecompanywhoisindefaultshalleachbeguilty
ofanoffenceandshalleachbeliableonconvictiontoafinenotexceeding$5,000..
(a) bydeletingparagraph(f)ofsubsection(3)andsubstitutingthefollowingparagraphs:
(f) thepaymentofanyfeeorcharge(includinganyfee,penaltyorinterestforlatepayment)payableunderanywrittenlaw
(fa) thepaymentofanycompositionamountpayableundersection409Boranyotherwrittenlaw
(fb) thepaymentorreceiptbythecompanyofsuchnominalsumnotexceedingsuchamountasmaybeprescribedand
(b) by deleting the words profit and loss accounts and balancesheet, or consolidated accounts and balancesheet in subsection (4)(a) and
substitutingthewordsfinancialstatementsorconsolidatedfinancialstatementsandbalancesheet.
Repealandreenactmentofsection205C
128.Section205CoftheCompaniesActisrepealedandthefollowingsectionsubstitutedtherefor:
Smallcompanyexemptfromauditrequirements
205C.(1)Subjecttosubsections(3),(4)and(6),acompanythatisasmallcompanyinrespectofafinancialyearshallbeexemptfromaudit
requirementsforthatfinancialyear.
(2)Section205B(4),(6)and(7)shallapply,withthenecessarymodifications,toasmallcompanysoexempt.
(3)Subsection(1)doesnotapplytoaparentcompanyunlesstheparentcompany
(a) isasmallcompanyand
(b) ispartofasmallgroup.
(4)Subsection(1)doesnotapplytoasubsidiarycompanyunlessthesubsidiarycompany
(a) isasmallcompanyand
(b) ispartofasmallgroup.
(5)Inthissection,smallcompanyandsmallgrouphavethesamemeaningsasintheThirteenthSchedule.
(6) This section shall not apply to a company with respect to its financial statements for a financial year commencing before the date of
commencementofsection128oftheCompanies(Amendment)Act2014andsuchacompanyshallprepareitsaccountsorconsolidatedaccounts
anditsdirectorsshalllaythematitsannualgeneralmeetinginaccordancewithPartVIinforceimmediatelybeforethedateofcommencementof
Registrarundersection197,attachacopyoftheaccountsorconsolidatedaccountssoprepared..
129.Section205DoftheCompaniesActisamended
(a) bydeletingthewordaccountsinparagraphs(a)and(b)andsubstitutingineachcasethewordsfinancialstatementsand
(b) bydeletingthewordaccountsinthesectionheadingandsubstitutingthewordsfinancialstatements.
130.Section206(1)oftheCompaniesActisamendedbydeletingthewordsubsidiaryandsubstitutingthewordssubsidiarycorporation.
(1)Anauditorofacompanyshallreporttothemembers
(a) onthefinancialstatementsrequiredtobelaidbeforethecompanyingeneralmeetingandonthecompanysaccountingand
otherrecordsrelatingtothosefinancialstatementsand
(b) where the company is a parent company for which consolidated financial statements are prepared, on the consolidated
financialstatements.
(b) bydeletingthewordaccountswhereveritappearsinsubsection(1A)andsubstitutingineachcasethewordsfinancialstatements
(c) bydeletingparagraph(a)ofsubsection(2)andsubstitutingthefollowingparagraph:
(a) whether the financial statements and, if the company is a parent company for which consolidated financial statements are
prepared,theconsolidatedfinancialstatementsareinhisopinion
(i)
incompliancewiththerequirementsoftheAccountingStandardsand
(ii)
giveatrueandfairviewof
(A) thefinancialpositionandperformanceofthecompanyand
(B) ifconsolidatedfinancialstatementsarerequired,thefinancialpositionandperformanceofthegroup
(d) bydeletingthewordsaccountsorconsolidatedaccountswherevertheyappearinsubsection(2)(aa)and(d)andsubstitutingineachcase
thewordsfinancialstatementsorconsolidatedfinancialstatements
(e) bydeletingthewordssection201(14)insubsection(2)(aa)andsubstitutingthewordssection201(12)
(f) bydeletingparagraph(b)ofsubsection(2)andsubstitutingthefollowingparagraph:
(b) whethertheaccountingandotherrecordsrequiredbythisActtobekeptbythecompanyand,ifitisaparentcompany,bythe
subsidiary corporations other than those of which he has not acted as auditor have been, in his opinion, properly kept in
accordancewiththisAct
(g) byinserting,immediatelyafterthewordsexcludingregisters,insubsection(3)(b),thewordsrequiredtobekeptundersection199(1),
(h) bydeletingparagraph(d)ofsubsection(3)
(i) bydeletingparagraph(e)ofsubsection(3)andsubstitutingthefollowingparagraph:
(e) whereconsolidatedfinancialstatementsarepreparedotherwisethanasonesetofconsolidatedfinancialstatementsforthe
group,whetherheagreeswiththereasonsforpreparingthemintheforminwhichtheyareprepared,asgivenbythedirectors
inthefinancialstatements,
(j) by deleting the words subsidiaries (which are not incorporated in Singapore) of a Singapore holding company in subsection (4) and
substitutingthewordssubsidiarycorporations(whicharenotincorporatedinSingapore)ofaSingaporeparentcompany
(k) bydeletingsubsection(6)andsubstitutingthefollowingsubsection:
(6)Anauditorofaparentcompanyforwhichconsolidatedfinancialstatementsarerequiredhasarightofaccessatalltimestothe
accountingandotherrecords,includingregisters,ofanysubsidiarycorporation,andisentitledtorequirefromanyofficerorauditorof
any subsidiary corporation, at the expense of the parent company, such information and explanations in relation to the affairs of the
subsidiarycorporationasherequiresforthepurposeofreportingontheconsolidatedfinancialstatements.
(l) bydeletingthewordaccountswhereveritappearsinsubsection(7)andsubstitutingineachcasethewordsfinancialstatements
(m) bydeletingparagraph(b)ofsubsection(9)andsubstitutingthefollowingparagraph:
(b) thecircumstancesaresuchthatinhisopinionthematterhasnotbeenorwillnotbeadequatelydealtwithbycommentinhis
reportonthefinancialstatementsorconsolidatedfinancialstatementsorbybringingthemattertothenoticeofthedirectors
ofthecompanyor,ifthecompanyisasubsidiarycompany,ofthedirectorsoftheparentcompany,
(n) bydeletingthewordsubsidiaryinsubsection(9A)andsubstitutingthewordssubsidiarycorporation
(o) bydeleting$20,000insubsection(9D)(b)andsubstituting$100,000
(p) bydeletingthewordsholdingcompanyinsubsection(10)andsubstitutingthewordsparentcompanyand
(q) bydeletingthewordaccountsinthesectionheadingandsubstitutingthewordsfinancialstatements.
Newsection208A
Provisionsindemnifyingauditors
208A.(1) Any provision, whether in the constitution or in any contract with a company or otherwise, for exempting any auditor of the
companyfrom,orindemnifyinghimoritagainst,anyliabilitywhichbylawwouldotherwiseattachtohimoritinrespectofanynegligence,
default,breachofdutyorbreachoftrustofwhichheoritmaybeguiltyinrelationtothecompanyshallbevoid.
(2)Thissectiondoesnotpreventacompanyfromindemnifyingsuchauditoragainstanyliabilityincurredorthatwillbeincurredbyhimor
it
(a) indefendinganyproceedings(whethercivilorcriminal)inwhichjudgmentisgiveninhisoritsfavourorinwhichheoritisacquitted
or
(b) inconnectionwithanyapplicationundersection76A(13)or391oranyotherprovisionofthisAct,inwhichreliefisgrantedtohimor
itbythecourt..
133.Section209(1)oftheCompaniesActisamendedbydeletingthewordsbalancesheetorprofitandlossaccountandsubstitutingthewords
financialstatements.
Repealandreenactmentofsection209A
134.Section209AoftheCompaniesActisrepealedandthefollowingsectionsubstitutedtherefor:
InterpretationofthisPart
209A.InthisPart,unlessthecontraryintentionappears
balancesheet,inrelationtoacompany,meansthebalancesheet,bywhatevernamecalled,preparedinaccordancewiththeAccounting
Standards
consolidatedfinancialstatementshasthesamemeaningasintheAccountingStandards
consolidatedtotalassets
(a) inthecasewhereconsolidatedfinancialstatementsarepreparedinrelationtoagroup,shallbedeterminedinaccordancewiththe
accountingstandardsapplicabletothegroupor
(b) inthecasewhereconsolidatedfinancialstatementsarenotpreparedinrelationtoagroup,meanstheaggregatetotalassetsofall
themembersofthegroup
directorsstatementmeansthestatementofthedirectorsreferredtoinsection201(16)
entity means an entity that is referred to in the Accounting Standards in relation to the preparation of financial statements and the
requirementsforthepreparationoffinancialstatements
financialstatementsmeansthefinancialstatementsofacompanyrequiredtobepreparedbytheAccountingStandards
grouphasthesamemeaningasintheAccountingStandards
parentcompanymeansacompanythatisrequiredundertheAccountingStandardstopreparefinancialstatementsinrelationtoagroup
subsidiarycompanymeansacompanythatisasubsidiaryasdefinedintheAccountingStandards
subsidiarycorporationmeansacorporationthatisasubsidiaryasdefinedintheAccountingStandards
ultimate parent corporation means a corporation which is a parent but is not a subsidiary, within the meaning of the Accounting
Standards..
(1)Whereacompromiseoranarrangementisproposedbetween
(a) acompanyanditscreditorsoranyclassofthem
(b) acompanyanditsmembersoranyclassofthemor
(c) acompanyandholdersofunitsofsharesofthecompanyoranyclassofthem,
theCourtmay,ontheapplicationinasummarywayofanypersonreferredtoinsubsection(2),orderameetingofthecreditors,the
membersofthecompany,theholdersofunitsofsharesofthecompany,oraclassofsuchpersons,tobesummonedinsuchmanneras
theCourtdirects.
(2)Thepersonsreferredtoinsubsection(1)are
(a) inthecaseofacompanybeingwoundup,theliquidatorand
(b) inanyothercase
(i)
thecompanyor
(ii)
anycreditor,memberorholderofunitsofsharesofthecompany.
(3) A meeting held pursuant to an order made under subsection (1) may be adjourned from time to time if the resolution for the
adjournmentisapprovedbyamajorityinnumberrepresentingthreefourthsinvalueof
(a) thecreditorsorclassofcreditors
(b) themembersorclassofmembersor
(c) theholdersofunitsofsharesorclassofholdersofunitsofshares,
presentandvotingeitherinpersonorbyproxyatthemeeting.
(3AA)Iftheconditionssetoutinsubsection(3AB)aresatisfied,acompromiseoranarrangementshallbebinding
(a) inthecaseofacompanyinthecourseofbeingwoundup,ontheliquidatorandcontributoriesofthecompanyor
(b) inthecaseofanyothercompany,onthecompanyandonall
(i)
thecreditorsorclassofcreditors
(ii)
themembersorclassofmembersor
(iii)
theholdersofunitsofsharesorclassofholdersofunitsofshares,
asthecasemaybe.
(3AB)Theconditionsreferredtoinsubsection(3AA)areasfollows:
(a) unlesstheCourtordersotherwise,amajorityinnumberof
(i)
(ii)
(iii)
presentandvotingeitherinpersonorbyproxyatthemeetingortheadjournedmeetingagreestothecompromiseor
arrangement
(b) themajorityinnumberreferredto,orsuchnumberastheCourtmayorder,underparagraph(a)representsthreefourthsin
valueof
(i)
(ii)
(iii)
presentandvotingeitherinpersonorbyproxyatthemeetingortheadjournedmeeting,asthecasemaybeand
(c) thecompromiseorarrangementisapprovedbyorderoftheCourt.
(b) bydeletingthewordssubsection(3)insubsection(5)andsubstitutingthewordssubsection(3AB)(c)
(6) Subject to subsection (7), a copy of every order made under subsection (3AB)(c) shall be annexed to every copy of the
constitutionofthecompanyissuedaftertheorderhasbeenmade.
(d) bydeletingthewordsshareholdersandcreditorsofthecompanyinsubsection(8)(b)andsubstitutingthewordsshareholders,creditors
andholdersofunitsofsharesofthecompany
(e) bydeletingthewordsmemberorcreditorinsubsection(10)andsubstitutingthewordsmember,creditororholderofunitsofshares
(f) byinserting,immediatelyaftersubsection(10),thefollowingsubsections:
(10A) Where the terms of any compromise or arrangement approved under this section provides for any money or other
considerationtobeheldbyoronbehalfofanypartytothecompromiseorarrangementintrustforanyperson,thepersonholdingthe
moneyorotherconsiderationmay,aftertheexpirationof2yearsandshallbeforetheexpirationof10yearsfromthedateonwhichthe
moneyorotherconsiderationwasreceivedbytheperson,transferthemoneyorotherconsiderationtotheOfficialReceiver.
(10B)TheOfficialReceivershall
(a) dealwithanymoneysreceivedundersubsection(10A)asifthemoneyswerepaidtohimundersection322and
(b) sellordisposeofanyotherconsiderationreceivedundersubsection(10A)insuchmannerashethinksfitandshalldealwith
theproceedsofsuchsaleordisposalasifitweremoneyspaidtohimundersection322.
(g) bydeletingthewordsorsocietyinthedefinitionofcompanyinsubsection(11)
(h) by deleting the fullstop at the end of the definition of company in subsection (11) and substituting a semicolon, and by inserting
immediatelythereafterthefollowingdefinition:
holderofunitsofsharesdoesnotincludeapersonwhoholdsunitsofsharesonlybeneficially.and
(i) bydeletingthesectionheadingandsubstitutingthefollowingsectionheading:
Powertocompromisewithcreditors,membersandholdersofunitsofshares.
(1)Whereameetingissummonedundersection210,thereshall
(a) witheverynoticesummoningthemeetingwhichissenttoacreditor,memberorholderofunitsofsharesofthecompany,be
sentalsoastatementexplainingtheeffectofthecompromiseorarrangementandinparticularstatinganymaterialinterestsof
thedirectors,whetherasdirectorsorasmembers,creditorsorholdersofunitsofsharesofthecompanyorotherwise,andthe
effect thereon of the compromise or arrangement in so far as it is different from the effect on the like interests of other
personsand
(b) ineverynoticesummoningthemeetingwhichisgivenbyadvertisement,beincludedeithersuchastatementoranotification
oftheplaceatwhichandthemannerinwhichcreditors,membersorholdersofunitsofsharesofthecompanyentitledto
attendthemeetingmayobtaincopiesofsuchastatement.
(b) bydeletingthewordscreditorormemberinsubsection(3)andsubstitutingthewordscreditor,memberorholderofunitsofsharesofthe
companyand
(c) bydeletingthesectionheadingandsubstitutingthefollowingsectionheading:
Informationastocompromisewithcreditors,membersandholdersofunitsofsharesofcompany.
(6)Inthissection,companymeansanycorporationliabletobewoundupunderthisAct..
(a) by deleting the words another company or corporation (referred to in this section as the transferee company) in subsection (1) and
substitutingthewordsaperson(referredtointhissectionasthetransferee)
(b) bydeletingthewordstransfereecompanywherevertheyappearinsubsections(1),(2),(4)and(8)to(11)andsubstitutingineachcasethe
wordtransferee
(c) by deleting the words excluding any shares in the company in subsection (1) and substituting the words excluding any shares in the
transferorcompany
(d) byinserting,immediatelyaftersubsection(1),thefollowingsubsections:
(1A)Wherealternativetermswereofferedtotheshareholders,adissentingshareholderisentitledtoelectnotlaterthantheendof
onemonthafterthedateonwhichthenoticeisgivenundersubsection(1),or14daysafterastatementissuppliedundersubsection(2),
whicheveristhelater,whichofthosetermsthedissentingshareholderprefers.
(1B)Inofferingalternativetermstotheshareholders,thetransfereeshallstatewhichofthosetermsistoapplytotheacquisitionof
the shares of a dissenting shareholder where the dissenting shareholder fails to make the election within the time allowed under
subsection(1A).
(1C)Indeterminingwhethertheschemeorcontracthasbeenapprovedbytheholdersoftherequisitenumberofshares,orsharesof
anyparticularclass,undersubsection(1),thefollowingsharesshallbedisregarded:
(a) sharesthatareissuedafterthedateoftheofferand
(b) relevanttreasurysharesthatceasetobeheldastreasurysharesafterthedateoftheoffer.
(1D)Insubsection(1C)(b),relevanttreasurysharesmeans
(a) sharesthatareheldbythetransferorcompanyastreasurysharesonthedateoftheofferor
(b) shares that become shares held by the transferor company as treasury shares after the date of the offer but before a date
specifiedinordeterminedinaccordancewiththetermsoftheoffer.
(e) bydeletingthewordsrequirethecompanybyademandinwritingservedonthatcompanyinsubsection(2)andsubstitutingthewords
requirethetransferorcompanybyademandinwritingservedonthetransferorcompany
(f) bydeletingsubsection(3)andsubstitutingthefollowingsubsections:
(3) Where, in pursuance of any such scheme or contract, shares in a transferor company are transferred to a transferee or its
nominee and those shares together with any other shares in the transferor company held by the transferee at the date of the transfer
compriseorinclude90%ofthetotalnumberofthesharesinthetransferorcompanyorofanyclassofthoseshares,then
(a) thetransfereeshallwithinonemonthfromthedateofthetransfer(unlessonaprevioustransferinpursuanceofthescheme
orcontractithasalreadycompliedwiththisrequirement)givenoticeofthatfactintheprescribedmannertotheholdersof
theremainingsharesoroftheremainingsharesofthatclasswhohavenotassentedtotheschemeorcontractand
(b) any such holder may within 3 months from the giving of the notice to him require the transferee to acquire the shares in
question,
and where a shareholder gives notice under paragraph (b) with respect to any shares, the transferee shall be entitled and bound to
acquirethosesharesonthetermsonwhichundertheschemeorcontractthesharesoftheapprovingshareholdersweretransferredtoit,
oronsuchothertermsasareagreedorastheCourtontheapplicationofeitherthetransfereeortheshareholderthinksfittoorder.
(3A)Insubsection(3),forthepurposeofcalculatingwhether90%ofthetotalnumberofsharesareheldbythetransferee,shares
heldbythetransferorcompanyastreasurysharesaretobetreatedashavingbeenacquiredbythetransferee.
(g) bydeletingthewordsthatcompanyisentitledtoacquireinsubsection(4)andsubstitutingthewordsthetransfereeisentitledtoacquire
(h) bydeletingthewordsthatcompanyinsubsection(5)andsubstitutingthewordsthetransferorcompany
(i) bydeletingsubsections(6)and(7)andsubstitutingthefollowingsubsections:
(6)Whereanymoneyorotherconsiderationisheldintrustbyacompanyforanypersonunderthissection,thecompanyholding
themoneyorotherconsiderationmay,aftertheexpirationof2yearsandshallbeforetheexpirationof10yearsfromthedateonwhich
themoneyorotherconsiderationwasreceivedbytheperson,transferthemoneyorotherconsiderationtotheOfficialReceiver.
(7)TheOfficialReceivershall
(a) dealwithanymoneysreceivedundersubsection(6)asifthemoneyswerepaidtohimundersection322and
(b) sellordisposeofanyotherconsiderationreceivedundersubsection(6)insuchmannerashethinksfitandshalldealwiththe
proceedsofsuchsaleordisposalasifitweremoneyspaidtohimundersection322.
(j) byinserting,immediatelyafterthewordsInthissection,insubsection(8),thewordaand
(k) byinserting,immediatelyaftersubsection(8),thefollowingsubsections:
(8A)Inthissectionandsections215AAand215AB
(a) sharesshallincludeunitsofshares
(b) shareholdersincludesholdersofunitsofsharesbutdoesnotincludeapersonwhoholdsunitsofsharesonlybeneficially
(c) registerofmembersincludesanyrecordskeptbyorwithrespecttothetransferorcompanyofthenamesandaddressesof
holdersofunitsofshares.
(8B)Nothinginthedefinitionofsharesinsubsection(8A)shallbereadasrequiringanysecuritiestobetreated
(a) assharesofthesameclassasthoseintowhichtheyareconvertibleorforwhichtheholderisentitledtosubscribeor
(b) assharesofthesameclassasothersecuritiesbyreasononlythatthesharesintowhichtheyareconvertibleorforwhichthe
holderisentitledtosubscribeareofthesameclass..
Newsections215AAand215AB
Jointoffers
215AA.(1)Inthecaseofaschemeinvolvinganoffertoacquireallofthesharesinacompany,orallofthesharesinanyparticularclassina
company,by2ormorepersonsjointly(referredtointhissectionasthejointtransferees),section215shallbereadsubjecttothissection.
(2)Theconditionsfortheexerciseoftherightsconferredbysection215(1)aresatisfied
(a) in the case of acquisitions of shares by virtue of acceptances of the offer, by the joint transferees acquiring or unconditionally
contractingtoacquirethenecessarysharesjointlyor
(b) in other cases, by the joint transferees acquiring or unconditionally contracting to acquire the necessary shares either jointly or
separately.
(3)Theconditionsfortheexerciseoftherightsconferredbysection215(3)aresatisfied
(a) in the case of acquisitions of shares by virtue of acceptances of the offer, by the joint transferees acquiring or unconditionally
contractingtoacquirethenecessarysharesjointlyor
(b) inothercases,bythejointtransfereesacquiringorcontracting(whetherunconditionallyorsubjecttoconditionsbeingmet)toacquire
thenecessaryshareseitherjointlyorseparately.
(4) Subject to this section, the rights and obligations of the transferee under section 215 are respectively joint rights and joint and several
obligationsofthejointtransferees.
(5)Subjecttosubsection(6),anynoticeorotherdocumentgivenorsentbyortothejointtransfereesundersection215iscompliedwithifthe
noticeordocumentisgivenorsentbyortoanyofthem.
(6)Thenoticerequiredtobegivenbythejointtransfereesundersection215(1)and(3)shallbemadebyallofthejointtransfereesand,where
oneormoreofthemisacompany,signedbyadirectorofthatcompany.
Effectofimpossibility,etc.,ofcommunicatingoracceptingoffermadeunderschemeorcontract
215AB.(1)Wherethereareholdersofsharesinacompanytowhomanoffertoacquiresharesinthecompanyisnotcommunicated,that
doesnotpreventtheofferfrombeinganoffermadeunderaschemeorcontractforthepurposesofsection215if
(a) thoseshareholdershavenoaddressinSingaporeregisteredwiththecompany
(b) theofferwasnotcommunicatedtothoseshareholders
(i)
inordernottocontravenethelawofacountryorterritoryoutsideSingaporeor
(ii)
becausecommunicationtothoseshareholderswouldinthecircumstancesbeundulyonerousand
(c) either
(i)
theofferispublishedintheGazetteor
(ii)
theoffercanbeinspected,oracopyofitobtained,ataplaceinSingaporeoronawebsite,andanoticeispublishedinthe
Gazettespecifyingtheaddressofthatplaceorwebsite.
(2) Where an offer is made to acquire shares in a company and there are persons for whom, by reason of the law of a country or territory
outsideSingapore,itisimpossibletoaccepttheoffer,ormoredifficulttodoso,thatdoesnotpreventtheofferfrombeingmadeunderascheme
orcontractforthepurposesofsection215.
(3)Itisnottobeinferred
(a) thatanofferwhichisnotcommunicatedtoeveryholderofsharesinthecompanycannotbeanoffermadeunderaschemeorcontract
forthepurposesofsection215unlesstherequirementsofsubsection(1)(a),(b)and(c)aremetor
(b) thatanofferwhichisimpossible,ormoredifficult,forcertainpersonstoacceptcannotbeanoffermadeunderaschemeorcontractfor
thosepurposesunlessthereasonfortheimpossibilityordifficultyisthereasonmentionedinsubsection(2)..
(a) bydeletingparagraph(c)ofsubsection(1)andsubstitutingthefollowingparagraphs:
(c) thefullnameofeverydirectoroftheamalgamatedcompany
(ca) the residential address or alternate address, as the case may be, of every director of the amalgamated company which is
enteredintheregisterofdirectorskeptbytheRegistrarundersection173(1)(a)inrespectofthecompanyand
(b) bydeletingthewordssection27(12)insubsection(5)(b)andsubstitutingthewordssection27(12B).
141.Section215DoftheCompaniesActisamended
(a) by inserting, immediately after the words being the amalgamated holding company in subsection (1), the words or the amalgamated
subsidiarycompany
(b) bydeletingparagraphs(a)to(d)ofsubsection(1)andsubstitutingthefollowingparagraphs:
(a) inthecase
(i)
wheretheamalgamatingcompaniescontinueastheamalgamatedholdingcompany,thesharesofeachamalgamating
subsidiarycompanywillbecancelledwithoutanypaymentoranyotherconsiderationor
(ii)
where the amalgamating companies continue as an amalgamated subsidiary company, the shareholders of the
amalgamatingholdingcompanyshallbeissuedandholdthesamenumberofsharesintheamalgamatedsubsidiary
company as they hold in the amalgamating holding company without any payment or other consideration and the
shares of each amalgamating company, except for the shares in the amalgamated subsidiary company which are
issuedtotheshareholdersoftheamalgamatingholdingcompany,willbecancelledwithoutanypaymentoranyother
consideration
(b) theconstitutionoftheamalgamatedcompanywillbethesameastheconstitutionoftheamalgamatingcompanywhoseshares
arenotcancelled
(c) the directors of the amalgamating holding company and every amalgamating subsidiary company are satisfied that the
amalgamatedcompanywillbeabletopayitsdebtsastheyfalldueasatthedateonwhichtheamalgamationistobecome
effectiveand
(d) thepersonorpersonsnamedasdirectorordirectorsintheresolutionofeachamalgamatingcompanywillbethedirectoror
directorsoftheamalgamatedcompany.
(c) bydeletingthewordsduringtheperiodof12monthsimmediatelyafterinsubsection(2)(c)andsubstitutingthewordsasat
(d) by deleting the words the resolution will be the director or directors, respectively, in subsection (2)(d) and substituting the words each
resolutionwillbethedirectorordirectorsand
(e) by deleting the words the date of the general meeting in subsection (5) and substituting the words the commencement of the general
meeting.
142.Section215E(1)oftheCompaniesActisamended
(a) byinserting,immediatelyafterparagraph(a),thefollowingparagraph:
(aa) anysolvencystatementmadeundersection215C(2)or215D(5),asthecasemaybe
(b) bydeletingthewordssection215Cor215Dinparagraph(b)andsubstitutingthewordssection215C(3)or215D(6)and
(c) bydeletingthewordssection27(12)inparagraph(d)andsubstitutingthewordssection27(12B).
Amendmentofsection215I
143.Section215IoftheCompaniesActisamended
(a) bydeletingthewordsstatutorydeclarationinsubsection(2)(a)and(b)andsubstitutingineachcasethewordsdeclarationinwritingand
(b) bydeletingthewordssection201(1A),(3)and(3A)insubsection(4)(a)(i)andsubstitutingthewordssection201(2)and(5).
Amendmentofsection215J
144.Section215JoftheCompaniesActisamended
(1) In sections 215C(2)(c) and 215D(5), solvency statement, in relation to an amalgamated company, means a declaration in
writingbytheboardofdirectorsofeachamalgamatingcompanythatithasformedtheopinion
(a) thattheamalgamatedcompanywillbeabletopayitsdebtsastheyfalldueasatthedateonwhichtheamalgamationisto
becomeeffectiveand
(b) that the value of the amalgamated companys assets will not be less than the value of its liabilities (including contingent
liabilities).and
(b) bydeletingthewordssection201(1A),(3)and(3A)insubsection(3)(a)(i)andsubstitutingthewordssection201(2)and(5).
Newsection215K
145.TheCompaniesActisamendedbyinserting,immediatelyaftersection215J,thefollowingsection:
TransferofmoneyorotherconsiderationpaidundertermsofamalgamationtoOfficialReceiver
215K.(1) Where the terms of any amalgamation proposal that is approved under section 215C, or is deemed to be approved under
section215D,provideforanymoneyorotherconsiderationtobeheldbyoronbehalfofanypartytotheamalgamationintrustforanyperson,the
personholdingthemoneyorotherconsiderationmay,aftertheexpirationof2yearsandshallbeforetheexpirationof10yearsfromthedateon
which,themoneyorotherconsiderationwasreceivedbytheperson,transferthemoneyorotherconsiderationtotheOfficialReceiver.
(2)TheOfficialReceivershall
(a) dealwithanymoneysreceivedundersubsection(1)asifthemoneyswerepaidtohimundersection322and
(b) sellordisposeofanyotherconsiderationreceivedundersubsection(1)insuchmannerashethinksfitandshalldealwiththeproceeds
ofsuchsaleordisposalasifitweremoneyspaidtohimundersection322..
(a) bydeletingthedefinitionofcompanyinsubsection(1)
(b) byinserting,immediatelyafterthewordactionwhereveritappearsinsubsections(2)and(3),thewordsorarbitration
(c) byinserting,immediatelyafterthewordactioninsubsection(5)(a)and(c),thewordsorarbitrationand
(d) byinserting,immediatelyafterthewordactioninsubsection(5)(b),thewordsorarbitrationbythepersonsoauthorised.
147.Section223(1)oftheCompaniesActisamendedbydeletingthewordsonemonthinparagraph(c)andsubstitutingthewords30days.
148.Section225(1)oftheCompaniesActisamendedbydeletingthewordsonemonthwherevertheyappearinparagraph(a)andsubstitutingin
eachcasethewords30days.
Amendmentofsection227X
149.Section227XoftheCompaniesActisamendedbydeletingparagraph(a)andsubstitutingthefollowingparagraph:
(a) section210shallapplyasif
(i) subsections(1)and(2)weresubstitutedwiththefollowingsubsection:
(1)Whereacompromiseoranarrangementisproposedbetweenacompanyanditscreditors,theCourtmayontheapplication
ofthejudicialmanagerorderameetingofcreditorstobesummonedinsuchmannerastheCourtdirects.
(ii) subsections(3AA)and(3AB)weresubstitutedwiththefollowingsubsection:
(3AA) If threefourths in value of the creditors present and voting either in person or by proxy at the meeting agree to any
compromiseorarrangement,thecompromiseorarrangementshall,ifapprovedbytheCourt,bebindingonallthecreditorsandon
thejudicialmanager.and
(iii) thereferencestosubsection(3AB)(c)insubsections(5)and(6)weresubstitutedwithsubsection(3AA)and.
150.Section254oftheCompaniesActisamendedbyinserting,immediatelyaftersubsection(2),thefollowingsubsection:
(2A)Onanapplicationforwindinguponthegroundspecifiedinsubsection(1)(f)or(i),insteadofmakinganorderforthewindingup,the
Court may if it is of the opinion that it is just and equitable to do so, make an order for the interests in shares of one or more members to be
purchasedbythecompanyoroneormoreothermembersontermstothesatisfactionoftheCourt..
151.Section328oftheCompaniesActisamendedbydeletingsubsections(2)and(2A)andsubstitutingthefollowingsubsection:
(2)Theamountpayableundersubsection(1)(b)and(c)shallnotexceedsuchamountasmaybeprescribedbytheMinisterbyorderpublished
intheGazette..
(1) Where the Registrar has reasonable cause to believe that a company is not carrying on business or is not in operation, the
Registrar may send to the company, and its directors, secretaries and members, a letter to that effect and stating that, if an answer
showingcausetothecontraryisnotreceivedwithin30daysafterthedateoftheletter,anoticewillbepublishedintheGazettewitha
viewtostrikingthenameofthecompanyofftheregister.
(1A) Without prejudice to the generality of subsection (1), in determining whether there is reasonable ground to believe that a
companyisnotcarryingonbusiness,theRegistrarmayhaveregardtosuchcircumstancesasmaybeprescribed.
(c) by deleting the words 3 months from the date of that notice the name of the company mentioned therein will unless cause is in
subsection(2)andsubstitutingthewords60daysafterthedateofthatnoticethenameofthecompanymentionedinthatnoticewillunless
causeis,intheformandmannerspecifiedinsection344C,
(d) bydeletingthewords15yearsinsubsection(5)andsubstitutingthewords6years
(e) byinserting,immediatelyaftersubsection(6),thefollowingsubsection:
(7)TheRegistrarshallensurethat
(a) suchparticularsofthecompanyreferredtoinsubsection(1)andofhisbeliefthatthecompanyisnotcarryingonbusinessor
isnotinoperation,ashemaydetermine,issentto
(i)
the Inland Revenue Authority of Singapore established under the Inland Revenue Authority of Singapore Act
(Cap.138A)and
(ii)
theCentralProvidentFundBoardestablishedundertheCentralProvidentFundAct(Cap.36)and
(b) thesubstanceofthenoticestobepublishedintheGazettereferredtoinsubsections(2),(3)and(4)isalsopublishedonthe
Authorityswebsite..
Newsections344Ato344G
Strikingoffonapplicationbycompany
344A.(1)TheRegistrarmay,ontheapplicationbyacompany,strikethecompanysnameofftheregisteronsuchgroundsandsubjectto
suchconditionsasmaybeprescribed.
(2)Anapplicationundersubsection(1)shallbemadeonthecompanysbehalfbyitsdirectorsorbyamajorityofthem.
(3)Uponreceiptoftheapplication,theRegistrarshall,ifsatisfiedthatthegroundsandconditions(ifany)referredtoinsubsection(1)have
been satisfied, send to the company and its directors, secretaries and members a letter informing them of the application and stating that if an
answershowingcausetothecontrary(intheformandmannerreferredtoinsection344C)isnotreceivedwithin30daysafterthedatethereofa
notice,detailsofwhicharesetoutinsubsection(4),willbepublishedintheGazettewithaviewtostrikingthenameofthecompanyoffthe
register.
(4)TheRegistrarmaynotstrikeacompanysnameofftheregisterunderthissectionuntilaftertheexpirationof60daysafterthepublication
bytheRegistrarintheGazetteofanotice
(a) statingthattheRegistrarintendstoexercisethepowerunderthissectioninrelationtothecompanyand
(b) invitinganypersontoshowcausewhythatshouldnotbedonewithinsuchperiodasmaybeprescribed.
(5)Ifnopersonshowscauseorsufficientcausewithintheperiodreferredtoinsubsection(4)(b)astowhythenameofthecompanyshould
notbestruckofftheregister,theRegistrarshallstrikeoffthenameofthecompanyfromtheregisterandpublishanoticeintheGazetteofthe
companysnamehavingbeensostruckoff.
(6)OnthepublicationofthenoticeintheGazetteundersubsection(5),thecompanyisdissolved.
(7)Notwithstandingthedissolutionofthecompanyundersubsection(6)
(a) theliability,ifany,ofeveryofficerandmemberofthecompanyshallcontinueandmaybeenforcedasifthecompanyhadnotbeen
dissolvedand
(b) nothinginthissectionshallaffectthepoweroftheCourttowindupacompanythenameofwhichhasbeenstruckofftheregister.
(8)TheRegistrarshallensurethat
(a) suchparticularsofthecompanyandoftheapplicationreferredtoinsubsection(1),ashemaydetermine,issentto
(i)
theInlandRevenueAuthorityofSingaporeestablishedundertheInlandRevenueAuthorityofSingaporeAct(Cap.138A)and
(ii)
theCentralProvidentFundBoardestablishedundertheCentralProvidentFundAct(Cap.36)and
(b) thesubstanceofthenoticestobepublishedintheGazettereferredtoinsubsections(4)and(5)isalsopublishedontheAuthoritys
website.
(9)TheRegistrarmay,forthepurposesofthissection,sendnoticestothecompanybyordinarypostorinsuchotherprescribedmanner.
Withdrawalofapplication
344B.(1)Theapplicantorapplicantsmay,bywrittennoticetotheRegistrar,withdrawanapplicationtostrikeacompanysnameoffthe
registerundersection344Aatanytimebeforethenameofthecompanyhasbeenstruckofftheregister.
(2)Uponreceiptofthenoticereferredtoinsubsection(1),theRegistrarshall
(a) sendtothecompanybyordinarypostanoticethattheapplicationtostrikethecompanysnameofftheregisterhasbeenwithdrawn
and
(b) publishanoticeontheAuthorityswebsitethattheapplicationtostrikethecompanysnameofftheregisterhasbeenwithdrawn.
Objectionstostrikingoff
344C.(1)WhereanoticeisgivenorpublishedbytheRegistrarundersection344(2)or344A(4)oftheRegistrarsintentiontostrikethe
companysnameofftheregister,anypersonmaydeliver,notlaterthanthedatespecifiedinthenotice,anobjectiontothestrikingoffofthename
ofthecompanyfromtheregisteronthegroundthatthereisreasonablecausewhythenameofthecompanyshouldnotbesostruckoff,including
thatthecompanydoesnotsatisfyanyoftheprescribedgroundsforstrikingoffreferredtoinsection344(1)or344A(1).
(2)Anobjectiontothestrikingthenameofthecompanyofftheregisterreferredtoinsubsection(1)shallbegiventotheRegistrarbynoticein
theprescribedformandmanner.
(3)Uponreceiptofanoticeofobjection,whichismadeintheprescribedformandmanner,withinthetimereferredtoinsubsection(1),the
Registrar
(a) shallwhereapplicable,givetheapplicantorapplicantsforstrikingthenameofthecompanyofftheregisternoticeoftheobjectionand
(b) shall,indecidingwhethertoallowtheobjection,takeintoaccountsuchconsiderationsasmaybeprescribed.
Applicationforadministrativerestorationtoregister
344D.(1)Subjecttosuchconditionsasmaybeprescribed,anapplicationmaybemadetotheRegistrartorestoretotheregisterthenameof
acompanywhosenamehasbeenstruckofftheregisterbytheRegistrarundersection344,ifnoapplicationhasbeenorisbeingmadetotheCourt
torestorethenameofthecompanytotheregisterundersection344(5).
(2)Anapplicationunderthissectionmaybemadewhetherornotthecompanyhasinconsequencebeendissolved.
(3)Anapplicationunderthissectionmayonlybemadebyaformerdirectororformermemberofthecompany.
(4)AnapplicationunderthissectionisnotvalidunlesstheapplicationisreceivedbytheRegistrarwithin6yearsafterthedateonwhichthe
companyisdissolved.
Registrarsdecisiononapplicationforadministrativerestoration
344E.(1)TheRegistrarshallgivenoticetotheapplicantofthedecisiononanapplicationundersection344D.
(2)IftheRegistrarsdecisionisthatthenameofthecompanyshouldberestoredtotheregister
(a) therestorationtakeseffectasfromthedatethatnoticeissentand
(b) theRegistrarshall
(i)
enterintheregisteranoteofthedateonwhichtherestorationtakeseffectand
(ii)
causenoticeoftherestorationtobepublishedintheGazetteandontheAuthorityswebsite.
(3)Thenoticeundersubsection(2)(b)(ii)shallstate
(a) thenameofthecompanyor,ifthecompanyisrestoredtotheregisterunderadifferentname,thatnameanditsformername
(b) thecompanysregistrationnumberand
(c) thedateasonwhichtherestorationofthenameofthecompanytotheregistertakeseffect.
(4)IftheRegistrarsdecisionisthatthenameofthecompanyshouldnotberestoredtotheregister,thepersonwhomadetheapplicationunder
section344DoranyotherpersonaggrievedbythedecisionoftheRegistrarmayappealtotheCourt.
(5)Onanappealmadeundersubsection(4),theCourtmay
(a) confirmtheRegistrarsdecisionor
(b) restorethenameofthecompanytotheregisterandgivesuchdirectionsandmakesuchordersastheCourtisempoweredtogiveand
makeundersection344G(3).
Registrarmayrestorecompanyderegisteredbymistake
344F.(1) The Registrar may, on his own initiative, restore the name of a company to the register if he is satisfied that the name of the
companyhasbeenstruckofftheregisterandthecompanyisdissolvedundersection344or344AasaresultofamistakeoftheRegistrar.
(2) In subsection (1), a reference to a mistake of the Registrar excludes a mistake that is made on the basis of wrong, false or misleading
informationgivenbytheapplicantinconnectionwiththeapplicationforstrikingthenameofthecompanyofftheregisterundersection344A.
(3) The Registrar may restore the name of a company to the register by publishing in the Gazette and on the Authoritys website a notice
declaringtherestoration,andtherestorationtakeseffectonthedateofpublicationofthenotice.
Effectofrestoration
344G.(1) If the name of a company is restored to the register under section 344E(2) or 344F, or on appeal to the Court under
section344E(5),thecompanyistoberegardedashavingcontinuedinexistenceasifitsnamehadnotbeenstruckofftheregister.
(2)Thecompanyanditsdirectorsarenotliabletoapenaltyundersection204forafinancialyearinrelationtowhichtheperiodforfilingits
financialstatementsandotherrelatedstatementsended
(a) afterthedateofdissolutionorstrikingoffand
(b) beforetherestorationofthenameofthecompanytotheregister.
(3)Ontheapplicationbyanyperson,theCourtmaygivesuchdirectionsandmakesuchorders,asitseemsjustforplacingthecompanyand
all other persons in the same position (as nearly as may be) as if the company had not been dissolved or its name had not been struck off the
register.
(4)AnapplicationtotheCourtforsuchdirectionsorordersmaybemadeanytimewithin3yearsafterthedateofrestorationofthenameof
thecompanytotheregister..
ForeigncompaniestowhichthisDivisionapplies
365.ThisDivisionappliestoaforeigncompanywhich
(a) establishesaplaceofbusinessorcarriesonbusinessinSingaporeor
(b) intendstoestablishaplaceofbusinessorcarryonbusinessinSingapore..
(a) bydeletingthedefinitionsofagentandcarryingonbusinessinsubsection(1)andsubstitutingthefollowingdefinitions:
authorisedrepresentative,inrelationtoaforeigncompany,means
(a) in the case of a foreign company registered before the date of commencement of section 155 of the Companies
(Amendment)Act2014,theagentoftheforeigncompanyasdefinedbythissectioninforceimmediatelybeforethat
dateand
(b) in the case of a foreign company registered on or after the date of commencement of section 155 of the Companies
(Amendment)Act2014,thepersonnamedinanoticelodgedundersection368(1)(e)
carryingonbusiness
(a) includestheadministration,managementorotherwisedealingwithpropertysituatedinSingaporeasanagent,alegal
personalrepresentative,oratrustee,whetherbyemployeesoragentsorotherwiseand
(b) doesnotexcludeactivitiescarriedonwithoutaviewtoanyprofit.
(b) bydeletingthewordorattheendofsubsection(2)(j)
(c) bydeletingthewordstheAuthorityinsubsection(2)(k)andsubstitutingthewordstheMonetaryAuthorityofSingaporeand
(d) bydeletingthefullstopattheendofparagraph(k)ofsubsection(2)andsubstitutingthewordor,andbyinsertingimmediatelythereafter
thefollowingparagraph:
(l) carriesonsuchotheractivityastheMinistermayprescribe..
Repealandreenactmentofsection368andnewsections368Aand368B
Documents,etc.,tobelodgedbyforeigncompanieshavingplaceofbusinessinSingapore
368.(1)Everyforeigncompanyshall,beforeitestablishesaplaceofbusinessorcommencestocarryonbusinessinSingapore,lodgewith
theRegistrarforregistration
(a) thenameoftheforeigncompanyandtheaddressoftheregisteredofficeofthecompanyinitsplaceofincorporationorformation
(b) acertifiedcopyofthecertificateofitsincorporationorregistrationinitsplaceofincorporationorformationoradocumentofsimilar
effect
(c) a certified copy of its charter, statute, constitution or memorandum or articles or other instrument constituting or defining its
constitutionbutonlyifsuchdocumentisrequiredtoberegisteredorlodgedunderthelawrelatingtotheincorporation,formationor
registrationoftheforeigncompanyinitsplaceofincorporation,formationororiginalregistration
(d) alistofitsdirectorscontainingsimilarparticularswithrespecttoitsdirectorsasarebythisActrequiredtobecontainedintheregister
ofdirectorsofacompanyincorporatedunderthisActand,inrespectofeachdirector,hisresidentialaddress
(e) anoticestatingthenames,nationalitiesandotheridentificationparticularsofoneormorenaturalpersonsresidentinSingaporewhoare
appointedasthecompanysauthorisedrepresentativesandauthorisedassuchtoacceptonitsbehalfserviceofprocessandanynotice
requiredtobeservedonthecompany,andinrespectofeachauthorisedrepresentative,hisresidentialaddress
(f) astatementbyoronbehalfoftheforeigncompanyintheprescribedformconfirmingthateachofitsauthorisedrepresentativesreferred
to in the notice lodged under paragraph (e) has consented to act as such (referred to in this section and section 370 as the consent
statement)
(g) noticeofthesituationofitsregisteredofficeinSingaporeand,unlesstheofficeisopenandaccessibletothepublicduringordinary
businesshoursoneachbusinessday,thedaysandhoursduringwhichitisopenandaccessibletothepublic
(h) anoticeintheprescribedformcontainingthefollowingparticulars:
(i)
inthecase
(A) whereacertificateoftheforeigncompanysincorporationorregistrationoradocumentofsimilareffectisissuedinits
place of incorporation or formation, the registration number indicated on the certificate of the foreign companys
incorporationorregistrationoradocumentofsimilareffector
(B) wherethedocumentreferredtoinsubparagraph(A)isnotavailable,thenumberissuedtotheforeigncompanyupon
itsincorporationbyorregistrationwithanauthoritywhichisresponsibleforincorporatingorregisteringcompanies
(ii)
adescriptionofthebusinesscarriedonbytheforeigncompanyand
(iii)
thetypeoflegalformorlegalentityoftheforeigncompanyand
(i) where the law for the time being applicable to the foreign company in the place of its incorporation or formation requires audited
financialstatementsofitsheadofficetobeprepared,acopyofthelatestauditedfinancialstatementsofitsheadoffice,
andonpaymentoftheappropriatefeesandsubjecttothisAct,theRegistrarshallregistertheforeigncompanyunderthisDivisionbyregistration
ofthedocuments.
(2)AnydocumentrequiredtobeservedunderthisActonadirectororanauthorisedrepresentativeofaforeigncompanyshallbesufficiently
servedifaddressedtothedirectororauthorisedrepresentativeandleftatorsentbyposttohisresidentialaddressor,ifthedirectororauthorised
representativehasprovidedanalternateaddressundersection370A,hisalternateaddress.
(3) The following shall be made available for inspection at the registered office of the foreign company during the hours in which the
registeredofficeofthecompanyisaccessibletothepublic:
(a) a copy of the memorandum of appointment or power of attorney appointing each authorised representative of the company in such
mannerastobebindingonthecompany
(b) where the memorandum of appointment or power of attorney referred to in paragraph (a) is executed by a person on behalf of the
company,acopyofthedeedordocumentbywhichthatpersonisauthorisedtoexecutethememorandumofappointmentorpowerof
attorney,verifiedbystatutorydeclarationintheprescribedmanner.
(4)Subsection(1)shallapplytoaforeigncompanywhichwasnotregisteredundertherepealedwrittenlawsbutwhich,immediatelybefore29
December1967,hadaplaceofbusinessorwascarryingonbusinessinSingaporeand,onthatdate,hadaplaceofbusinessorwascarryingon
businessinSingapore,asifitestablishedthatplaceofbusinessorcommencedtocarryonthatbusinessonthatdate.
Dutyofdirectorsandauthorisedrepresentativestoprovideinformationtoforeigncompany
368A.(1)Adirectorshallgivetheforeigncompanyanyinformationthecompanyneedstocomplywithsection372(1)assoonaspracticable
butnotlaterthan14daysafterhisinitialappointment,unlesshehaspreviouslygiventheinformationtothecompanyinwriting.
(2)Anauthorisedrepresentativeshallgivetheforeigncompany
(a) any information the company needs to comply with section 370(4) as soon as practicable but not later than 14 days after his initial
appointment,unlesshehaspreviouslygiventheinformationtothecompanyinwritingand
(b) anyinformationthecompanyneedstocomplywithsection372(1)assoonaspracticablebutnotlaterthan14daysafteranychangein
hisparticulars.
(3)Notwithstandingsubsection(1)or(2),adirectororanauthorisedrepresentativeshall,subjecttosubsection(4),ifrequestedbytheforeign
company,givethecompanyanyinformationreferredtoinsection368(1)(d)or(e)forthepurposeofenablingthecompanytoconfirmitsrecord
ofsuchinformationorreinstateitsrecordoftheinformationwheretheoriginalrecordoftheinformationhasbeendestroyedorlost.
(4) The director or authorised representative referred to in subsection (3) shall furnish the information to the foreign company as soon as
practicablebutnotlaterthan14daysafterreceiptofawrittenrequestforsuchinformationfromthecompany.
(5)Adirectororanauthorisedrepresentativewhoisboundtocomplywitharequirementunderthissectionandfailstodososhallbeguiltyof
anoffenceandshallbeliableonconvictiontoafinenotexceeding$5,000andalsotoadefaultpenalty.
Savingsandtransitionalprovisionsforexistingparticularsofdirectorsandauthorisedrepresentatives
368B.(1) If a foreign company, whether incorporated before, on or after the date of commencement of section 156 of the Companies
(Amendment)Act2014
(a) haslodgedthenameandparticularsofoneormoredirectorswiththeRegistrarasadirectorordirectors,asthecasemaybe,ofthe
foreigncompanyundersection368(1)(c)inforceimmediatelypriortothatdate,thenameandparticularsofthedirectorordirectors,as
the case may be, shall be treated as the name and particulars of the companys director or directors, as the case may be, until a
notificationofanychangetotheinformationisreceivedbytheRegistrarundersection372(1)(ca)or
(b) haslodgedthenameandparticularsofoneormoreagentswiththeRegistrarasanagentoragents,asthecasemaybe,oftheforeign
companyundersection368(1)(e)inforceimmediatelypriortothatdate,thenameandparticularsoftheagentoragents,asthecasemay
be,shallbetreatedasthenameandparticularsofthecompanysauthorisedrepresentativeorrepresentatives,asthecasemaybe,untila
notificationofanychangetotheinformationisreceivedbytheRegistrarundersection372(1)(ca).
(a) the address lodged with the Registrar in respect of a director under section 368(1)(c) in force immediately before the date of
commencementofsection156oftheCompanies(Amendment)Act2014shallbetreatedashisresidentialaddressand
(b) the address lodged with the Registrar in respect of an agent under section 368(1)(e) in force immediately before the date of
commencementofsection156oftheCompanies(Amendment)Act2014shallbetreatedashisresidentialaddressinhiscapacityasan
authorisedrepresentativeoftheforeigncompany..
157.Section369(1)oftheCompaniesActisamendedbydeletingthewordsisactingorlikelytoactagainstthenationalsecurityorinterestand
substitutingthewordsitwouldbecontrarytothenationalsecurityorinterestfortheforeigncompanytoberegistered.
158.Section370oftheCompaniesActisamendedbydeletingsubsections(4),(5)and(6)andsubstitutingthefollowingsubsections:
(4)Ontheappointmentofanewauthorisedrepresentative,thecompanyshalllodgeanoticereferredtoinsection368(1)(e)andaconsent
statementinrespectofthenewauthorisedrepresentativewiththeRegistrar.
(5)Subjecttosubsections(6)and(7),theauthorisedrepresentativeinrespectofwhomthenoticeundersubsection(3)hasbeenlodgedshall
ceasetobeanauthorisedrepresentativeontheexpirationofaperiodof21daysafterthedateoflodgmentofthenoticeoronthedateonwhich
theconsentstatementinrespectofanotherauthorisedrepresentativeislodgedwiththeRegistrarundersection368(1)(f),whicheveristheearlier,
butifthenoticestatesadateonwhichthefirstmentionedauthorisedrepresentativeistosoceaseandthedateislaterthantheexpirationofthat
period,onthatdate.
(6) Where the authorised representative in respect of whom the notice under subsection (3) has been lodged is the sole authorised
representativeofaforeigncompany
(a) theforeigncompanyshallappointanotherauthorisedrepresentativeand
(b) theauthorisedrepresentativeshallceasetobeanauthorisedrepresentativeoftheforeigncompanyonthedateonwhichtheconsent
statementinrespectofanotherauthorisedrepresentativeislodgedundersubsection(4).
(7) Where a foreign companys sole authorised representative dies, the company shall, within 21 days after the death of the authorised
representative,appointanotherauthorisedrepresentative..
Newsection370A
Alternateaddress
370A.(1)Despitesections12and12A,theRegistrarmustnotdiscloseormakeavailableforpublicinspectiontheparticularsofadirectors
or an authorised representatives residential address that is lodged with the Registrar under this Part or transmitted to the Registrar by the
Commissioner of National Registration under section 8A of the National Registration Act (Cap. 201) if the requirements of subsection (2) are
satisfied.
(2)Therequirementsreferredtoinsubsection(1)arethatthedirectororauthorisedrepresentativereferredtointhatsubsectionmaintainswith
theRegistraranalternateaddressthatcomplieswiththefollowingconditions:
(a) itisanaddressatwhichthedirectororauthorisedrepresentativecanbelocated
(b) itisnotapostofficeboxnumber
(c) itisnottheresidentialaddressofthedirectororauthorisedrepresentativeand
(d) itislocatedinthesamejurisdictionasthedirectorsorauthorisedrepresentativesresidentialaddress.
(a) anindividualwhowishestomaintainanalternateaddressmustlodgeanapplicationwiththeRegistrar
(b) anindividualmaynotmaintainmorethanonealternateaddressatanyonetime
(c) anindividualwhowishestoceasetomaintainanalternateaddressmustlodgeanoticeofwithdrawalwiththeRegistrarand
(d) anindividualwhowishestochangehisalternateaddressmustlodgeanoticeofchangewiththeRegistrar.
(4)Anapplicationtomaintainanalternateaddress,thelodgmentofanoticeofwithdrawalandnoticeofchangearesubjecttothepaymentof
suchfeesasmaybeprescribed.
(5) Subsection (1) applies from the time at which the Registrar accepts an application to maintain an alternate address referred to in
subsection(3)(a).
(6)Adirectororanauthorisedrepresentativewhomaintainsanalternateaddressundersubsection(2)mustensurethathecanbelocatedathis
alternateaddress.
(7) A director or an authorised representative who fails to comply with subsection (6) shall be guilty of an offence and shall be liable on
convictiontoafinenotexceeding$10,000ortoimprisonmentforatermnotexceeding2yearsortoboth.
(8)Despitesubsection(1),theRegistrarmaydiscloseandmakeavailableforpublicinspectiontheparticularsofadirectorsoranauthorised
representativesresidentialaddressdespitethemaintenanceofanalternateaddressundersubsection(2)if
(a) communications sent by the Registrar under this Act, or by any officer of the Authority under any ACRA administered Act, to the
directororauthorisedrepresentativeathisalternateaddressandrequiringaresponsewithinaspecifiedperiodremainunansweredor
(b) thereisevidencetoshowthatserviceofanydocumentunderthisActorunderanyACRAadministeredActatthealternateaddressis
noteffectivetobringittothenoticeofthedirectororauthorisedrepresentative.
(9)Beforeproceedingundersubsection(8),theRegistrarmustgivenoticetothedirectororauthorisedrepresentativeaffected,andtoevery
foreigncompanyofwhichtheRegistrarhasbeennotifiedunderthisActthattheindividualisadirectororanauthorisedrepresentative,asthecase
maybe
(a) stating the grounds on which the Registrar proposes to disclose and make available for public inspection the individuals residential
addressand
(b) specifyingaperiodwithinwhichrepresentationsmaybemadebeforethatisdone.
(10)TheRegistraristoconsidertherepresentationsreceivedwithinthespecifiedperiod.
(11)WheretheRegistrardisclosesandmakesavailableforpublicinspectiontheparticularsofadirectorsoranauthorisedrepresentatives
residentialaddress,theRegistrarmustgivenoticeofthatfacttothedirectororauthorisedrepresentativeaffected,andtoeveryforeigncompanyof
whichtheRegistrarhasbeennotifiedunderthisActthattheindividualisadirectororanauthorisedrepresentative,asthecasemaybe.
(12)Anoticetoadirectororanauthorisedrepresentativeundersubsection(11)istobesenttohimathisresidentialaddressunlessitappears
totheRegistrarthatserviceatthataddressmaybeineffectivetobringittohisnotice,inwhichcaseitmaybesenttoanyotherlastknownaddress
ofthedirectororauthorisedrepresentative.
(13)Where
(a) the Registrar discloses and makes available for public inspection the particulars of a directors or an authorised representatives
residentialaddressundersubsection(8)or
(b) aRegistrarappointedunderanyotherACRAadministeredActdisclosesandmakesavailableforpublicinspectionunderthatActthe
particularsofadirectorsoranauthorisedrepresentativesresidentialaddressunderaprovisionofthatActequivalenttosubsection(8),
the director or authorised representative is not, for a period of 3 years after the date on which the residential address is disclosed and made
availableforpublicinspection,allowedtomaintainanalternateaddressundersubsection(2).
(14)NothinginthissectionappliestoanyinformationlodgedordeemedtobelodgedwiththeRegistrarbeforethedateofcommencementof
thissectionorpreventssuchinformationfrombeingdisclosedorfrombeingmadeavailableforpublicinspectionoraccess.
(15)NothinginthissectionpreventstheresidentialaddressofanindividualthatislodgedwiththeRegistrarunderthisAct,oristransmittedto
theRegistrarbytheCommissionerofNationalRegistrationundersection8AoftheNationalRegistrationActfrom
(a) beingusedbytheRegistrarforthepurposesofanycommunicationwiththeindividual
(b) beingdisclosedforthepurposesofissuinganysummonsorotherlegalprocessagainsttheindividualforthepurposesofthisActorany
otherwrittenlaw
(c) beingdisclosedincompliancewiththerequirementofanycourtortheprovisionsofanywrittenlaw
(d) beingdisclosedforthepurposeofassistinganypublicofficerorofficerofanystatutorybodyintheinvestigationorprosecutionofany
offenceunderanywrittenlawor
(e) beingdisclosedinsuchothercircumstancesasmaybeprescribed.
(16)AnydirectororauthorisedrepresentativeaggrievedbythedecisionoftheRegistrarundersubsection(8)may,within30daysafterthe
dateofreceivingthenoticeundersubsection(11),appealtotheHighCourtwhichmayconfirmthedecisionorgivesuchdirectionsinthematter
asseemproperorotherwisedeterminethematter.
(a) ACRA administered Act means the Accounting and Corporate Regulatory Authority Act (Cap. 2A) and any of the written laws
specifiedintheSecondScheduletothatActand
(b) a director or an authorised representative can be located at an address if he may be physically found at the address after reasonable
attemptshavebeenmadetofindhimatthataddress..
(a) byinserting,immediatelyafterthewordsthecharter,statutes,insubsection(1)(a),thewordsconstitution,
(b) bydeletingparagraph(c)ofsubsection(1)andsubstitutingthefollowingparagraphs:
(c) theauthorisedrepresentativeorauthorisedrepresentativesoftheforeigncompany
(ca) theparticularsofanydirectororauthorisedrepresentativeoftheforeigncompanywhicharelodgedwiththeRegistrarunder
section368(1),otherthanthedirectorsorauthorisedrepresentativesresidentialaddress
(c) bydeletingthewordorattheendofsubsection(1)(f)
(d) bydeletingparagraph(g)ofsubsection(1)andsubstitutingthefollowingparagraphs:
(g) thedescriptionofthebusinesscarriedonbytheforeigncompanyor
(h) thetypeoflegalformorlegalentityoftheforeigncompany,
(e) bydeletingthewordsonemonthinsubsection(1)andsubstitutingthewords30days
(f) bydeletingsubsections(1A),(1B)and(1C)andsubstitutingthefollowingsubsections:
(1A)AdirectororanauthorisedrepresentativeofaforeigncompanymustlodgewiththeRegistraranoticeofthedirectorsor
authorisedrepresentativesnewresidentialaddresswithin30daysafterthedateofchange.
(1B)Wherethedirectororauthorisedrepresentativereferredtoinsubsection(1)haschangedhisresidentialaddressandhasmadea
reportofthechangeundersection8oftheNationalRegistrationAct(Cap.201),thedirectororauthorisedrepresentativeistobetaken
tohaveinformedtheRegistrarofthechangeofresidentialaddressincompliancewithsubsection(1A).
(1C)Ifdefaultismadebyanydirectororauthorisedrepresentativeofaforeigncompanyincomplyingwithsubsection(1A),he
shallbeguiltyofanoffenceandshallbeliableonconvictiontoafinenotexceeding$5,000andalsotoadefaultpenalty.
(g) bydeletingsubsections(2)and(3)and
(h) bydeletingthewordsonemonthinsubsection(4)andsubstitutingthewords30days.
Financialstatements
373.(1) Subject to this section, a foreign company shall lodge with the Registrar, within the time specified in subsection (3), financial
statementsmadeuptotheendofitslastfinancialyeartogetherwithadeclarationintheprescribedformverifyingthatthecopiesaretruecopies
ofthedocumentssorequiredand,inthecasewherethefinancialstatementsareaudited,astatementofthenameoftheauditor.
(2)Inthissection,financialstatementsmeans
(a) inthecasewheretheforeigncompanyisrequiredbythelawforthetimebeinginforceintheplaceofthecompanysincorporationor
formationtopreparefinancialstatementsinaccordancewithanyapplicableaccountingstandardswhicharesimilartotheAccounting
StandardsorwhichareacceptabletotheRegistrar,thosefinancialstatementsand
(b) inanyothercase,financialstatementsinsuchformandcontainingsuchparticularsasthedirectorsofthecompanywouldhavebeen
requiredtoprepareorobtainiftheforeigncompanywereapubliccompanyincorporatedunderthisAct.
(3)Thefinancialstatementsreferredtoinsubsection(1)shallbelodged
(a) wheretheforeigncompanyisrequiredbythelawofitsplaceofincorporationorformationtotablefinancialstatementsreferredtoin
subsection(2)(a)atanannualgeneralmeeting,within60daysafterthedateonwhichitsannualgeneralmeetingisheldor
(b) inanyothercase,withinsuchperiodasthedirectorsoftheforeigncompanywouldhavebeenrequiredtolodgeitsfinancialstatements
ifthecompanywereapubliccompanyincorporatedunderthisActwhichdoesnotkeepabranchregisteroutsideSingapore.
(4) The Registrar may, if he is of the opinion that the financial statements referred to in subsection (2)(a) do not sufficiently disclose the
foreigncompanysfinancialposition,requirethecompany
(a) tolodgefinancialstatementswithinsuchperiod,insuchformandcontainingsuchparticularsand
(b) toannextheretosuchdocuments,
astheRegistrarmaybynoticeinwritingtothecompanyrequire.
(5)Subsection(4)doesnotauthorisetheRegistrartorequire
(a) financialstatementstocontainanyparticularsor
(b) thecompanytoannex,attachortosendanydocuments,
thatwouldnotberequiredtobefurnishedifthecompanywereapubliccompanyincorporatedunderthisAct.
(6)Theforeigncompanyshallcomplywiththerequirementssetoutinthenoticeundersubsection(4).
(7)InadditiontothefinancialstatementsrequiredtobelodgedwiththeRegistrarundersubsections(1),(3)and(4),aforeigncompanyshall
lodgewiththeRegistrarwithinthetimespecifiedinsubsection(3)
(a) adulyauditedstatementshowingitsassetsusedinandliabilitiesarisingoutofitsoperationsinSingaporeasatthedatetowhichits
balancesheetwasmadeup
(b) adulyauditedprofitandlossaccountwhich,insofarasispracticable,complieswiththerequirementsoftheAccountingStandardsand
whichgivesatrueandfairviewoftheprofitorlossarisingoutofthecompanysoperationinSingaporeforthelastprecedingfinancial
yearofthecompanyand
(c) astatementofthenameoftheauditorwhoauditedthedocumentsreferredtoinparagraphs(a)and(b).
(8)Forthepurposeofsubsection(7),theforeigncompanyshallbeentitledtomakesuchapportionmentsofexpensesincurredinconnection
withoperationsoradministrationaffectingbothSingaporeandelsewhereandtoaddsuchnotesandexplanationsasinitsopinionarenecessaryor
desirableinordertogiveatrueandfairviewoftheprofitorlossofitsoperationsinSingapore.
(9)AforeigncompanywhichisdormantinSingaporemay,inlieuofsatisfyingtherequirementsofsubsection(7),lodgewiththeRegistrar
(a) anunauditedstatementshowingitsassetsusedinandliabilitiesarisingoutofitsoperationsinSingaporeand
(b) anunauditedprofitandlossaccountwithrespecttothecompanysoperationsinSingapore.
(10)TheRegistrarmay,onapplicationbyaforeigncompanyandpaymentoftheprescribedapplicationfee,extendtheperiodreferredtoin
subsection(3)withinwhichthecompanyisrequiredtocomplywithanyoralloftherequirementsofsubsection(7).
(11)Astatementandprofitandlossaccountshallbedeemedtohavebeendulyauditedforthepurposesofsubsection(7)ifitisaccompanied
by a report by an accounting entity appointed to provide auditing services in respect of the foreign companys operations in Singapore which
complies,insofarasispracticable,withsection207.
(12) The Registrar may, upon the written application of a foreign company, waive the requirement of a foreign company to lodge the
documentsreferredtoinsubsection(7)(a),(b)and(c)iftheRegistrarissatisfiedthat
(a) itisimpracticalfortheforeigncompanytocomplyhavingregardtothenatureoftheforeigncompanysoperationsinSingapore
(b) itwouldbeofnorealvaluehavingregardtotheamountinvolved
(c) itwouldinvolveexpenseundulyoutofproportiontoitsvalueor
(d) itwouldbemisleadingorharmfultothebusinessoftheforeigncompany,ortoanycompanywhichisdeemedbyvirtueofsection6to
berelatedtotheforeigncompany.
(13)TheRegistrarmay,uponthewrittenapplicationofaforeigncompany,byorderrelievetheforeigncompanyfromeitherorbothofthe
following:
(a) anyrequirementrelatingtoauditortheformandcontentofthedocumentsreferredtoinsubsection(2)(b)
(b) anyrequirementrelatingtoauditortheformandcontentofthedocumentsreferredtoinsubsection(7).
(14) The Registrar may make the order referred to in subsection (13) unconditionally or subject to the condition that the foreign company
complywithsuchotherrequirementsrelatingtoauditortheformandcontentofthedocumentsastheRegistrarmaydetermine.
(15) The Registrar shall not make an order under subsection (13) unless he is of the opinion that compliance with the requirements of this
section would render the documents misleading or inappropriate to the circumstances of the foreign company or would impose unreasonable
burdensonthecompany.
(16)TheRegistrarmaymakeanorderundersubsection(13)whichmaybelimitedtoaspecificperiodandmayfromtimetotimerevokeor
suspendtheoperationofanysuchorder.
(17)Withoutprejudicetosubsections(12),(13)and(14),theMinistermay,byorderpublishedintheGazette,inrespectofforeigncompanies
ofaspecifiedclassordescription
(a) substituteotheraccountingstandardsfortheAccountingStandards,andtheprovisionsofthissectionshallapplyaccordinglyinrespect
ofsuchforeigncompaniesor
(b) exemptforeigncompaniesofaspecifiedclassordescriptionfromanyoralloftherequirementsofsubsection(7).
(18)Ifdefaultismadebyaforeigncompanyincomplyingwiththissection
(a) thecompanyand
(b) every director or equivalent person, and every authorised representative of the company, who knowingly and wilfully authorises or
permitsthedefault,
shalleachbeguiltyofanoffenceandshalleachbeliableonconvictiontoafinenotexceeding$50,000.
(a) aforeigncompanyisdormantinSingaporeduringaperiodinwhichnoaccountingtransactionarisingoutofitsoperationsinSingapore
occursandthecompanyceasestobedormantontheoccurrenceofsuchatransactionand
(b) anaccountingtransactionmeansatransactionforwhichaccountingorotherrecordswouldberequiredtobekeptsoastoenablethe
documentsreferredtoinsubsection(7)tobeprepared..
(a) bydeletingparagraph(a)ofsubsection(1)and
(b) bydeletingsubsection(2)andsubstitutingthefollowingsubsections:
(2)Wherethenameofaforeigncompanyisindicatedonanyofthedocumentsreferredtoinsubsection(1)incharactersorinany
other way than by the use of romanised letters, this section relating to the statement of its name shall be deemed not to have been
compliedwithunlessthenameofthecompanyisstatedonsuchdocumentinromanisedlettersnotsmallerthananyofthecharactersso
exhibitedorstatedontherelevantdocument.
(3)Theuniqueentitynumberofaforeigncompany,issuedbytheRegistrar,shallappearinalegibleformonallbusinessletters,
statementsofaccount,invoices,officialnoticesandpublicationsoforpurportingtobeissuedorsignedbyoronbehalfofthecompany.
(4) Notwithstanding subsection (3), a foreign company incorporated before the date of commencement of section 162 of the
Companies(Amendment)Act2014needonlycomplywithsubsection(3)aftertheexpirationof12monthsafterthatdate..
(1)IfaforeigncompanyceasestohaveaplaceofbusinessinSingaporeortocarryonbusinessinSingapore,itshall,within7days
aftersoceasing,lodgewiththeRegistrarnoticeofthatfact.
(1A) Starting on the day on which the foreign company lodged the notice referred to in subsection (1), the foreign companys
obligationtolodgeanydocument(notbeingadocumentthatoughttohavebeenlodgedbeforethatday)withtheRegistrarshallcease.
(1B)TheRegistrarshallassoonaspracticableafterthelodgmentofthenoticereferredtoinsubsection(1)recordintheregisterthat
thecompanyhasceasedtohaveaplaceofbusinessinSingaporeorceasedtocarryonbusinessinSingapore,asthecasemaybe.
(b) bydeletingthewordsonemonthinsubsection(2)(a)andsubstitutingthewords14days
(5)Onreceiptofanoticefromanauthorisedrepresentativethattheforeigncompanyhasbeendissolved,theRegistrarshallrecord
intheregisterthattheforeigncompanyhasbeendissolved.
(d) bydeletingsubsection(6)and
(e) bydeletingsubsections(8)and(9)andsubstitutingthefollowingsubsections:
(8)TheRegistrarshallstrikethenameofaforeigncompanyofftheregisteriftheRegistrarissatisfiedthatthecompanyisbeing
used for an unlawful purpose or for purposes prejudicial to public peace, welfare or good order in Singapore or against the national
securityorinterest.
(9)TheRegistrarmaystrikethenameofaforeigncompanyofftheregisterif
(a) theRegistrarhasreasonablecausetobelievethatthecompanyhasceasedtocarryonbusinessortohaveaplaceofbusiness
inSingaporeor
(b) the company has failed to appoint an authorised representative within 6 months after the date of the death of its sole
authorisedrepresentative.
(10) The Registrar may strike the name of a foreign company off the register upon the application of the sole authorised
representativeoftheforeigncompanyintheprescribedformiftheRegistrarissatisfiedthat
(a) thesoleauthorisedrepresentativehasgivennoticeinwritingtotheforeigncompanythathedesirestoresignandhaslodgeda
notice under section 370(3) with the Registrar, but the company has failed to respond or appoint another authorised
representativewithin12monthsafterthedateoflodgmentofthenoticeor
(b) theforeigncompanyhasfailedtogiveinstructionswithrespecttoawrittenrequestfromthesoleauthorisedrepresentative
forinstructionsastowhetherthecompanywishestocancelorcontinueitsregistrationunderthisActwithin12monthsafter
thedatethewrittenrequestwassent.
(11) Without prejudice to the generality of subsection (9)(a),indeterminingwhetherthereisreasonablegroundtobelievethata
companyisnotcarryingonbusinessunderthatsubsection,theRegistrarmayhaveregardtosuchcircumstancesasmaybeprescribed.
(12)Forthepurposesofsubsections(9)and(10),theprovisionsofthisActrelatingtothestrikingofftheregisterofthenameofa
defunctcompanyshall,withsuchadaptationsasarenecessary,extendandapplyaccordingly.
(13)AnypersonaggrievedbythedecisionoftheRegistrarundersubsection(8),(9)or(10)may,within30daysafterthedateofthe
decision,appealtotheMinisterwhosedecisionisfinal..
Newsections377Ato377D
Applicationforadministrativerestorationofforeigncompanytoregister
377A.(1)Subjecttosuchconditionsasmaybeprescribed,adirectorormemberofaforeigncompanywhosenamehasbeenstruckoffthe
registerundersection377(9)or(10)mayapplytotheRegistrartorestorethenameofthecompanytotheregister.
(2)AnapplicationunderthissectionisnotvalidunlesstheapplicationisreceivedbytheRegistrarwithin6yearsafterthedateonwhichthe
nameoftheforeigncompanyisstruckofftheregister.
Registrarsdecisiononapplicationforadministrativerestorationofforeigncompany
377B.(1)TheRegistrarshallgivenoticetotheapplicantofthedecisiononanapplicationundersection377A.
(2)IftheRegistrarsdecisionisthatthenameoftheforeigncompanyshouldberestoredtotheregister,thenameofthecompanyshallbe
restoredtotheregisteronthedateonwhichnoticeissent(referredtointhissectionastherestorationdate).
(3)TheRegistrarshall
(a) enterintheregisteranoteoftherestorationdateand
(b) causenoticeoftherestorationtobepublishedintheGazetteandontheAuthorityswebsite.
(4)Thenoticeundersubsection(3)(b)shallstate
(a) thenameoftheforeigncompanyor,ifthecompanyisrestoredtotheregisterunderadifferentname,thatnameanditsformername
(b) theuniqueentitynumberoftheforeigncompanyissuedbytheRegistrarand
(c) therestorationdate.
(5) If the Registrars decision is that the name of the foreign company should not be restored to the register, the person who made the
applicationundersection377AoranyotherpersonaggrievedbythedecisionoftheRegistrar,mayappealtotheCourt.
(6)Onanappealmadeundersubsection(5),theCourtmay
(a) confirmtheRegistrarsdecisionor
(b) restorethenameoftheforeigncompanytotheregisterandgivesuchdirectionsandmakesuchordersastheCourtisempoweredto
giveandmakeundersection377D(3).
Registrarmayrestoreforeigncompanyderegisteredbymistake
377C.(1)TheRegistrarmay,onhisowninitiative,restorethenameofaforeigncompanytotheregisterifheissatisfiedthatthenameofthe
companyhasbeenstruckofftheregisterundersection377(9)or(10)asaresultofamistakeoftheRegistrar.
(2) In subsection (1), a reference to a mistake of the Registrar excludes a mistake that is made on the basis of wrong, false or misleading
information given by an applicant in connection with an application for striking the name of the foreign company off the register under
section377(10).
(3)TheRegistrarmayrestorethenameofaforeigncompanytotheregisterbypublishingintheGazetteandontheAuthorityswebsitea
noticedeclaringtherestoration,andtherestorationtakeseffectonthedateofpublicationofthenotice.
Effectofrestorationofforeigncompany
377D.(1) If the name of a foreign company is restored to the register under section 377B(2) or 377C, or on appeal to the Court under
section377B(5),thecompanyistoberegardedashavingcontinueditsregistrationunderthisActasifthenameofthecompanyhadnotbeen
struckofftheregister.
(2)Theforeigncompany,itsdirectorsorequivalentpersons,andauthorisedrepresentativesarenotliabletoapenaltyundersection373(18)for
a financial year in relation to which the period for filing its balancesheet, cash flow statement, profit and loss statement and other related
documentsended
(a) afterthedateonwhichthenameofthecompanywasstruckofftheregisterand
(b) beforetherestorationofthenameofthecompanytotheregister.
(3)Ontheapplicationbyanyperson,theCourtmaygivedirectionsandmakeorders,asseemjustforplacingtheforeigncompanyandall
otherpersonsinthesameposition(asnearlyasmaybe)asifthenameofthecompanyhadnotbeenstruckofftheregister.
(4)AnapplicationtotheCourtforsuchdirectionsorordersmaybemadeanytimewithin3yearsafterthedateofrestorationofthenameof
theforeigncompanytotheregister..
Restrictiononuseofcertainnames
378.(1)ExceptwiththeconsentoftheMinisterorasprovidedinsubsection(2),theRegistrarmustrefusetoregisteraforeigncompany
underaname,whetheronitsregistrationorbyasubsequentchangeofname,underwhichthecompanyistocarryonbusinessinSingaporethat,
intheopinionoftheRegistrar
(a) isundesirable
(b) isidenticaltoanameofanyotherforeigncompany,oranycompany,limitedliabilitypartnership,limitedpartnershiporcorporation,or
toaregisteredbusinessname
(c) isidenticaltoanamereservedundersubsection(15)andsection27(12B)ofthisAct,section16oftheBusinessNamesRegistration
Act 2014, section 19(4) of the Limited Liability Partnerships Act (Cap. 163A) or section 17(4) of the Limited Partnerships Act
(Cap.163B)or
(d) isaname,orisanameofakindthattheMinisterhasdirectedtheRegistrarnottoacceptforregistration.
(2)Inadditiontosubsection(1),theRegistrarmust,onorafterthedateofcommencementofsection165oftheCompanies(Amendment)Act
2014,exceptwiththeconsentoftheMinister,refusetoregisteraforeigncompanyunderaname,if
(a) itisidenticaltothenameofacompanythatwasdissolved
(i)
unless,inacasewherethecompanywasdissolvedfollowingitswindingupunderPartX,aperiodofatleast2yearshaspassed
afterthedateofdissolutionor
(ii)
unless,inacasewherethecompanywasdissolvedfollowingitsnamebeingstruckofftheregisterundersection344or344A,a
periodofatleast6yearshaspassedafterthedateofdissolution
(b) itisidenticaltothebusinessnameofapersonwhoseregistrationandregistrationofthatbusinessnamehasbeencancelledunderthe
BusinessNamesRegistrationAct2014orhadceasedundersection22ofthatAct,unlessaperiodofatleastoneyearhaspassedafter
thedateofcancellationorcessation
(c) itisidenticaltothenameofaforeigncompanynoticeofthedissolutionofwhichhasbeengiventotheRegistrarundersection377(2),
unlessaperiodofatleast2yearshaspassedafterthedateofdissolution
(d) itisidenticaltothenameofalimitedliabilitypartnershipthatwasdissolved
(i)
unless,inacasewherethelimitedliabilitypartnershipwasdissolvedfollowingitswindingupundersection30of,andtheFifth
Scheduleto,theLimitedLiabilityPartnershipsAct,aperiodofatleast2yearshaspassedafterthedateofdissolutionor
(ii)
unless,inacasewherethelimitedliabilitypartnershipwasdissolvedfollowingitsnamebeingstruckofftheregisterkeptunder
section38oftheLimitedLiabilityPartnershipsAct,aperiodofatleast6yearshaspassedafterthedateofdissolutionor
(e) itisidenticaltothenameofalimitedpartnershipthatwascancelledordissolved
(i)
unless, in a case where the registration of the limited partnership was cancelled under section 14(1) or 19(4) of the Limited
PartnershipsAct,aperiodofatleastoneyearhaspassedafterthedateofcancellationor
(ii)
unless,inacasewherenoticewaslodgedwiththeRegistrarofLimitedPartnershipsthatthelimitedpartnershipwasdissolved
undersection19(2)oftheLimitedPartnershipsAct,aperiodofatleastoneyearhaspassedafterthedateofdissolution.
(3)Despitesubsection(1),theRegistrarmay,onorafterthedateofcommencementofsection165oftheCompanies(Amendment)Act2014,
registeraforeigncompanyunder
(a) anamethatisidenticaltothenameofaforeigncompanyregisteredunderDivision2ofPartXI
(i)
inrespectofwhichnoticewaslodgedundersection377(1)thattheforeigncompanyhasceasedtohaveaplaceofbusinessin
SingaporeorceasedtocarryonbusinessinSingapore,ifaperiodofatleast3monthshaspassedafterthedateofcessationand
(ii)
thenameofwhichwasstruckofftheregisterundersection377(8),(9)or(10),ifaperiodofatleast6yearshaspassedafterthe
datethenamewassostruckoffand
(b) anamethatisidenticaltothenameofalimitedpartnershipinrespectofwhichnoticewaslodgedundersection19(1)oftheLimited
PartnershipsActthatthelimitedpartnershipceasedtocarryonbusinessinSingapore,ifaperiodofatleastoneyearhaspassedafterthe
dateofcessation.
(4)NoforeigncompanytowhichthisDivisionappliesshalluseinSingaporeanynameotherthan
(a) thenameunderwhichtheforeigncompanyisregisteredunderthisDivisionand
(b) iftheforeigncompanyisregisteredundertheBusinessNamesRegistrationAct2014,abusinessnameinrespectofwhichtheforeign
companyisregisteredundersection8ofthatAct.
(5)Despitethissection,wheretheRegistrarissatisfiedthataforeigncompanyhasbeenregistered(whetherthroughinadvertenceorotherwise
orwhetheronitsregistrationorbyasubsequentchangeofname)byaname
(a) whichisonethatisnotpermittedtoberegisteredundersubsection(1)(a),(b)or(d)
(b) which is one that is not permitted to be registered under subsection (2) until the expiry of the relevant period referred to in that
subsectionor
(c) which is one that is permitted to be registered under subsection (3) only after the expiry of the relevant period referred to in that
subsection,
theRegistrarmaydirecttheforeigncompanytochangeitsname,andthecompanyshallcomplywiththedirectionwithin6weeksafterthedateof
thedirectionorsuchlongerperiodastheRegistrarmayallow,unlessthedirectionisannulledbytheMinister.
(6)Anypersonmayapply,inwriting,totheRegistrartogiveadirectiontoaforeigncompanyundersubsection(5)onagroundreferredtoin
thatsubsection.
(7)Iftheforeigncompanyfailstocomplywithsubsection(4),thecompanyandeveryofficerofthecompanywhoisindefaultandevery
authorisedrepresentativeofthecompanywhoknowinglyandwilfullyauthorisesorpermitsthedefaultshalleachbeguiltyofanoffenceandshall
eachbeliableonconvictiontoafinenotexceeding$2,000andalsotoadefaultpenalty.
(8)Inthissection,registeredbusinessnamehasthesamemeaningasinsection2(1)oftheBusinessNamesRegistrationAct2014.
(9) An appeal to the Minister against the following decisions of the Registrar that are made on or after the date of commencement of
section165oftheCompanies(Amendment)Act2014maybemadebythefollowingpersonswithinthefollowingtimes:
(a) inthecaseoftheRegistrarsdecisionundersubsection(5),bytheforeigncompanyaggrievedbythedecisionwithin30daysafterthe
decisionand
(b) in the case of the Registrars refusal to give a direction to a foreign company under subsection (5) pursuant to an application under
subsection(6),bytheapplicantaggrievedbytherefusalwithin30daysafterbeinginformedoftherefusal.
(10)TheMinistershallcauseadirectiongivenbyhimundersubsection(1)(d)tobepublishedintheGazette.
(11)ApersonmayapplyintheprescribedformtotheRegistrarforthereservationofanamesetoutintheapplicationasthenameunder
whichaforeigncompanyproposestoberegistered,eitheroriginallyoruponchangeofname.
(12)Aforeigncompanyshallnotberegistered,whetheronitsinitialregistrationorbyasubsequentchangeofname,byanameunlessthe
namehasbeenreservedundersubsection(15).
(13)TheRegistrarmayapproveanapplicationmadeundersubsection(11)onlyiftheRegistrarissatisfiedthat
(a) theapplicationismadeingoodfaithand
(b) thenametobereservedisoneinrespectofwhichaforeigncompanymayberegisteredhavingregardtosubsections(1),(2)and(3).
(14)TheRegistrarmustrefusetoapproveanapplicationtoreserveanameundersubsection(11)iftheRegistrarissatisfiedthat
(a) theforeigncompanyislikelytobeusedforanunlawfulpurposeorforpurposesprejudicialtopublicpeace,welfareorgoodorderin
Singaporeor
(b) itwouldbecontrarytothenationalsecurityorinterestfortheforeigncompanytoberegistered.
(15)Whereanapplicationforareservationofanameismadeundersubsection(11),theRegistrarmustreservetheproposednameforaperiod
startingatthetimetheRegistrarreceivestheapplicationandending
(a) iftheRegistrarapprovestheapplication,60daysafterthedateonwhichtheRegistrarnotifiestheapplicantthattheapplicationhasbeen
approved,orsuchfurtherperiodof60daysastheRegistrarmay,onapplicationmadeingoodfaith,extendor
(b) iftheRegistrarrefusestoapprovetheapplication,onthedateonwhichtheRegistrarnotifiestheapplicantoftherefusal.
(16)ApersonaggrievedbyadecisionoftheRegistrar
(a) refusingtoapproveanapplicationundersubsection(11)or
(b) refusinganapplicationundersubsection(15)(a)toextendthereservationperiod,
may,within30daysafterbeinginformedoftheRegistrarsdecision,appealtotheMinisterwhosedecisionisfinal.
(17)Thereservationofanameunderthissectioninrespectofaforeigncompanydoesnotinitselfentitletheforeigncompanytoberegistered
bythatname,eitheroriginallyoruponchangeofname..
166.Section379oftheCompaniesActisamendedbydeletingthewords14daysinsubsections(6)and(7)andsubstitutingineachcasethe
words30days.
Newsection386A
167.TheCompaniesActisamendedbyinserting,immediatelybeforesection387inPartXII,thefollowingsection:
Interpretation
386A.Inthissectionandsections387B,387C,397and401,unlessthecontraryintentionappears
consolidatedfinancialstatementsandparentcompanyhavethesamemeaningsasinsection209A
financialstatementsmeansthefinancialstatementsofacompanyrequiredtobepreparedbytheAccountingStandardsand,inthecaseof
aparentcompany,meanstheconsolidatedfinancialstatements..
168.Section387BoftheCompaniesActisamendedbydeletingsubsection(1)andsubstitutingthefollowingsubsection:
(1) Where any accounts, balancesheet, financial statements, report or other document is required or permitted to be given, sent or served
underthisActorundertheconstitutionofacompanybythecompanyorthedirectorsofthecompanyto
(a) amemberofthecompanyor
(b) anofficerorauditorofthecompany,
thatdocumentmaybegiven,sentorservedusingelectroniccommunicationstothecurrentaddressofthatperson..
Newsection387C
169.TheCompaniesActisamendedbyinserting,immediatelyaftersection387B,thefollowingsection:
Electronictransmissioninaccordancewithconstitution,etc.
387C.(1)Notwithstandingsections387Aand387B,whereanoticeofmeetingoranyaccounts,balancesheet,financialstatements,reportor
otherdocumentisrequiredorpermittedtobegiven,sentorservedunderthisActorundertheconstitutionofacompanybythecompanyorthe
directorsofthecompanytoamemberofthecompany,thatnoticeordocumentmaybegiven,sentorservedusingelectroniccommunications
withtheexpress,impliedordeemedconsentofthememberinaccordancewiththeconstitutionofthecompany.
(2)Forthepurposesofthissection,amemberhasgivenimpliedconsentiftheconstitutionofthecompany
(a) providesfortheuseofelectroniccommunications
(b) specifiesthemannerinwhichelectroniccommunicationsistobeusedand
(c) providesthatthemembershallagreetoreceivesuchnoticeordocumentbywayofsuchelectroniccommunicationsandshallnothavea
righttoelecttoreceiveaphysicalcopyofsuchnoticeordocument.
(3)Forthepurposesofthissection,amembershallbedeemedtohaveconsentedif
(a) theconstitutionofthecompanyprovidesfortheuseofelectroniccommunications
(b) theconstitutionofthecompanyspecifiesthemannerinwhichelectroniccommunicationsistobeused
(c) theconstitutionofthecompanyspecifiesthatthememberwillbegivenanopportunitytoelectwithinaspecifiedperiodoftime(the
specifiedtime),whethertoreceivesuchnoticeordocumentbywayofelectroniccommunicationsorasaphysicalcopyand
(d) thememberwasgivenanopportunitytoelectwhethertoreceivesuchnoticeordocumentbywayofsuchelectroniccommunicationsor
asaphysicalcopy,andhefailedtomakeanelectionwithinthespecifiedtime.
(4)TheMinistermaymakeregulationsundersection411
(a) toexcludeanynoticeordocumentoranyclassofnoticesordocumentsfromtheapplicationofthissection
(b) toprovideforsafeguardsfortheuseofelectroniccommunicationsunderthissectionand
(c) withoutprejudicetothegeneralityofparagraph(b),toprovidethatamemberwhoisdeemedtohaveconsentedtoreceivenoticesor
documentsbywayofelectroniccommunicationsmaymakeafreshelectiontoreceivesuchnoticeordocumentasaphysicalcopyand
themannerinwhichthefreshelectionmaybemade..
Repealandreenactmentofsections395and396andnewsection396A
170.Sections395and396oftheCompaniesActarerepealedandthefollowingsectionssubstitutedtherefor:
Formofcompanyrecords
395.(1)Acompanyshalladequatelyrecordforfuturereferencetheinformationrequiredtobecontainedinanycompanyrecords.
(2)Subjecttosubsection(1),companyrecordsmaybe
(a) keptinhardcopyformorinelectronicformand
(b) arrangedinthemannerthatthedirectorsofthecompanythinkfit.
(3)Ifcompanyrecordsarekeptinelectronicform,thecompanyshallensurethattheyarecapableofbeingreproducedinhardcopyform.
(4)Inthissectionandsections396and396A
companyincludesacorporationwhichisrequiredtokeepcompanyrecordsunderthisAct
companyrecordmeansanyregister,index,minutebook,accountingrecord,minuteorotherdocumentrequiredbythisActtobekeptbya
company
inelectronicformmeansintheformofanelectronicrecordasdefinedinsection2(1)oftheElectronicTransactionsAct(Cap.88)
inhardcopyformmeansinapaperformorsimilarformcapableofbeingread.
Dutytotakeprecautionsagainstfalsification
396.(1)Wherecompanyrecordsarekeptotherwisethaninhardcopyform,reasonableprecautionsshallbetakenfor
(a) ensuringthepropermaintenanceandauthenticityofthecompanyrecords
(b) guardingagainstfalsificationand
(c) facilitatingthediscoveryofanyfalsifications.
(2)Inthecasewherecompanyrecordsarekeptinelectronicform,thecompanyshallprovideforthemannerbywhichtherecordsaretobe
authenticatedandverified.
(3)Wheredefaultismadeincomplyingwithsubsection(1)or(2),thecompanyandeveryofficerofthecompanywhoisindefaultshalleach
beguiltyofanoffenceandshalleachbeliableonconvictiontoafinenotexceeding$1,000andalsotoadefaultpenalty.
Inspectionofrecords
396A.(1)AnycompanyrecordwhichisbythisActrequiredtobeavailableforinspectionshall,subjecttoandinaccordancewiththisAct,
beavailableforinspectionattheplacewhereinaccordancewiththisActitiskeptduringthehoursinwhichtheregisteredofficeofthecompany
isaccessibletothepublic.
(2)Ifcompanyrecordsarekeptbythecompanybyrecordingtheinformationinquestioninelectronicform,anydutyimposedonthecompany
undersubsection(1)oranyotherprovisionofthisActtoallowinspectionofthecompanyrecordsistoberegardedasadutytoallowinspection
of
(a) areproductionoftherecording,ortherelevantpartoftherecording,inhardcopyformor
(b) ifrequestedbythepersoninspectingtherecording,therecording,ortherelevantpartoftherecording,byelectronicmeans.
(3)AnypersonpermittedbythisActtoinspectanycompanyrecordsmaymakecopiesofortakeextractsfromit.
(4)Wherecompanyrecordsarekeptbythecompanybyrecordingtheinformationinquestioninelectronicform,thecompanyshallensure
that proper facilities shall be provided to enable the company records to be inspected, and where default is made in complying with this
subsection, the company and every officer of the company who is in default shall each be guilty of an offence and shall each be liable on
convictiontoafinenotexceeding$1,000andalsotoadefaultpenalty..
(3)Whereanyaccounts,financialstatements,minutebooksorotherrecordsofacorporationrequiredbythisActtobekeptarenotkeptinthe
English language, the directors of the corporation shall cause a true translation of such accounts, financial statements, minute books and other
recordstobemadefromtimetotimeatintervalsofnotmorethan7daysandshallcausesuchtranslationstobekeptwiththeoriginalaccounts,
financialstatements,minutebooksandotherrecordsforsolongastheoriginalaccounts,financialstatements,minutebooksandotherrecordsare
requiredbythisActtobekept..
(2)Everypersonwhoinanyreturn,report,certificate,balancesheet,financialstatementsorotherdocumentrequiredbyorforthepurposes
of this Act wilfully makes or authorises the making of a statement false or misleading in any material particular knowing it to be false or
misleadingorwilfullyomitsorauthorisestheomissionofanymatterorthingwithoutwhichthedocumentismisleadinginamaterialrespectshall
beguiltyofanoffenceandshallbeliableonconvictiontoafinenotexceeding$50,000ortoimprisonmentforatermnotexceeding2yearsorto
both..
(1)Ifanyperson
(a) otherthanaforeigncompany,usesanynameortitleortradesorcarriesonbusinessunderanynameortitlewhichLimited
orBerhadoranyabbreviation,imitationortranslationofanyofthosewordsisthefinalwordor
(b) inanywayholdsoutthatthebusinessisincorporatedunderthisAct,
thatpersonshall,unlessatthattimethebusinesswasdulyincorporatedunderthisAct,beguiltyofanoffenceandshallbeliableon
convictiontoafinenotexceeding$10,000ortoimprisonmentforatermnotexceeding2yearsortoboth.and
(b) byinserting,immediatelyaftersubsection(2),thefollowingsubsectionheadingandsubsection:
Penaltyforholdingoutbusinessasregisteredforeigncompany
(3)Ifapersoncarryingonabusiness,hisagentorapersonactingonhisbehalf,inanywayholdsoutthatthebusinessisregistered
as a foreign company under this Act when at the material time the business was not so registered, that person shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to
both..
174.Section408(1)oftheCompaniesActisamendedbydeletingthewordssection409(4)or(5)andsubstitutingthewordssection409B.
175.Section409oftheCompaniesActisamendedbydeletingsubsections(4),(5)and(6).
Newsection409B
176.TheCompaniesActisamendedbyinserting,immediatelyaftersection409A,thefollowingsection:
Compositionofoffences
409B.(1) The Registrar may, in his discretion, compound any offence under this Act which is prescribed as a compoundable offence by
collectingfromapersonreasonablysuspectedofhavingcommittedtheoffenceasumofmoneynotexceedingthelowerofthefollowing:
(a) onehalfoftheamountofthemaximumfinethatisprescribedfortheoffence
(b) $5,000.
(2)TheRegistrarmay,inhisdiscretion,compoundanyoffenceunderthisAct(includinganoffenceunderaprovisionthathasbeenrepealed)
which
(a) wascompoundableunderthisActatthetimetheoffencewascommittedbut
(b) hasceasedtobesocompoundable,
bycollectingfromapersonreasonablysuspectedofhavingcommittedtheoffenceasumofmoneynotexceedingthelowerofthefollowing:
(i) onehalfoftheamountofthemaximumfinethatisprescribedfortheoffenceatthetimeitwascommitted
(ii) $5,000.
(3)Onpaymentofsuchsumofmoneyreferredtoinsubsection(1)or(2),nofurtherproceedingsshallbetakenagainstthatpersoninrespect
oftheoffence.
(4)TheMinistermayprescribetheoffenceswhichmaybecompounded..
Newsection409C
177.PartXIIoftheCompaniesActisamendedbyinserting,immediatelybeforesection410inDivision3,thefollowingsection:
Appeal
409C.(1)AnypartyaggrievedbyanactoradecisionoftheRegistrarunderthisActmay,within28daysafterthedateoftheactordecision,
appealtotheCourtagainsttheactordecision.
(2)TheCourtmayconfirmtheactordecisionorgivesuchdirectionsinthematterasseemproperorotherwisedeterminethematter.
(3)ThissectionshallnotapplytoanyactordecisionoftheRegistrar
(a) inrespectofwhichanyprovisioninthenatureofanappealorareviewisexpresslyprovidedinthisActor
(b) whichisdeclaredbythisActtobeconclusiveorfinalorisembodiedinanydocumentdeclaredbythisActtobeconclusiveevidenceof
anyact,matterorthing..
178.Section410oftheCompaniesActisamendedbydeletingthewordsanylawforthetimebeinginforcerelatingtothecourtsandsubstituting
thewordssection80oftheSupremeCourtofJudicatureAct(Cap.322).
(a) bydeletingparagraph(e)andsubstitutingthefollowingparagraphs:
(e) prescribingthefeespayableforthepurposesofthisAct,includingbutnotlimitedtofeesfor
(i)
thelodgmentorregistrationofanydocumentrequiredtobelodgedorregisteredwiththeRegistrar
(ii)
theissueofanydocumentbytheRegistrar
(iii)
anyactrequiredtobeperformedbytheRegistraror
(iv)
theinspectionofanydocumentreferredtoinsubparagraphs(i)and(ii)
(ea) prescribingthefeespayableinrespectofanyofthefollowingrequiredorpermittedunderanyotherAct:
(i)
thelodgmentorregistrationofanydocumentwiththeRegistrar
(ii)
theissueofanydocumentbytheRegistrar
(iii)
theperformanceofanyactbytheRegistrarand
(iv)
theinspectionofanydocumentreferredtoinsubparagraphs(i)and(ii)
(eb) prescribingthepenaltiespayableforthelatelodgmentofanydocument
(ec) prescribingthemannerinwhichprescribedfeesandpenaltiesaretobepaid
(ed) thewaiver,refundorremission,whetherwhollyorinpart,ofanyfeeorpenaltychargeableunderthisAct
(ee) prescribingallmattersconnectedwithorarisingfromtherestrictionsunderthisActastothereservationorregistrationof
namesofcompaniesandforeigncompanies(includingrulesfordeterminingwhenanamefallswithinthoserestrictions)
and
(b) byrenumberingthesectionassubsection(1)ofthatsection,andbyinsertingimmediatelythereafterthefollowingsubsection:
(2)Theregulationsmayprovidethatacontraventionofaspecifiedprovisionoftheregulationsshallbeanoffence..
RepealofSecondSchedule
180.TheSecondScheduletotheCompaniesActisrepealed.
RepealofFourthSchedule
181.TheFourthScheduletotheCompaniesActisrepealed.
AmendmentofSixthSchedule
182. Part I of the Sixth Schedule to the Companies Act is amended by deleting the words Names, descriptions, and addresses of directors or
proposeddirectorsandsubstitutingthewordsNamesanddescriptionsandresidentialaddressesoralternateaddressesofdirectors(asenteredinthe
registerofdirectorskeptbytheRegistrarundersection173(1)(a)inrespectofthecompany)orproposeddirectors.
RepealofEighthSchedule
183.TheEighthScheduletotheCompaniesActisrepealed.
NewTwelfthandThirteenthSchedules
184.TheCompaniesActisamendedbyinserting,immediatelyaftertheEleventhSchedule,thefollowingSchedules:
TWELFTHSCHEDULE
Sections8(7)and201(16)
CONTENTSOFDIRECTORSSTATEMENT
1.Astatementastowhetherintheopinionofthedirectors
(a) thefinancialstatementsand,whereapplicable,theconsolidatedfinancialstatementsaredrawnupsoastogiveatrueandfairviewofthefinancialpositionand
performance of the company and, if applicable, of the financial position and performance of the group for the period covered by the financial statements or
consolidatedfinancialstatementsand
(b) atthedateofthestatementtherearereasonablegroundstobelievethatthecompanywillbeabletopayitsdebtsasandwhentheyfalldue.
2.Whereanyoptionhasbeengrantedbyacompany,otherthanaparentcompanyforwhichconsolidatedfinancialstatementsarerequired,duringtheperiodcovered
bythefinancialstatementstotakeupunissuedsharesofacompany
(a) thenumberandclassofsharesinrespectofwhichtheoptionhasbeengranted
(b) thedateofexpirationoftheoption
(c) thebasisuponwhichtheoptionmaybeexercisedand
(d) whetherthepersontowhomtheoptionhasbeengrantedhasanyrighttoparticipatebyvirtueoftheoptioninanyshareissueofanyothercompany.
3.Whereanyoftheparticularsrequiredbyparagraph2havebeenstatedinapreviousdirectorsstatement,theymaybestatedbyreferencetothatstatement.
4.Whereaparentcompanyoranyofitssubsidiarycorporationshasatanytimegrantedtoapersonanoptiontohavesharesissuedtohiminthecompanyorsubsidiary
corporation,thedirectorsstatementoftheparentcompanymuststatethenameofthecorporationinrespectofthesharesinwhichtheoptionwasgrantedandtheother
particularsrequiredunderparagraphs2,5and6.
5. The particulars of shares issued during the period to which the statement relates by virtue of the exercise of options to take up unissued shares of the company,
whethergrantedbeforeorduringthatperiod.
6.Thenumberandclassofunissuedsharesofthecompanyunderoptionasattheendoftheperiodtowhichthestatementrelates,theprice,ormethodoffixingthe
price,ofissueofthoseshares,thedateofexpirationoftheoptionandtherights,ifany,ofthepersonstowhomtheoptionshavebeengrantedtoparticipatebyvirtueofthe
optionsinanyshareissueofanyothercompany.
7.Thenamesofthepersonswhoarethedirectorsinofficeatthedateofthestatement.
8.Whetherattheendofthefinancialyeartowhichthefinancialstatementsor,wherethecompanyisaparentcompany,consolidatedfinancialstatementsrelate
(a) there subsist arrangements to which the company is a party, being arrangements whose objects are, or one of whose objects is, to enable directors of the
companytoacquirebenefitsbymeansoftheacquisitionofsharesin,ordebenturesof,thecompanyoranyotherbodycorporateor
(b) therehave,atanytimeinthatyear,subsistedsucharrangementsasaforesaidtowhichthecompanywasaparty,
andifso,astatementexplainingtheeffectofthearrangementsandgivingthenamesofthepersonswhoatanytimeinthatyearweredirectorsofthecompanyandheld,
orwhosenomineesheld,sharesordebenturesacquiredinpursuanceofthearrangements.
9.Asrespectseachpersonwho,attheendofthefinancialyear,wasadirectorofthecompany
(a) whetherornot(accordingtotheregisterkeptbythecompanyforthepurposesofsection164relatingtotheobligationofadirectorofacompanytonotifyitof
hisinterestsinsharesin,ordebenturesof,thecompanyandofeveryotherbodycorporate,beingthecompanyssubsidiaryorholdingcompanyorasubsidiaryof
thecompanysholdingcompany)hewas,attheendofthatyear,interestedinsharesin,ordebenturesof,thecompanyoranyothersuchbodycorporateand
(b) if he was, the number and amount of shares in, and debentures of, each body (specifying it) in which, according to that register, he was then interested and
whether or not, according to that register, he was, at the beginning of that year (or, if he was not then a director, when he became a director), interested in
sharesin,ordebenturesof,thecompanyoranyothersuchbodycorporateand,ifhewas,thenumberandamountofsharesin,anddebenturesof,eachbody
(specifyingit)inwhich,accordingtothatregister,hewasinterestedatthebeginningofthatyearor,asthecasemaybe,whenhebecameadirector.
THIRTEENTHSCHEDULE
Sections8(7)and205C(5)
CRITERIAFORSMALLCOMPANYANDSMALLGROUP
1.Forthepurposesofsection205C
(a) acompanyisasmallcompanyifitqualifiesasasmallcompanyunderparagraph2,3or4,whichevermaybeapplicable,andthecompanycontinuestobea
smallcompanyuntilitceasestobeasmallcompanyunderparagraph5and
(b) agroupisasmallgroupifitqualifiesasasmallgroupunderparagraph7,8or9,whichevermaybeapplicable,andthegroupcontinuestobeasmallgroupuntil
itceasestobeasmallgroupunderparagraph10.
2.Acompanyisasmallcompanyfromafinancialyearif
(a) itisaprivatecompanythroughoutthefinancialyearand
(b) itsatisfiesany2ofthefollowingcriteriaforeachofthe2financialyearsimmediatelyprecedingthefinancialyear:
(i)
therevenueofthecompanyforeachfinancialyeardoesnotexceed$10million
(ii)
thevalueofthecompanystotalassetsattheendofeachfinancialyeardoesnotexceed$10million
(iii)
ithasattheendofeachfinancialyearnotmorethan50employees.
3.Notwithstandingparagraph2,whereacompanyhasnotreacheditsthirdfinancialyearafterincorporation,acompanyisasmallcompany
(a) fromitsfirstfinancialyearafterincorporationif
(i)
itisaprivatecompanythroughoutitsfirstfinancialyearand
(ii)
itsatisfiesany2ofthefollowingcriteriaforitsfirstfinancialyear:
(A) therevenueofthecompanyforitsfirstfinancialyeardoesnotexceed$10million
(B) thevalueofthecompanystotalassetsattheendofitsfirstfinancialyeardoesnotexceed$10million
(C) ithasattheendofitsfirstfinancialyearnotmorethan50employeesor
(b) fromitssecondfinancialyearafterincorporationif
(i)
itisaprivatecompanythroughoutitssecondfinancialyearand
(ii)
itsatisfiesany2ofthefollowingcriteriaforitssecondfinancialyear:
(A) therevenueofthecompanyforitssecondfinancialyeardoesnotexceed$10million
(B) thevalueofthecompanystotalassetsattheendofitssecondfinancialyeardoesnotexceed$10million
(C) ithasattheendofitssecondfinancialyearnotmorethan50employees.
4. Notwithstanding paragraph 2, a company which was incorporated before the date of commencement of section 184 of the Companies (Amendment) Act 2014
(referredtointhisScheduleastheappointedday)isasmallcompany
(a) fromthefirstfinancialyearthatcommencesonoraftertheappointeddayif
(i)
itisaprivatecompanythroughoutthefirstfinancialyearand
(ii)
itsatisfiesany2ofthefollowingcriteriaforthefirstfinancialyear:
(A) therevenueofthecompanyforthefirstfinancialyeardoesnotexceed$10million
(B) thevalueofthecompanystotalassetsattheendofthefirstfinancialyeardoesnotexceed$10million
(C) ithasattheendofthefirstfinancialyearnotmorethan50employeesor
(b) fromthesecondfinancialyearthatcommencesonoraftertheappointeddayif
(i)
itisaprivatecompanythroughoutthesecondfinancialyearand
(ii)
itsatisfiesany2ofthefollowingcriteriaforthesecondfinancialyear:
(A) therevenueofthecompanyforthesecondfinancialyeardoesnotexceed$10million
(B) thevalueofthecompanystotalassetsattheendofthesecondfinancialyeardoesnotexceed$10million
(C) ithasattheendofthesecondfinancialyearnotmorethan50employees.
5.Subjecttoparagraph6,asmallcompanyshallceasetobeasmallcompanyfromafinancialyearif
(a) itceasestobeaprivatecompanyatanytimeduringthefinancialyearor
(b) itdoesnotsatisfyany2ofthefollowingcriteriaforeachofthe2consecutivefinancialyearsimmediatelyprecedingthefinancialyear:
(i)
therevenueofthecompanyforeachfinancialyeardoesnotexceed$10million
(ii)
thevalueofthecompanystotalassetsattheendofeachfinancialyeardoesnotexceed$10million
(iii)
ithasattheendofeachfinancialyearnotmorethan50employees.
6.Paragraph5doesnotapply
(a) toacompanythathasnotreacheditsthirdfinancialyearafterincorporationor
(b) inthecaseofacompanythatwasincorporatedbeforetheappointedday,toacompanythathasnotreacheditsthirdfinancialyearaftertheappointedday.
7. A group is a small group from a financial year if the group satisfies any 2 of the following criteria for each of the 2 consecutive financial years immediately
precedingthefinancialyear:
(a) theconsolidatedrevenueofthegroupforeachfinancialyeardoesnotexceed$10million
(b) thevalueoftheconsolidatedtotalassetsofthegroupattheendofeachfinancialyeardoesnotexceed$10million
(c) thegrouphasattheendofeachfinancialyearanaggregatenumberofemployeesofnotmorethan50.
8.Notwithstandingparagraph7,agroupisasmallgroup
(a) fromitsfirstfinancialyearafteritisformedifitsatisfiesany2ofthefollowingcriteriaforitsfirstfinancialyear:
(i)
theconsolidatedrevenueofthegroupforitsfirstfinancialyeardoesnotexceed$10million
(ii)
thevalueoftheconsolidatedtotalassetsofthegroupattheendofitsfirstfinancialyeardoesnotexceed$10million
(iii)
thegrouphasattheendofitsfirstfinancialyearanaggregatenumberofemployeesofnotmorethan50or
(b) fromitssecondfinancialyearafteritisformedifitsatisfiesany2ofthefollowingcriteriaforitssecondfinancialyear:
(i)
theconsolidatedrevenueofthegroupforitssecondfinancialyeardoesnotexceed$10million
(ii)
thevalueoftheconsolidatedtotalassetsofthegroupattheendofitssecondfinancialyeardoesnotexceed$10million
(iii)
thegrouphasattheendofitssecondfinancialyearanaggregatenumberofemployeesofnotmorethan50.
9.Notwithstandingparagraph7,agroupwhichisformedbeforetheappointeddayisasmallgroup
(a) fromthefirstfinancialyearthatcommencesonoraftertheappointedday,ifitsatisfiesany2ofthefollowingcriteriaforthefinancialyear:
(i)
theconsolidatedrevenueofthegroupforthefirstfinancialyeardoesnotexceed$10million
(ii)
thevalueoftheconsolidatedtotalassetsofthegroupattheendofthefirstfinancialyeardoesnotexceed$10million
(iii)
thegrouphasattheendofthefirstfinancialyearanaggregatenumberofemployeesofnotmorethan50or
(b) fromthesecondfinancialyearthatcommencesonoraftertheappointeddayifitsatisfiesany2ofthefollowingcriteriaforthesecondfinancialyear:
(i)
theconsolidatedrevenueofthegroupforthesecondfinancialyeardoesnotexceed$10million
(ii)
thevalueoftheconsolidatedtotalassetsofthegroupattheendofthesecondfinancialyeardoesnotexceed$10million
(iii)
thegrouphasattheendofthesecondfinancialyearanaggregatenumberofemployeesofnotmorethan50.
10.Subjecttoparagraph11,asmallgroupshallceasetobeasmallgroupfromafinancialyearifitdoesnotsatisfyany2ofthefollowingcriteriafor2consecutive
financialyearsimmediatelyprecedingthefinancialyear:
(a) theconsolidatedrevenueofthegroupforeachfinancialyeardoesnotexceed$10million
(b) thevalueoftheconsolidatedtotalassetsofthegroupattheendofeachfinancialyeardoesnotexceed$10million
(c) thegrouphasattheendofeachfinancialyearanaggregatenumberofemployeesofnotmorethan50.
11.Paragraph10doesnotapply
(a) toagroupthathasnotreacheditsthirdfinancialyearafteritisformedor
(b) inthecaseofagroupthatwasformedbeforetheappointedday,toagroupthathasnotreacheditsthirdfinancialyearaftertheappointedday.
12.ForthepurposesofthisSchedule
(a) thequestionwhetheranentityispartofagroupistobedecidedinaccordancewiththeAccountingStandards
(b) inthecase
(i)
whereconsolidatedfinancialstatementsarepreparedbyaparentinrelationtoagroup,theconsolidatedtotalassetsandconsolidatedrevenueof
thegroupshallbedeterminedinaccordancewiththeaccountingstandardsapplicabletothegroupor
(ii)
whereconsolidatedfinancialstatementsarenotpreparedbyaparentinrelationtoagroup
(A) consolidatedtotalassetsmeanstheaggregatetotalassetsofallthemembersofthegroupand
(B) consolidatedrevenuemeanstheaggregaterevenueofallthemembersofthegroupand
(c) parenthasthesamemeaningasintheAccountingStandards,butdoesnotincludeanyentitywhichisasubsidiaryofanyotherentitywithinthemeaningof
theAccountingStandards.
13.ForthepurposesofthisSchedule
(a) areferencetoacompanybeingasmallcompanyfromafinancialyearmeansthatthecompanyisasmallcompanyforthatfinancialyearandeverysubsequent
financialyearuntilitceasestobeasmallcompanyunderparagraph5
(b) areferencetoagroupbeingasmallgroupfromafinancialyearmeansthatthegroupisasmallgroupforthatfinancialyearandeverysubsequentfinancialyear
untilitceasestobeasmallgroupunderparagraph10.
14.Fortheavoidanceofdoubt
(a) acompanythathasceasedtobeasmallcompanyunderparagraph5maybecomeasmallcompanyagainifitsubsequentlyqualifiesasasmallcompanyunder
paragraph2and
(b) a group that has ceased to be a small group under paragraph 10 may become a small group again if it subsequently qualifies as a small group under
paragraph7..
Miscellaneousamendments
185. The provisions of the Companies Act specified in the first column of the First Schedule are amended in the manner set out in the second
columnofthatSchedule.
Savingsandtransitionalprovisions
186.(1)Anypersonwhowasaprescribedpersonforthepurposesofsections19(2)(a),22(2),30(4)(c)(ii),61(1)(b)(iii)(B)and(2)(c)(ii),146(1A)
(a)and(b)and171(1B)inforceimmediatelybeforethedateofcommencementofsection3oftheCompanies(Amendment)Act2014(referredtoin
thissectionastheappointedday)may,onandafterthatdaybutbeforesuchdateastheMinistermay,bynotificationintheGazette,prescribe,continue
todosuchactswhichwerepermittedorrequiredtobedonebyhimunderanyofthoseprovisionsinforceimmediatelybeforetheappointedday.
(2)Foraperiodof2yearsafterthedateofcommencementofanyprovisionofthisAct,theMinistermay,byregulations,prescribesuchadditional
provisionsofasavingortransitionalnatureconsequentontheenactmentofthatprovisionastheMinistermayconsidernecessaryorexpedient.
RelatedamendmentstoSecuritiesandFuturesAct
187.TheSecuritiesandFuturesAct(Cap.289,2006Ed.)isamendedbyinserting,immediatelyaftersection81SE,thefollowingPart:
PARTIIIAA
CENTRALDEPOSITORYSYSTEM
InterpretationofthisPart
81SF.InthisPart,unlessthecontextotherwiserequires
accountholdermeansapersonwhohasanaccountdirectlywiththeDepositoryandnotthroughadepositoryagent
baretrusteemeansatrusteewhohasnobeneficialinterestinthesubjectmatterofthetrust
bookentrysecurities,inrelationtotheDepository,meanssecurities
(a) thedocumentsevidencingtitletowhicharedepositedbyadepositorwiththeDepositoryandareregisteredinthenameofthe
Depositoryoritsnomineeand
(b) whicharetransferablebywayofbookentryintheDepositoryRegisterandnotbywayofaninstrumentoftransfer
CentralDepositorySystemmeanstheCentralDepositorySystemreferredtoinsection81SH(1)
constitutionmeans
(a) theconstitution
(b) thememorandumofassociation,thearticlesofassociation,orbothor
(c) anyotherconstitutivedocument,
ofacorporation
CourtmeanstheHighCourtorajudgethereof
debenturehasthesamemeaningasinsection4(1)oftheCompaniesAct(Cap.50)
depositormeansanaccountholderoradepositoryagentbutdoesnotincludeasubaccountholder
DepositorymeansTheCentralDepository(Pte)LimitedoranyothercorporationapprovedbytheAuthorityasadepositorycompanyor
corporation for the purposes of this Act, which operates the Central Depository System for the holding and transfer of bookentry
securities
depositoryagentmeansamemberoftheSGXST,atrustcompany(licensedundertheTrustCompaniesAct(Cap.336)),abanklicensed
undertheBankingAct(Cap.19),anymerchantbankapprovedasafinancialinstitutionundertheMonetaryAuthorityofSingaporeAct
(Cap.186))oranyotherpersonorbodyapprovedbytheDepositorywhoorwhich
(a) performs services as a depository agent for subaccount holders in accordance with the terms of a depository agent agreement
enteredintobetweentheDepositoryandthedepositoryagent
(b) depositsbookentrysecuritieswiththeDepositoryonbehalfofthesubaccountholdersand
(c) establishesanaccountinitsnamewiththeDepository
DepositoryRegistermeansaregistermaintainedbytheDepositoryinrespectofbookentrysecurities
depositoryrulesmeanstherulesmadebytheDepositoryinrelationtotheoperationoftheCentralDepositorySystemandincludesthe
CentralDepositoryRulesandProceduresmadebytheDepositorypursuanttoitsconstitution(asthesamemaybeamendedfromtimeto
time)andanyrulemadebytheDepositorywithregardtopaymentoffeestotheDepository
derivative instruments, in relation to debentures, stocks and shares, includes warrants, transferable subscription rights, options to
subscribeforstocksorshares,convertibles,depositoryreceiptsandsuchotherinstrumentsastheAuthoritymayprescribebyregulations
forthepurposesofthedefinition
documentsevidencingtitlemeans
(a) inthecaseofstocks,shares,debenturesoranyderivativeinstrumentsrelatedtheretoofacompanyordebenturesoranyderivative
instruments related thereto of the Government the stock certificates, share certificates, debenture certificates or certificates
representingthederivativeinstrument,asthecasemaybeand
(b) inthecaseofstocks,shares,debenturesoranyderivativeinstrumentsrelatedtheretoofaforeigncompanyordebenturesorany
derivative instruments related thereto of a foreign government or of an international body, or any other securities such
documentsorotherevidenceoftitlethereto,astheDepositorymayrequire
instrumentincludesadeedoranyotherinstrumentinwriting
international body means the Asian Development Bank, the International Bank for Reconstruction and Development, the International
Monetary Fund, the European Bank for Reconstruction and Development and such other international bodies as the Authority may
prescribebyregulations
securitieshasthesamemeaningasinsection2(1),butincludesderivativeinstruments
SGXSTmeanstheSingaporeExchangeSecuritiesTradingLimited
subaccountholdermeansaholderofanaccountmaintainedwithadepositoryagent.
ApplicationofthisPart
81SG.(1)ThisPartshallapplyonlyto
(a) bookentrysecuritiesand
(b) designatedsecurities,asifareferencetobookentrysecuritiesincludesareferencetodesignatedsecurities.
(2)TheapplicationofthisParttodesignatedsecuritiesundersubsection(1)(b)shallbesubjecttosuchmodificationsastheAuthoritymay
prescribebyregulations,anddifferentmodificationsmaybeprescribedfordifferentclassesofdesignatedsecurities.
(3)Inthissection,designatedsecuritiesmeanssuchsecuritiesasmaybeacceptedordesignatedbytheDepositoryoritsnomineefordeposit,
custody,clearingorbookentrysettlement.
CentralDepositorySystem
81SH.(1)TheCentralDepositorySystemestablishedbytherepealedsection130CoftheCompaniesAct(Cap.50)on12November1993
shallcontinueonorafterthedateofcommencementofsection187oftheCompanies(Amendment)Act2014asifithadbeenestablishedunder
thissection.
(2)ThefollowingshallbecarriedoutusingthecomputerisedCentralDepositorySysteminaccordancewiththedepositoryrules:
(a) thedepositofdocumentsevidencingtitleinrespectofsecurities(withwhereapplicable,inthecaseofsharesorregistereddebentures,
properinstrumentsoftransferdulyexecuted)withtheDepositoryandregistrationofsuchdocumentsinthenameoftheDepositoryor
itsnominee
(b) maintenanceofaccountsbytheDepositoryinthenamesofthedepositorssoastoreflectthetitleofthedepositorstothebookentry
securitiesand
(c) effectingtransfersofthebookentrysecuritieselectronically,andnotbyanyothermeans,bytheDepositoryandmakinganappropriate
entryintheDepositoryRegisterofthebookentrysecuritiesthathavebeentransferred.
Depositoryornomineedeemedtobebaretrustee
81SI.(1)TheDepositoryoritsnomineeshallbedeemedtoholdthebookentrysecuritiesdepositedwithitasabaretrusteeforthecollective
benefitofdepositors.
(2)Subjecttosubsections(3)and(4),adepositorshallnothaveanyrighttospecificbookentrysecuritiesdepositedwiththeDepositoryorits
nomineebutshallbeentitledtoaproratasharecomputedonthebasisofthebookentrysecuritiescreditedtooneormoreaccountsinthenameof
thedepositor.
(3)AdepositoryagentshallbedeemedtoholdbookentrysecuritiesdepositedinitsnamewiththeDepositoryoritsnominee,onbehalfofany
subaccountholder,asabaretrustee.
(4)AsubaccountholdershallnothaveanyrighttospecificbookentrysecuritiesdepositedwiththeDepositoryoritsnomineebutshallbe
entitledtoaproratasharecomputedonthebasisofthebookentrysecuritiescreditedtooneormoreaccountsmaintainedbythesubaccount
holderwithadepositoryagent.
Depositorynotmemberofcompanyanddepositorsdeemedtobemembers
81SJ.(1)NotwithstandinganythingintheCompaniesAct(Cap.50)oranyotherwrittenlaworruleoflaworinanyinstrumentorinthe
constitutionofacorporation,wherebookentrysecuritiesofthecorporationaredepositedwiththeDepositoryoritsnominee
(a) theDepositoryoritsnominee(asthecasemaybe)shallbedeemednottobeamemberofthecorporationand
(b) thepersonsnamedasthedepositorsinaDepositoryRegistershall,forsuchperiodasthebookentrysecuritiesareenteredagainsttheir
namesintheDepositoryRegister,bedeemedtobe
(i)
members of the corporation in respect of the amount of bookentry securities (relating to the stocks or shares issued by the
corporation)enteredagainsttheirrespectivenamesintheDepositoryRegisteror
(ii)
holdersoftheamountofthebookentrysecurities(relatingtothedebenturesoranyderivativeinstrument)enteredagainsttheir
respectivenamesintheDepositoryRegister.
(2)NotwithstandinganythingintheCompaniesActoranyotherwrittenlaworruleoflaworinanyinstrumentorintheconstitutionofa
corporation,wherebookentrysecuritiesrelatingtounitsinanycollectiveinvestmentscheme(whetherornotconstitutedasacorporation)are
depositedwiththeDepositoryoritsnominee
(a) theDepositoryoritsnominee(asthecasemaybe)shallbedeemednottobeaholderofthebookentrysecuritiesand
(b) thepersonsnamedasthedepositorsinaDepositoryRegistershall,forsuchperiodasthebookentrysecuritiesareenteredagainsttheir
namesintheDepositoryRegister,bedeemedtobeholdersoftheamountofthebookentrysecuritiesenteredagainsttheirrespective
namesintheDepositoryRegister.
(3)NothinginthisPartshallbeconstruedasaffecting
(a) theobligationofapubliccompanytokeep
(i)
aregisterofitsmembersundersection190oftheCompaniesActandallowinspectionoftheregisterundersection192ofthe
CompaniesActand
(ii)
aregisterofholdersofdebenturesissuedbythecompanyundersection93oftheCompaniesActandallowinspectionofthe
registerunderthatsection,
exceptthatthecompanyshallnotbeobligedtoenterinsuchregistersthenamesandparticularsofpersonswhoaredeemedmembersor
holdersofdebenturesundersubsection(1)(b)
(b) therightofadepositortowithdrawhisdocumentsevidencingtitleinrespectofsecuritiesfromtheDepositoryatanytimeinaccordance
withtherulesoftheDepositoryandtoregistertheminhisoranyothernameor
(c) theenjoymentofanyright,powerorprivilegeconferredby,ortheimpositionofanyliability,dutyorobligationundertheCompanies
Act,anyruleoflaworunderanyinstrumentorundertheconstitutionofacorporationuponadepositor,asamemberofacorporationor
asaholderofdebenturesoranyderivativeinstrumentsexcepttotheextentprovidedforinthisPartorprescribedbyregulationsmade
thereunder.
(4)NotwithstandinganyprovisionintheCompaniesAct,adepositorshallnotberegardedasamemberofacompanyentitledtoattendany
generalmeetingofthecompanyandtospeakandvotethereatunlesshisnameappearsontheDepositoryRegister72hoursbeforethegeneral
meeting.
(5)ThepaymentbyacorporationtotheDepositoryofanydividendpayabletoadepositorshall,totheextentofthepaymentmade,discharge
thecorporationfromanyliabilityinrespectofthatpayment.
Depositorytocertifynamesofdepositorstocorporationuponrequest
81SK. The Depository shall certify the names of persons on the Depository Register to a corporation in accordance with the rules of the
Depositoryuponawrittenrequestbeingmadetoitbythecorporation.
Maintenanceofaccounts
81SL.TheDepositoryshallmaintainaccountsofbookentrysecuritiesonbehalfofdepositorsinaccordancewiththerulesoftheDepository.
TransferseffectedbyDepositoryunderbookentryclearingsystem
81SM.(1) Subject to this Part, a transfer of bookentry securities between depositors shall be effected, notwithstanding anything in the
CompaniesAct(Cap.50)oranyotherwrittenlaworruleoflaworinanyinstrumentorinacorporationsconstitutiontothecontrary,bythe
DepositorymakinganappropriateentryinitsDepositoryRegister.
(2)AtransferofsecuritiesbytheDepositorybywayofbookentrytoadepositorunderthisPartshallbevalidandshallnotbechallengedin
any Court on the ground that the transfer is not accompanied by a proper instrument of transfer or that otherwise the transfer is not made in
writing.
Depositorytobedischargedfromliabilityifactingoninstructions
81SN.(1)Subjecttotheregulations,theDepository,ifactingingoodfaithandwithoutnegligence,shallnotbeliableforconversionorfor
any breach of trust or duty where the Depository has, in respect of bookentries in accounts maintained by it, made entries regarding the
bookentrysecurities,ortransferredordeliveredthebookentrysecurities,accordingtotheinstructionsofadepositornotwithstandingthatthe
depositorhadnorighttodisposeofortakeanyotheractioninrespectofthebookentrysecurities.
(2) The Depository or a depository agent, if acting in good faith and without negligence, shall be fully discharged of its obligations to the
accountholderorsubaccountholderbythetransferordeliveryofbookentrysecuritiesupontheinstructionsoftheaccountholderorsubaccount
holder,asthecasemaybe.
(3) The Depository, if acting in good faith and without negligence, shall be fully discharged of its obligations to a depository agent by the
transferordeliveryofbookentrysecuritiesupontheinstructionsofthedepositoryagent.
(4)Forthepurposesofthissection,theDepositoryoradepositoryagentisnottobetreatedashavingbeennegligentbyreasononlyofits
failuretoconcernitselfwithwhetherornotthedepositororsubaccountholder,asthecasemaybe,hasarighttodisposeofortakeanyother
actioninrespectofthebookentrysecuritiesortoissuetheinstructions.
Confirmationoftransaction
81SO.TheDepositoryshall,inaccordancewiththedepositoryrules,issuetoeachaccountholderandtoeachsubaccountholderthroughhis
depository agent, following upon any transaction affecting bookentry securities maintained for such account holder by the Depository and
maintained for such subaccount holder by his depository agent under this Part, a confirmation note which shall specify the amount and
descriptionofthebookentrysecuritiesandanyotherrelevanttransactioninformation.
NorectificationofDepositoryRegister
81SP.(1)NotwithstandinganythingintheCompaniesAct(Cap.50)oranywrittenlaworruleoflaw,noordershallbemadebytheCourt
forrectificationoftheDepositoryRegistersubjecttothatwheretheCourtissatisfiedthat
(a) adepositordidnotconsenttoatransferofthebookentrysecuritiesor
(b) adepositorshouldnothavebeenregisteredintheDepositoryRegisterashavingtitletothebookentrysecurities,
theCourtmayawarddamagestothefirstmentioneddepositorortoanypersonwhowouldhavebeenentitledtoberegisteredintheDepository
Registerashavingtitletothebookentrysecurities,asthecasemaybe,onsuchtermsastheCourtthinkstobeequitableormakesuchotherorder
astheCourtthinksfitincludinganorderforthetransferofbookentrysecuritiestosuchdepositororperson.
(2) Where provisions exist in the constitution of a corporation that entitle a corporation to refuse registration of a transfer of bookentry
securities,thecorporationmayinrelationtoanytransfertowhichitobjects,notifytheDepositoryinwritingofitsrefusalbeforethetransfertakes
placeandfurnishtheDepositorywiththefactsuponwhichsuchrefusalisconsideredtobejustified.
(3)WheretheDepositoryhashadpriornoticeofthecorporationsrefusalundersubsection(2)(butnototherwise),theDepositoryshallrefuse
toeffectthetransferandtoenterthenameofthetransfereeintheDepositoryRegisterandthereuponconveythefactsuponwhichsuchrefusalis
consideredtobejustifiedtothetransferee.
(4)Section130ABoftheCompaniesActshallnotapplytoanyrefusaltoregisteratransferundersubsections(2)and(3).
Trustee,executororadministratorofdeceaseddepositornamedasdepositor
81SQ.(1)Anytrustee,executororadministratoroftheestateofadeceaseddepositorwhosenamewasenteredintheDepositoryRegisteras
ownerorashavinganinterestinbookentrysecuritiesmayopenanaccountwiththeDepositoryandhavehisnameenteredintheDepository
Registersoastoreflecttheinterestofthetrustee,executororadministratorinthebookentrysecurities.
(2)Subjecttothissection,nonoticeofanytrustexpressed,impliedorconstructiveshallbeenteredintheDepositoryRegisterandnoliabilities
shallbeaffectedbyanythingdoneinpursuanceofsubsection(1)orpursuanttothelawofanyotherplacewhichcorrespondstothissectionand
theDepositoryandtheissuerofthebookentrysecuritiesshallnotbeaffectedwithnoticeofanytrustbyanythingsodone.
Nonapplicationofcertainprovisionsinbankruptcyandcompanyliquidationlaw
81SR.Wherebyvirtueoftheprovisionsofanywrittenlawinrelationtobankruptcyorcompanyliquidationitisprovidedthat
(a) anydispositionofthepropertyofacompanyaftercommencementofawindingupshallbevoid,unlesstheCourtordersotherwiseor
(b) anydispositionofthepropertyofapersonwhoisadjudgedbankruptcyafterthemakingofanapplicationforabankruptcyorderand
beforevestingofthebankruptsestateinatrusteeshallbevoidunlessdonewiththeconsentorratificationoftheCourt,
thoseprovisionsshallnotapplytoanydispositionofbookentrysecuritiesbutwhereaCourtissatisfiedthatapartytothedisposition,beinga
party other than the Depository, had notice that an application has been made for the winding up or bankruptcy of the other party to the
disposition,itmayawarddamagesagainstthatpartyonsuchtermsasitthinksequitableormakesuchotherorderastheCourtthinksfit,including
anorderforthetransferofbookentrysecuritiesbythatpartybutnotanorderfortherectificationoftheDepositoryRegister.
Securityinterest
81SS.(1)Exceptasprovidedinthissectionoranyotherwrittenlaworanyregulationsmadeundersection81SU,nosecurityinterestmaybe
createdinbookentrysecurities.
(2)Asecurityinterestinbookentrysecuritiestosecurethepaymentofadebtorliabilitymaybecreatedinfavourofanydepositorinthe
followingmanner:
(a) bywayofassignment,byaninstrumentofassignmentintheprescribedformexecutedbytheassignoror
(b) bywayofcharge,byaninstrumentofchargeintheprescribedformexecutedbythechargor,
ifnosecurityinterestinanybookentrysecuritiessubsequenttoanyassignmentorchargethereofmaybecreatedbytheassignororthechargor,
asthecasemaybe,infavourofanyotherpersonandanysuchassignmentorchargeshallbevoid.
(3) Upon receipt of the instrument of assignment, the Depository shall immediately, by way of an offmarket transaction, transfer the
bookentrysecuritiestotheassigneeandthereafternotifytheassignorandtheassigneeofthetransferintheprescribedmanner.
(4)Uponreceiptoftheinstrumentofcharge,theDepositoryshallimmediatelyregistertheinstrumentinaregisterofchargesmaintainedby
theDepositoryandthereafternotifythechargorandthechargeeintheprescribedmanner.
(5) The register of charges shall not be open to inspection to any person other than the chargor or the chargee or their authorised
representativesandexceptforthepurposeoftheperformanceofitsdutiesortheexerciseofitsfunctionsorwhenrequiredtodosobyanycourtor
undertheprovisionsofanywrittenlaw,theDepositoryshallnotdisclosetoanyunauthorisedpersonanyinformationcontainedintheregisterof
charges.
(6)Anassignmentorachargemadeinaccordancewiththeprovisionsofthissection,butnototherwise,shallhaveeffectupontheDepository
transferringthebookentrysecuritiesorendorsingthechargeintheregisterofchargesexceptthattheinstrumentofassignmentorchargeshallnot
haveanyeffectifonthedateofreceiptofsuchinstrument,thenumberofbookentrysecuritiesintheaccountoftheassignororchargorisless
thanthenumberofbookentrysecuritiesspecifiedinsuchinstrument.
(7)Theprovisionsofsection81SJ(1),(2)and(3)shallapplytoanassignmentofbookentrysecuritiesmadeunderthissection.
(8)Anassigneeoraregisteredchargeeofbookentrysecuritiesshallhavethefollowingpowers:
(a) apower,whentheloanorliabilityhasbecomedueandpayable,tosellthebookentrysecuritiesoranypartthereofandinthecaseofa
chargeeheshallhavethepowertosellthebookentrysecuritiesoranypartthereofinthenameofandforandonbehalfofthechargor
and
(b) anyotherpowerwhichmaybegrantedtohiminwritingbytheassignororchargorinrelationtothebookentrysecuritiesprovidedthat
theDepositoryshallnotbeconcernedwithoraffectedbytheexerciseofanysuchpower.
(9) Nothing in subsection (8) shall be construed as imposing on the Depository a duty to ascertain whether the power of sale has become
exercisableorhasbeenlawfullyexercisedbytheassigneeorchargee.
(10)Nobookentrysecuritiesassignedbywayofsecurityorchargedinaccordancewiththeprovisionsofthissectionmaybe
(a) transferred by way of an offmarket transaction to the assignor save upon the production of a duly executed reassignment in the
prescribedformor
(b) transferred by the chargor, by way of sale or otherwise, save upon the production of a duly executed discharge or charge in the
prescribedform.
(11) Upon the sale by the assignee or the chargee in exercise of his power of sale of any bookentry securities assigned or charged in
accordancewiththeprovisionsofthissection,theassigneeorthechargeeshallimmediatelynotifytheDepositoryofthesaleandtheparticularsof
thebookentrysecuritiessoldbyhim,andtheDepositoryshall
(a) inthecaseofthesalebytheassignee,notifytheassignorofthesaleand
(b) inthecaseofthesalebythechargee,effectatransferofthebookentrysecuritiestothebuyerinaccordancewithsection81SMand
notifythechargorofthetransfer,
andtheprovisionsofsections81SO,81SPand81SRshallapply,withthenecessarymodifications,toatransfereffectedpursuanttothissection.
(12)Uponfulfillinghisobligationsunderanassignmentbywayofsecurityoracharge,theassignororthechargorshallbeentitledtoobtain
fromtheassigneeorchargeeareassignmentoradischargeofcharge,asthecasemaybe,ofthewholeorpartofthebookentrysecurities.
(13)AreassignmentordischargeofchargeshallbeeffectedbytheDepositorybytransferringthebookentrysecuritiestotheassignoror
cancellingtheendorsementofchargeintheregisterofchargesandintheaccountofthechargor,asthecasemaybe.
(14)Bookentrysecuritiesmaybeassignedbywayofsecuritybyanassigneeorchargedintheprescribedformbyachargeetosecurethe
paymentofanydebtorliabilityoftheassigneeorthechargee,asthecasemaybe,inaccordancewiththeprovisionsofthissectionprovidedthat
nobookentrysecuritymaybechargedbyachargeesubsequenttoanysubcharge.
(15)Allacts,powersandrightswhichmightpreviouslyhavebeendoneorexercisedbythechargeethereunderinrelationtothebookentry
securitiesmaythereafterbedoneorexercisedbythesubchargee,and,exceptwiththeconsentofthesubchargee,shallnotbedoneorexercised
bythechargeethereunderduringthecurrencyofthesubcharge.
(16)Uponthesalebythesubchargeeinexerciseofhispowerofsaleofanybookentrysecuritiesinaccordancewiththeprovisionsofthis
section, the provisions of subsection (11), in respect of a sale by a chargee, shall apply with the necessary modifications to the sale by the
subchargee.
(17) Nothing in subsection (14) shall affect the rights or liabilities of the original assignor or chargor of the bookentry securities under
subsections(12)and(13)andheshallbeentitledtoareassignmentordischargeofchargefromtheassigneeorchargeefreefromallsubsequent
securityinterestscreatedwithouthisconsentuponsatisfyinghisindebtednessorliabilitytotheassigneeorthechargee.
(18)Theprovisionsofsection81SNshallapplytorelievetheDepositoryanditsservantsoragentsofanyliabilityinrespectofanyactdoneor
omissionmadeunderthissectionasifreferencestodepositorincludereferencestoassignee,chargeeorsubchargee,asthecasemaybe.
(19)Nothinginthissectionshallaffectthevalidityandoperationoffloatingchargesonbookentrysecuritiescreatedunderthecommonlaw
before or after 12 November 1993, but that the Depository shall not be required to recognise, even when having notice thereof, any equitable
interestinanybookentrysecuritiesunderafloatingchargeexceptthepowerofthechargee,uponthecrystallisationofthefloatingcharge,tosell
thebookentrysecuritiesinthenameofthechargorinaccordancewiththeprovisionsofthissection.
(20)Nothinginsubsection(19)shallbeconstruedasimposingontheDepositoryadutytoascertainwhetherthepowerofsalepursuanttoa
floatingchargehasbecomeexercisableorhasbeenlawfullyexercised.
(21)AmemberofSGXSTshallhavealienovertheunpaidbookentrysecuritiespurchasedfortheaccountofitscustomerwhichshallbe
enforceable by sale in accordance with and subject to the provisions of this section as if the same had been charged to him under this section
exceptthatthemembershallnotbeobligedtonotifytheDepositoryofthesaleortheparticularsofthebookentrysecuritiessoldbyhim.
(22)Anysecurityinterestonbookentrysecuritiescreatedbefore12November1993andsubsistingorinforceonthatdateshallcontinueto
haveeffectasiftheCompanies(Amendment)Act1993(Act22of1993)hadnotbeenenacted.
(23)Inthissection,offmarkettransactionmeansatransactioneffectedoutsidetheSGXST.
DepositoryrulestoberegardedasrulesofsecuritiesexchangethataresubjecttothisAct
81ST.(1)DepositoryrulesinrelationtotheoperationoftheCentralDepositorySystem,includinganyamendmentsmadetheretofromtime
totime,shallberegardedashavingthesameforceandeffectasifmadebyasecuritiesexchangeandshalllikewisebesubjecttotheprovisionsof
thisAct.
(2)Withoutprejudicetothegeneralityofsubsection(1),sections23and25shallapplytothedepositoryrulesundersubsection(1)asthey
applytorulesmadebyasecuritiesexchange.
PowerofAuthoritytomakeregulations
81SU.(1)Withoutprejudicetosection341,theAuthoritymaymakeregulationsforthepurposesofthisPart,includingregulationsrelating
to
(a) rightsandobligationsofpersonsinrelationtosecuritiesdealtwithundertheCentralDepositorySystem
(b) procedures for the deposit and custody of securities and the transfer of title to bookentry securities and the regulation of persons
concernedinthatoperation
(c) mattersrelatingtosecurityinterestinbookentrysecurities
(d) keepingofdepositorsaccountsbytheDepositoryandsubaccountsbythedepositoryagents
(e) keepingoftheDepositoryRegisterandofrecordsgenerally
(f) safeguardsfordepositorsincludingthemaintenanceofinsuranceandtheestablishmentandmaintenanceofcompensationfundsbythe
Depositoryforthepurposeofsettlingclaimsbydepositors
(g) matters relating to linkages between the Depository and other securities depositories (by whatever name called) established and
maintainedoutsideSingapore
(h) anyrequirementforfeeschargedbytheDepositorytobeapprovedbytheAuthority
(i) themodificationorexclusionofanyprovisionofanywrittenlaw,ruleoflaw,anyinstrumentorconstitution
(j) theapplication,withsuchmodificationsasmayberequired,oftheprovisionsofanywrittenlaw,instrumentorconstitutionand
(k) suchsupplementary,incidental,savingortransitionalprovisionsasmaybenecessaryorexpedient.
(2)Regulationsmadeunderthissectionmayprovide
(a) thattheAuthoritymayrequiretheDepositorytofurnishitwithsuchinformationordocumentsastheAuthorityconsidersnecessaryfor
suchapprovaland
(b) thatanycontraventionofanyspecifiedprovisionintheregulationsshallbeanoffencepunishablewithafinenotexceeding$150,000
and, in the case of a continuing offence, with a further fine not exceeding 10% of the maximum fine prescribed for that offence for
everydayorpartthereofduringwhichtheoffencecontinuesafterconviction.
PowerofAuthoritytoissuewrittendirections
81SV.(1) The Authority may, if it thinks it necessary or expedient in the public interest or for the protection of investors, issue written
directions,eitherofageneralorspecificnature,totheDepositoryorthedepositoryagent,tocomplywithsuchrequirementsastheAuthoritymay
specifyinthewrittendirection.
(2)Withoutprejudicetothegeneralityofsubsection(1),anywrittendirectionmaybeissuedwithrespecttothedischargeofthedutiesor
functionsoftheDepositoryordepositoryagent.
(3)TheDepositoryandthedepositoryagentshallcomplywithanydirectionmadeundersubsection(1).
(4)Beforegivingdirectionsundersubsection(1),theAuthoritymayconsulttheDepositoryorthedepositoryagentandafforditanopportunity
tomakerepresentations.
(5)Itshallnotbenecessarytopublishanydirectiongivenundersubsection(1)intheGazette..
Consequentialamendmentstootherwrittenlaws
188.TheprovisionsoftheActsspecifiedinthefirstcolumnoftheSecondScheduleareamendedinthemannersetoutinthesecondcolumnofthat
Schedule.
FIRSTSCHEDULE
Section185
MISCELLANEOUSAMENDMENTS
Firstcolumn
Secondcolumn
Deletethewordsunderthehandandsealofandsubstitutethewordsissued
by.
2.
Sections14(1),18(1),24(2),25A,26A(1)(a)and(b),(3)and(4),31(2),32(2)(a)
and(c)and(8),38(1),39(2)and(3),40(2),72,74(7),75(1)andsectionheading,
78A(3),145(4)and(5),152(1),160(1),161(1),179(6),216(4),227G(8)and(9),
254(1)(h),387A(1),(4)and(6)and387B(3)
Delete the words memorandum or articles wherever they appear and

substituteineachcasethewordconstitution.
3.
Sections17(1),19(4)and(5),20(1)and(2),22(1A)to(4)andsectionheading,
23(1A), 26(1A), (1B), (3) and (6) and section heading, 30(4)(a)(ii), 33(1) and
Delete the word memorandum wherever it appears and substitute in each

casethewordconstitution.
1.
Section12(4)
(11)andsectionheading,34(1)and(2)(b)andsectionheading,146(2),205B(3)
(a),215B(1)(e),215C(1)(a)and(b),215D(2)(b),215E(1)(c)and344(6)
4.
Section17(7)
Deletethewordsmemorandumandarticlesofassociationandsubstitutethe
wordconstitution.
5.
Sections17(7),19(1)(a)and(3),26A(sectionheading),38(sectionheading),39
(sectionheading),40(sectionheading),62B(6)and184B(1)(c)
Delete the words memorandum and articles and substitute in each case the
wordconstitution.
6.
Sections17(9),19(7)and215F(4)
Deletethewordsunderhishandandseal.
7.
Sections19(2)(a),22(2),30(4)(c)(ii),61(1)(b)(iii)(B) and (2)(c)(ii),146(1A)(b)

and171(1B)
Delete the words prescribed person wherever they appear and substitute in
eachcasethewordsregisteredqualifiedindividual.
8.
Sections 19(2)(b), 41(7), 65(1), 70(1), 74(6), 76B(1), 76D(6)(b), 78(a), 93(4),
96(1)(a),121,124,147(1)and(2),150(5)(a),152(8),174(7)and(8),177(1)and
(2), 182, 183(6), 184(4)(a) and (b), (5) and (6), 185, 201B(5)(b), 215E(2)(b),
250(3)(c),292(1),294(5),325(3)and387B(5)
Deletethewordarticleswhereveritappearsandsubstituteineachcasethe
wordconstitution.
9.
Section19(2)(ii)
Delete the words memorandum, and of the persons named in the

memorandum or articles and substitute the words constitution, and of the
personsnamedintheconstitution.
10.
Sections23(1)and(1B)and227G(2)
Delete the words memorandum or articles of association and substitute in

eachcasethewordconstitution.
11.
Section25A(a)and(b)
Deletethewordsmemorandum,articlesandsubstituteineachcasetheword
constitution.
12.
Sections28(5),30(3A),31(5),61(7),134(3)and371(2)
Deletethewords,underhishandandseal,.
13.
Section34(1)
Deletethewordsbespecialresolutionandsubstitutethewordsbyspecial
resolution.
14.
Section34(2)
Delete the words memorandum of a company contains a provision to the

effectthatitsmemorandumorarticlesofassociationandsubstitutethewords
constitution of a company contains a provision to the effect that its
constitution.
15.
Section38(2)
Deletethewordsmemorandumofacompanylimitedbyguaranteeandofthis
section, every provision in the memorandum or articles and substitute the
words constitution of a company limited by guarantee and of this section,
everyprovisionintheconstitution.
16.
Section40(1)
Delete the words memorandum and of the articles and substitute the word
constitution.
17.
Section40(2)(b)
Deletethewordsorarticlesaffectedandsubstitutethewordaffected.
18.
Sections76F(3),151,254(4)(a)and403(2)
Delete the word manager and substitute in each case the words chief
executiveofficer.
19.
Section143(1)
Delete the words memorandum and its articles, if any and substitute the
wordconstitution.
20.
Section146(1)(b)and(ii)and174(3)(d)
Delete the word managers and substitute in each case the words chief
executiveofficers.
21.
Section146(3)(c)
Deletethewordarticlesandsubstitutethewordsaconstitution.
22.
Section157A(2)
Delete the words memorandum and articles of the company require and
substitutethewordsconstitutionofthecompanyrequires.
23.
Section184A(3)(b)and(4)(b)
Delete the words memorandum or articles of the company require and

substituteineachcasethewordsconstitutionofthecompanyrequires.
24.
Sections184B(1),184C(1),184D(1),184E(1)and184F(1)
Insert, immediately after the words private company, the words or an

unlistedpubliccompany.
25.
Section184B(1)(b)
Delete the words memorandum and articles of the company do not and
substitutethewordsconstitutionofthecompanydoesnot.
26.
Section186(2)
Deletethewordsarticleshaveandsubstitutethewordstheconstitutionofa
companyhas.
27.
Section194(1)
Delete the word company where it first appears and substitute the words
publiccompany.
28.
Section194(2)(a)
Deletethewordcompanyandsubstitutethewordspubliccompany.
29.
Section290(1)(a)
Delete the words memorandum or articles expires or the event, if any,

happens,ontheoccurrenceofwhichthememorandumorarticlesprovideand
substitutethewordsconstitutionexpiresortheevent,ifany,happens,onthe
occurrenceofwhichtheconstitutionprovides.
30.
Section300
Deletethewordsthearticlesotherwiseprovideandsubstitutethewordsthe
constitutionotherwiseprovides.
31.
Section351(2)(a)and(b)
Delete the words , manager or principal officer of the company and

substituteineachcasethewordsorchiefexecutiveofficer.
32.
Sections370(2)and(3),376(b),377(2)(a),379(3)and386
Delete the word agent wherever it appears and substitute in each case the
wordsauthorisedrepresentative.
33.
Section370(2)
Deletethewordssubsection(4)andsubstitutethewordssubsection(5).
34.
Section370(sectionheading)
Delete the word agents and substitute the words authorised

representatives.
35.
Section398
Delete the words under the hand and seal where they appear the second
time.
36.
Section403(3)
Delete the words from the manager and substitute the words chief
executiveofficer.
SECONDSCHEDULE
Section188
CONSEQUENTIALAMENDMENTSTOOTHERWRITTENLAWS
Firstcolumn
1.
Secondcolumn
ArchitectsAct
(Chapter12,2000Ed.)
Section23
(a) Deletethewords,197ofandtheEighthScheduletoinsubsection(1)and
substitutethewordsand197of.
(b) DeletethewordsandthatScheduleinsubsection(1).
(c) Delete paragraph (a) of subsection (2) and substitute the following
paragraph:
(a) complywiththeprohibitionsinsections162and163
of the Companies Act as if it were not an exempt
privatecompanyand.
2.
LandSurveyorsAct
(Chapter156,2012Ed.)
Section20
(a) DeletethewordsandtheEighthScheduletoinsubsection(1).
(b) DeletethewordsandthatScheduleinsubsection(1).
(c) Delete paragraph (a) of subsection (2) and substitute the following
paragraph:
privatecompanyand.
3.
ProfessionalEngineersAct
Section23(1)
(a) Delete the words , 197 of and the Eighth Schedule to and substitute the
wordsand197of.
(b) DeletethewordsandthatSchedule.
(c) Deleteparagraph(a)andsubstitutethefollowingparagraph:
4.
privatecompanyand.
TrusteesAct
Section27(8)
Deletethewordssection130AoftheCompaniesAct(Cap.50)andsubstitutethe
wordssection81SFoftheSecuritiesandFuturesAct(Cap.289).
LEGISLATIVEHISTORY
COMPANIES(AMENDMENT)ACT2014
ThisLegislativeHistoryisprovidedfortheconvenienceofusersoftheCompanies(Amendment)Act2014.ItisnotpartoftheAct.
1.Act36of2014Companies(Amendment)Act2014
DateofFirstReading
8 September 2014 (Bill No. 25/2014 published on 8

September2014)
DateofSecondandThirdReadings
8October2014
Dateofcommencement
Sections3(a),(e),(f),(l),(n),(p),(w),(x)and(z),4(a)and
(b), 5(b), (c), (d), (e), (g) and (h), 6, 8(b), 9, 11, 15, 18,
22(h),28(b),34,35,36(a), 41(a), (b), (c), (d), (h), (i), (j),
(k)and(l),42(a),(c) and (d),43(a),(b) and (c), 44 to 49,
51,53 to 57,59,75,78,79,80, 86, 87, 88(b), (c), (d) and
(f), 91, 92, 95(b), 112, 113, 114(a), (b) and (c), 115, 116,
118,119,120,122,123(b),(c), (d) and (e), 124, 125, 126,
127(b), 128 to 131, 133, 134, 135(f), 137, 138(i) and (j),
141(d)and(e),142(a)and(b),143to148,150,151,152(b),
167,170to173,177,178,179(b),184and186(2)1July2015

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Delete the words memorandum or articles wherever they appear and

Delete the word memorandum wherever it appears and substitute in each

Sections19(2)(a),22(2),30(4)(c)(ii),61(1)(b)(iii)(B) and (2)(c)(ii),146(1A)(b)

Delete the words memorandum, and of the persons named in the

Delete the words memorandum or articles of association and substitute in

Delete the words memorandum of a company contains a provision to the

Delete the words memorandum or articles of the company require and

Insert, immediately after the words private company, the words or an

Delete the words memorandum or articles expires or the event, if any,

Delete the words , manager or principal officer of the company and

Delete the word agents and substitute the words authorised

8 September 2014 (Bill No. 25/2014 published on 8

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