Singapore Companies Act Chapter 50

6/5/2016 SingaporeStatutesOnline50CompaniesAct

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CompaniesAct(CHAPTER50)

LongTitle

PartIPRELIMINARY

1Shorttitle

2DivisionintoParts

3Repeals

4Interpretation

5Definitionofsubsidiaryandholdingcompany

5ADefinitionofultimateholdingcompany

5BDefinitionofwhollyownedsubsidiary

6Whencorporationsdeemedtoberelatedtoeachother

7Interestsinshares

7ASolvencystatementandoffenceformakingfalsestatement

PartIIADMINISTRATIONOFTHISACT

8AdministrationofActandappointmentofRegistrarofCompanies,etc.

8AInspectionofbooksofcorporation

8BPowerofMagistratetoissuewarranttoseizebooks

8CCopiesoforextractsfrombookstobeadmittedinevidence

8DDestruction,mutilation,etc.,ofcompanydocuments

8ESavingforadvocatesandsolicitors

8FInvestigationofcertainmatters

8GSavingsforbanks,insurancecompaniesandcertainfinancialinstitutions

8HSecurityofinformation

9Approvedliquidators

10Companyauditors

11Disqualificationofliquidators

12Registers

12AFilingservice

12BRectificationofregister



13Enforcementofdutytomakereturns

14Relodgingoflostregistereddocuments

15Size,durabilityandlegibilityofdocumentsdeliveredtoRegistrar

16InstantInformationServiceexclusionofliabilityforerrorsoromissions

16ASupplyofmagnetictapesexclusionofliabilityforerrorsoromissions

PartIIICONSTITUTIONOFCOMPANIES

Division1Incorporation

17Formationofcompanies

18Privatecompany

19Registrationandincorporation

20Powertorefuseregistration

20AMinimumofonemember

21Membershipofholdingcompany

22Requirementsastomemorandum

Division2Powers

23Capacityandpowersofcompany

24Powerofcompanytoprovideforemployeesoncessationofbusiness

25Ultravirestransactions

25ANoconstructivenotice

26Generalprovisionsastoalterationofmemorandum

26APowertoentrenchprovisionsofmemorandumandarticlesofcompany

27Namesofcompanies

28Changeofname

29Omissionof"Limited"or"Berhad"innameofcharitableandothercompanies

30Registrationofunlimitedcompanyaslimitedcompany,etc.

31Changefrompublictoprivatecompany

32Defaultincomplyingwithrequirementsastoprivatecompanies

33Alterationsofobjectsinmemorandum

34Alterationofmemorandumbycompanypursuanttorepealandreenactmentofsections10and14ofResidentialPropertyAct

35Articlesofassociation



36AdoptionofTableAinFourthSchedule

37Alterationofarticles

38Astomemorandumandarticlesofcompanieslimitedbyguarantee

39Effectofmemorandumandarticles

40Copiesofmemorandumandarticles

41Ratificationbycompanyofcontractsmadebeforeincorporation

42(Repealed)

42ACompanyorforeigncompanywithacharitablepurposewhichcontravenestheCharitiesActorregulationsmadethereundermaybewounduporstruckofftheregister

PartIVSHARES,DEBENTURESANDCHARGES

Division1Prospectuses

43(Repealed)

44(Repealed)

45(Repealed)

46(Repealed)

47(Repealed)

48(Repealed)

49(Repealed)

50(Repealed)

51(Repealed)

52(Repealed)

53(Repealed)

54(Repealed)

55(Repealed)

56(Repealed)

Division2Restrictionsonallotmentandcommencementofbusiness

57(Repealed)

58(Repealed)

59Restrictiononallotmentincertaincases

60Requirementsastostatementsinlieuofprospectus

61Restrictionsoncommencementofbusinessincertaincircumstances



62Restrictiononvaryingcontractsreferredtoinprospectus,etc.

Division3Shares

62ANoparvalueshares

62BTransitionalprovisionsforsection62A

63Returnastoallotments

64Astovotingrightsofequitysharesincertaincompanies

65Differencesincallsandpayments,etc.

66Sharewarrants

67(Repealed)

69F(Repealed)

70Redeemablepreferenceshares

71Powerofcompanytoalteritssharecapital

72Validationofsharesimproperlyissued

73(Repealed)

74Rightsofholdersofclassesofshares

75Rightsofholdersofpreferencesharestobesetoutinmemorandumorarticles

76Companyfinancingdealingsinitsshares,etc.

76AConsequencesofcompanyfinancingdealingsinitsshares,etc.

76BCompanymayacquireitsownshares

76CAuthorityforoffmarketacquisitiononequalaccessscheme

76DAuthorityforselectiveoffmarketacquisition

76DAContingentpurchasecontract

76EAuthorityformarketacquisition

76FPaymentstobemadeonlyifcompanyissolvent

76GReductionofcapitalorprofitsorbothoncancellationofrepurchasedshares

76HTreasuryshares

76ITreasuryshares:maximumholdings

76JTreasuryshares:votingandotherrights

76KTreasuryshares:disposalandcancellation

77Optionsoverunissuedshares

78Powerofcompanytopayinterestoutofcapitalincertaincases

Division3AReductionofsharecapital



78APreliminary

78BReductionofsharecapitalbyprivatecompany

78CReductionofsharecapitalbypubliccompany

78DCreditorsrighttoobjecttocompanysreduction

78EPositionatendofperiodforcreditorobjections

78FPowerofCourtwherecreditorobjectionmade

78GReductionbyspecialresolutionsubjecttoCourtapproval

78HCreditorprotection

78ICourtorderapprovingreduction

78JOffencesformakinggroundlessorfalsestatements

78KLiabilityofmembersonreducedshares

Division4Substantialshareholdings

79ApplicationandinterpretationofDivision

80PersonsobligedtocomplywithDivision

81Substantialshareholdingsandsubstantialshareholders

82Substantialshareholdertonotifycompanyofhisinterests

83Substantialshareholdertonotifycompanyofchangeininterests

84Personwhoceasestobesubstantialshareholdertonotifycompany

85Referencestooperationofsection7

86Personsholdingsharesastrustees

87RegistrarmayextendtimeforgivingnoticeunderthisDivision

88Companytokeepregisterofsubstantialshareholders

89Offencesagainstcertainsections

90Defencetoprosecutions

91PowersofCourtwithrespecttodefaultingsubstantialshareholders

92Powerofcompanytorequiredisclosureofbeneficialinterestinitsvotingshares

Division5Debentures

93Registerofdebentureholdersandcopiesoftrustdeed

94Specificperformanceofcontracts

95Perpetualdebentures

96Reissueofredeemeddebentures

97(Repealed)



98(Repealed)

99(Repealed)

100PowerofCourtinrelationtocertainirredeemabledebentures

101(Repealed)

106(Repealed)

Division5AExemptionsfromDivisions1and5inrelationtoProspectusRequirements

106A(Repealed)

106L(Repealed)

Division6Interestsotherthanshares,debentures,etc.

107(Repealed)

120(Repealed)

Division7Titleandtransfers

121Natureofshares

122Numberingofshares

123Certificatetobeevidenceoftitle

124Companymayhaveduplicatecommonseal

125Lossordestructionofcertificates

126Instrumentoftransfer

127Registrationsoftransferatrequestoftransferor

128Noticeofrefusaltoregistertransfer

128ANoticeoftransferofshares

129Certificationoftransfers

130Dutiesofcompanywithrespecttoissueofcertificatesanddefaultinissueofcertificates

Division7ATheCentralDepositorySystemabookentryorscriplesssystemforthetransferofsecurities

130AInterpretation

130BApplicationofthisDivision

130CEstablishmentofCentralDepositorySystem

130CADepositoryornomineedeemedtobebaretrustee

130DDepositorynotamemberofacompanyanddepositorsdeemedtobemembers

130EDepositorytocertifynamesofdepositorstocorporationuponrequest



130FMaintenanceofaccounts

130GTransferseffectedbyDepositoryunderbookentryclearingsystem

130HDepositorytobedischargedfromliabilityifactingoninstructions

130IConfirmationoftransaction

130JNorectificationofDepositoryRegister

130KTrustee,executororadministratorofdeceaseddepositornamedasdepositor

130LNonapplicationofcertainprovisionsinbankruptcyandcompanyliquidationlaw

130MNonapplicationofcertainprovisionsinsections21and76A

130NSecurityinterest

130ODepositoryrulestoberegardedasrulesofasecuritiesexchangethataresubjecttoSecuritiesandFuturesAct

130PRegulations

Division8Registrationofcharges

131Registrationofcharges

132Dutytoregistercharges

133Dutyofcompanytoregisterchargesexistingonpropertyacquired

134RegisterofchargestobekeptbyRegistrar

135Endorsementofcertificateofregistrationondebentures

136Entriesofsatisfactionandreleaseofpropertyfromcharge

137Extensionoftimeandrectificationofregisterofcharges

138Companytokeepcopiesofcharginginstrumentsandregisterofcharges

139DocumentsmadeoutofSingapore

140Charges,etc.,createdbefore29thDecember1967

141ApplicationofDivision

PartVMANAGEMENTANDADMINISTRATION

Division1Officeandname

142Registeredofficeofcompany

143Officehours

144Publicationofnameandregistrationnumber

Division2Directorsandofficers

145Directors



146Restrictionsonappointmentoradvertisementofdirector

147Qualificationofdirector

148Restrictiononundischargedbankruptbeingdirectorormanager

149Disqualificationofunfitdirectorsofinsolventcompanies

149ADisqualificationofdirectorsofcompanieswoundupongroundsofnationalsecurityorinterest

150Appointmentofdirectorstobevotedonindividually

151Validityofactsofdirectorsandofficers

152Removalofdirectors

153Agelimitfordirectors

154Disqualificationtoactasdirectoronconvictionofcertainoffences

155DisqualificationforpersistentdefaultinrelationtodeliveryofdocumentstoRegistrar

155ADisqualificationunderLimitedLiabilityPartnershipsAct2005

156Disclosureofinterestsintransactions,property,offices,etc.

157Astothedutyandliabilityofofficers

157APowersofdirectors

157BDirectordeclarationswherecompanyhasonedirector

157CUseofinformationandadvice

158Disclosureofcompanyinformationbycertaindirectors

159Powerofdirectorstohaveregardtointerestofitsemployees,membersandrulingsofSecuritiesIndustryCouncil

160Approvalofcompanyrequiredfordisposalbydirectorsofcompanysundertakingorproperty

160A(Repealed)

160B(Repealed)

160C(Repealed)

160D(Repealed)

161Approvalofcompanyrequiredforissueofsharesbydirectors

162Loanstodirectors

163Prohibitionofloanstopersonsconnectedwithdirectorsoflendingcompany

164Registerofdirectorsshareholdings

164APowertorequiredisclosureofdirectorsemoluments

165Generaldutytomakedisclosure



166Dutyofdirectortonotifystockexchangeofacquisition,etc.,ofitssecurities

167(Repealed)

168Paymentstodirectorforlossofoffice,etc.

169Provisionandimprovementofdirectorsemoluments

170Provisionsastoassignmentofoffice

171Secretary

172Provisionsindemnifyingdirectorsorofficers

173Registerofdirectors,managers,secretariesandauditors

Division3Meetingsandproceedings

173A(Repealed)

174Statutorymeetingandstatutoryreport

175Annualgeneralmeeting

175APrivatecompanymaydispensewithannualgeneralmeetings

176Conveningofextraordinarygeneralmeetingonrequisition

177Callingofmeetings

178Articlesastorighttodemandapoll

179Quorum,chairman,voting,etc.,atmeetings

180Astomembersrightsatmeetings

181Proxies

182PowerofCourttoordermeeting

183Circulationofmembersresolutions,etc.

184Specialresolutions

184APassingofresolutionsbywrittenmeans

184BRequirementsforpassingofresolutionsbywrittenmeans

184CWheredirectorsseekagreementtoresolutionbywrittenmeans

184DMembersmayrequiregeneralmeetingforresolution

184ECompanysdutytonotifymembersthatresolutionpassedbywrittenmeans

184FRecordingofresolutionspassedbywrittenmeans

184GResolutionsofonemembercompanies

185Resolutionrequiringspecialnotice

186Registrationandcopiesofcertainresolutions

187Resolutionsatadjournedmeetings


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188Minutesofproceedings

189Inspectionofminutebooks

Division4Registerofmembers

190Registerandindexofmembers

191Whereregistertobekept

192Inspectionandclosingofregister

193Consequencesofdefaultbyagent

194PowerofCourttorectifyregister

195Limitationofliabilityoftrustee,etc.,registeredasholderofshares

196Branchregisters

Division5Annualreturn

197Annualreturnbycompanyhavingasharecapital

198(Repealed)

PartVIACCOUNTSANDAUDIT

Division1Accounts

199Accountingrecordsandsystemsofcontrol

200Astoaccountingperiodsofcompanieswithinthesamegroup

200AAccountingStandards

201Accounts,consolidatedaccountsanddirectorsreport

201A(Repealed)

201BAuditcommittees

201CDirectorsneednotlayaccountsbeforecompanyifresolutionundersection175Ainforce

202Relieffromrequirementsastoformandcontentofaccountsandreports

203Membersofcompanyentitledtobalancesheet,etc.

203AProvisionofsummaryfinancialstatementtomembers

204Penalty

Division2Audit

205Appointmentandremunerationofauditors

205ACertaincompaniesexemptfromobligationtoappointauditors



205BDormantcompanyexemptfromauditrequirements

205CExemptprivatecompanyexemptfromauditrequirements

205DRegistrarmayrequirecompanyexemptfromauditrequirementstolodgeauditedaccounts

206Auditorsremuneration

207Powersanddutiesofauditorsastoreportsonaccounts

208Auditorsandotherpersonstoenjoyqualifiedprivilegeincertaincircumstances

209Dutiesofauditorstotrusteefordebentureholders

209AInterpretation

209B(Repealed)

PartVIIARRANGEMENTS,RECONSTRUCTIONSANDAMALGAMATIONS

210Powertocompromisewithcreditorsandmembers

211Informationastocompromisewithcreditorsandmembers

212ApprovalofcompromiseorarrangementbyCourt

213(Repealed)

214(Repealed)

215Powertoacquiresharesofshareholdersdissentingfromschemeorcontractapprovedby90%majority

215AAmalgamations

215BAmalgamationproposal

215CMannerofapprovingamalgamationproposal

215DShortformamalgamation

215ERegistrationofamalgamation

215FNoticeofamalgamation,etc.

215GEffectofamalgamations

215HPowerofCourtincertaincases

215ISolvencystatementinrelationtoamalgamatingcompanyandoffenceformakingfalsestatement

215JSolvencystatementinrelationtoamalgamatedcompanyandoffenceformakingfalsestatement

216Personalremediesincasesofoppressionorinjustice

216ADerivativeorrepresentativeactions



216BEvidenceofshareholdersapprovalnotdecisiveCourtapprovaltodiscontinueactionundersection216A

PartVIIIRECEIVERSANDMANAGERS

217Disqualificationforappointmentasreceiver

218Liabilityofreceiver

219PowerofCourttofixremunerationofreceiversormanagers

220Appointmentofliquidatorasreceiver

221Notificationofappointmentofreceiver

222Statementthatreceiverappointed

223Provisionsastoinformationwherereceiverormanagerappointed

224Specialprovisionsastostatementsubmittedtoreceiver

225Lodgingofaccountsofreceiversandmanagers

226Paymentsofcertaindebtsoutofassetssubjecttofloatingchargeinprioritytoclaimsundercharge

227Enforcementofdutyofreceiver,etc.,tomakereturns

PartVIIIAJUDICIALMANAGEMENT

227AApplicationtoCourtforacompanytobeplacedunderjudicialmanagementandforappointmentofajudicialmanager

227BPowerofCourttomakeajudicialmanagementorderandappointajudicialmanager

227CEffectofapplicationforajudicialmanagementorder

227DEffectofjudicialmanagementorder

227ENotificationofjudicialmanagementorder

227FVacancyinappointmentofjudicialmanager

227GGeneralpowersanddutiesofjudicialmanager

227HPowertodealwithchargedproperty,etc.

227IAgencyandliabilityforcontracts

227JVacationofofficeandrelease

227KInformationtobegivenbyandtojudicialmanager

227LCompanysstatementofaffairs

227MStatementofproposals

227NConsiderationofproposalsbycreditorsmeeting

227OCommitteeofcreditors



227PDutytomanagecompanysaffairs,etc.,inaccordancewithapprovedproposals

227QDutytoapplyfordischargeofjudicialmanagementorder

227RProtectionofinterestsofcreditorsandmembers

227STradeunionrepresentationonbehalfofmemberswhoarecreditorsandemployeesofacompany

227TUnduepreferenceincaseofjudicialmanagement

227UDeliveryandseizureofproperty

227VDutytocooperatewithjudicialmanager

227WInquiryintocompanysdealings,etc.

227XApplicationofcertainprovisionsinPartsVIIandXtoacompanyunderjudicialmanagement

PartIXINVESTIGATIONS

228ApplicationofthisPart

229Interpretation

230Powertodeclarecompanyorforeigncompany

231Appointmentofinspectorsfordeclaredcompanies

232InvestigationofaffairsofcompanybyinspectorsatdirectionofMinister

233Astoreportsofinspectors

234(Repealed)

235Investigationofaffairsofrelatedcorporation

236Procedureandpowersofinspector

237Astocostsofinvestigations

238Reportofinspectortobeadmissibleinevidence

239Powersofinspectorinrelationtoadeclaredcompany

240Suspensionofactionsandproceedingsbydeclaredcompany

241Windingupofcompany

242Penalties

243Appointmentandpowersofinspectorstoinvestigateownershipofcompany

244Powertorequireinformationastopersonsinterestedinsharesordebentures

245Powertoimposerestrictionsonsharesordebentures

246Inspectorsappointedinothercountries

PartXWINDINGUP



Division1Preliminary

247Modesofwindingup

248ApplicationofthisDivision

249Governmentboundbycertainprovisions

250Liabilityascontributoriesofpresentandpastmembers

251Natureofliabilityofcontributory

252Contributoriesincaseofdeathofmember

Division2WindingupbyCourt

Subdivision(1)General

253Applicationforwindingup

254CircumstancesinwhichcompanymaybewoundupbyCourt

255Commencementofwindingup

256Paymentofpreliminarycosts,etc.

257PowersofCourtonhearingwindingupapplication

258Powertostayorrestrainproceedingsagainstcompany

259Avoidanceofdispositionsofproperty,etc.

260Avoidanceofcertainattachments,etc.

261Windingupapplicationtobelispendens

262Copyofordertobelodged,etc.

Subdivision(2)Liquidators

263Appointment,style,etc.,ofliquidators

264ProvisionswherepersonotherthanOfficialReceiverisappointedliquidator

265ControlofunofficialliquidatorsbyOfficialReceiver

266ControlofOfficialReceiverbyMinister

267Provisionalliquidator

268Generalprovisionsastoliquidators

269Custodyandvestingofcompanysproperty

270StatementofcompanysaffairstobesubmittedtoOfficialReceiver

271Reportbyliquidator

272Powersofliquidator

273Exerciseandcontrolofliquidatorspowers



274Paymentbyliquidatorintobank

275Releaseofliquidatorsanddissolutionofcompany

276Astoordersforreleaseordissolution

Subdivision(3)Committeesofinspection

277Meetingstodeterminewhethercommitteeofinspectiontobeappointed

278Constitutionandproceedingsofcommitteeofinspection

Subdivision(4)GeneralpowersofCourt

279Powertostaywindingup

280Settlementoflistofcontributoriesandapplicationofassets

281Paymentofdebtsduebycontributory,tocompany,andextenttowhichsetoffallowed

282Appointmentofspecialmanager

283Claimsofcreditorsanddistributionofassets

284Inspectionofbooksandpapersbycreditorsandcontributories

285Powertosummonpersonsconnectedwithcompany

286Powertoorderpublicexaminationofpromoters,directors,etc.

287Powertoarrestabscondingcontributory,directororformerdirector

288DelegationtoliquidatorofcertainpowersofCourt

289PowersofCourtcumulative

Division3Voluntarywindingup

Subdivision(1)Introductory

290Circumstancesinwhichcompanymaybewoundupvoluntarily

291Provisionalliquidator

292Effectofvoluntarywindingup

293Declarationofsolvency

Subdivision(2)Provisionsapplicableonlytomembersvoluntarywindingup

294Liquidator

295Dutyofliquidatortocallcreditorsmeetingincaseofinsolvency

Subdivision(3)Provisionsapplicableonlytocreditorsvoluntarywindingup

296Meetingofcreditors

297Liquidator



298Committeeofinspection

299Propertyandproceedings

Subdivision(4)Provisionsapplicabletoeveryvoluntarywindingup

300Distributionofpropertyofcompany

301Appointmentofliquidator

302Removalofliquidator

303Reviewofliquidatorsremuneration

304Actofliquidatorvalid,etc.

305Powersanddutiesofliquidator

306Powerofliquidatortoacceptshares,etc.,asconsiderationforsaleofpropertyofcompany

307Annualmeetingofmembersandcreditors

308Finalmeetinganddissolution

309Arrangementwhenbindingoncreditors

310ApplicationtoCourttohavequestionsdeterminedorpowersexercised

311Costs

312Limitationonrighttowindupvoluntarily

Division4Provisionsapplicabletoeverymodeofwindingup

Subdivision(1)General

313Bookstobekeptbyliquidator

314PowersofOfficialReceiverwherenocommitteeofinspection

315Appealagainstdecisionofliquidator

316Noticeofappointmentandaddressofliquidator

317Liquidatorsaccounts

318Liquidatortomakegooddefaults

319Notificationthatacompanyisinliquidation

320Booksandpapersofcompanyandliquidator

321Investmentofsurplusfundsongeneralaccount

322UnclaimedassetstobepaidtoOfficialReceiver

322AOutstandingassetsofcompanywoundupongroundsofnationalsecurityorinterest

323Expensesofwindingupwhereassetsinsufficient

324Resolutionspassedatadjournedmeetingsofcreditorsandcontributories



325Meetingstoascertainwishesofcreditorsorcontributories

326Specialcommissionforreceivingevidence

Subdivision(2)Proofandrankingofclaims

327Proofofdebts

328Priorities

Subdivision(3)Effectonothertransactions

329Unduepreference

330Effectoffloatingcharge

331Liquidatorsrighttorecoverinrespectofcertainsalestoorbycompany

332Disclaimerofonerousproperty

333Interpretation

334Restrictionofrightsofcreditorastoexecutionorattachment

335Dutiesofbailiffastogoodstakeninexecution

Subdivision(4)Offences

336Offencesbyofficersofcompaniesinliquidation

337Inducementtobeappointedliquidator

338Penaltyfordestruction,falsification,etc.,ofbooks

339Liabilitywhereproperaccountsnotkept

340Responsibilityforfraudulenttrading

341PowerofCourttoassessdamagesagainstdelinquentofficers,etc.

342Prosecutionofdelinquentofficersandmembersofcompany

Subdivision(5)Dissolution

343PowerofCourttodeclaredissolutionofcompanyvoid

344PowerofRegistrartostrikedefunctcompanyoffregister

345OfficialReceivertoactasrepresentativeofdefunctcompanyincertainevents

346OutstandingassetsofdefunctcompanytovestinOfficialReceiver

347Disposalofoutstandinginterestsinproperty

348LiabilityofOfficialReceiverandGovernmentastopropertyvestedinOfficialReceiver

349Accountsandaudit

Division5Windingupofunregisteredcompanies



350Definitionofunregisteredcompany

351Windingupofunregisteredcompanies

352Contributoriesinwindingupofunregisteredcompany

353PowerofCourttostayorrestrainproceedings

354Outstandingassetsofdefunctunregisteredcompany

PartXIVARIOUSTYPESOFCOMPANIES,ETC

Division1Investmentcompanies

355(Repealed)

364(Repealed)

Division2Foreigncompanies

365ForeigncompaniestowhichthisDivisionapplies

366InterpretationofthisDivision

367Powerofforeigncompaniestoholdimmovableproperty

368Documents,etc.,tobelodgedbyforeigncompanieshavingplaceofbusinessinSingapore

369Powertorefuseregistrationofaforeigncompanyincertaincircumstances

370Astoregisteredofficeandagentsofforeigncompanies

371Transitoryprovisions

372Returntobefiledwheredocuments,etc.,altered

373Balancesheets

374(Repealed)

375Obligationtostatenameofforeigncompany,whetherlimited,andcountrywhereincorporated

376Serviceofdocument

377CesserofbusinessinSingapore

378Restrictiononuseofcertainnames

379Branchregister

380Registrationofsharesinbranchregister

381Removalofsharesfrombranchregister

382Indexofmembers,inspectionandclosingofbranchregisters

383ApplicationofprovisionsofthisActrelatingtotransfer

384Branchregistertobeprimafacieevidence



385Certificateastoshareholding

386Penalties

PartXIIGENERAL

Division1EnforcementofthisAct

387Serviceofdocumentsoncompany

387AElectronictransmissionofnoticesofmeetings

387BElectronictransmissionofdocuments

388Securityforcosts

389Astorightsofwitnessestolegalrepresentation

390Disposalofsharesofshareholderwhosewhereaboutsunknown

391Powertograntrelief

392Irregularities

393Privilegedcommunications

394Productionandinspectionofbooksorpaperswhereoffencesuspected

395Formofregisters,etc.

396Inspectionofregisters,etc.

397Translationsofinstruments,etc.

398Certificateofincorporationconclusiveevidence

399Courtmaycompelcompliance

Division2Offences

400(Repealed)

401Falseandmisleadingstatement

402Falsestatementsorreports

403Dividendspayablefromprofitsonly

404Fraudulentlyinducingpersonstoinvestmoney

405Penaltyforcarryingonbusinesswithoutregisteringacorporationandforimproperuseofwords"Limited"and"Berhad"

406Fraudsbyofficers

407Generalpenaltyprovisions

408Defaultpenalties

409Proceedingshowandwhentaken



409AInjunctions

409B(Repealed)

Division3Miscellaneous

410Rules

411Regulations

FIRSTSCHEDULERepealedWrittenLaws

SECONDSCHEDULEFeestobePaidtotheRegistrar

THIRDSCHEDULERepealed

FOURTHSCHEDULETableARegulationsforManagementofACompanyLimitedbyShares

FIFTHSCHEDULE

SIXTHSCHEDULEStatementinLieuofProspectus

SEVENTHSCHEDULEStatementRequiredPursuanttoDivision6ofPartIv

EIGHTHSCHEDULEAnnualReturnofACompanyHavingAShareCapital

NINTHSCHEDULEAccountsandConsolidatedAccounts

TENTHSCHEDULETakeoverOffers

ELEVENTHSCHEDULEPowersofJudicialManager

LegislativeSourceKey

LegislativeHistory

ComparativeTable

COMPANIESACT(CHAPTER50)

(OriginalEnactment:Act42of1967)

REVISEDEDITION2006

(31stOctober2006)



AnActrelatingtocompanies.

[29thDecember1967]

PARTI

PRELIMINARY

Shorttitle

1.ThisActmaybecitedastheCompaniesAct.

DivisionintoParts

2.ThisActisdividedintoParts,DivisionsandSubdivisionsasfollows:

PartIsections17A ... Preliminarysections17A.

PartIIsections816 ... AdministrationofthisActsections816.

Part III Constitution of Companiessections1742A

Division1Incorporationsections1722.Division2Powerssections2342A.

Part IV Shares, Debentures and Chargessections43141

... Division1Prospectusessections4356.

... Division 2 Restrictions on allotment andcommencementofbusinesssections5762.

... Division3Sharessections62A78.

... Division 3A Reduction of Share Capitalsections78A78K.

... Division4Substantialshareholdingssections7992.

... Division5Debenturessections93106.

... Division 5AExemptions fromDivisions 1 and5 inrelation to Prospectus Requirements sections 106A to106L.

... Division 6 Interests other than shares, debentures,etc.sections107120.

... Division7Titleandtransferssections121130.

... Division 7A The Central Depository System abookentry or scripless system for the transfer ofsecuritiessections130A130P.

... Division8Registrationofchargessections131141.

Part V Management and Administrationsections142198

... Division1Officeandnamesections142144.

... Division2Directorsandofficerssections145173.

... Division3Meetingsandproceedingssections173A189.

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... Division4Registerofmemberssections190196.

... Division5Annualreturnsections197198.

PartVIAccountsandAudit ... Division1Accountssections199204.

sections199209B ... Division2Auditsections205209B.

PartVIIsections210216B ... Arrangements, Reconstructions and Amalgamationssections210216B.

PartVIII ... ReceiversandManagers

sections217227 ... sections217227.

PartVIIIA ... JudicialManagement

sections227A227X ... sections227A227X.

PartIX ... Investigationssections228246.

sections228246

PartXWindingUpsections247354

... Division1Preliminarysections247252.

... Division2WindingupbyCourtsections253289.

... Subdivision(1)Generalsections253262.

... Subdivision(2)Liquidatorssections263276.

... Subdivision(3)Committeesof inspectionsections277278.

... Subdivision(4)GeneralpowersofCourtsections 279289.

... Division3Voluntarywindingupsections290312.

... Subdivision(1)Introductorysections290293.

... Subdivision(2)Provisionsapplicableonlytomembersvoluntarywindingupsections294295.

... Subdivision (3)Provisionsapplicableonly tocreditorsvoluntarywindingupsections296299.

... Subdivision(4)Provisionsapplicabletoeveryvoluntarywindingupsections300312.

... Division 4 Provisions applicable to every mode ofwindingupsections313349.

... Subdivision(1)Generalsections313326.

... Subdivision (2) Proof and ranking of claimssections327328.

... Subdivision (3) Effect on other transactionssections329335.

... Subdivision(4)Offencessections336342.

... Subdivision(5)Dissolutionsections343349.

... Division5WindingUpofUnregisteredCompaniessections350354.

PartXI ... Division1InvestmentCompaniessections355364.

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(a)

(b)

VariousTypesofCompanies,etc.sections355386

... Division2ForeignCompaniessections365386.

PartXIIGeneralsections387411

... Division 1 Enforcement of this Act sections 387399.

... Division2Offencessections400409A.

... Division3Miscellaneoussections410411.

[62/7040/8921/2005]

Repeals

3.(1)ThewrittenlawsmentionedintheFirstScheduletotheextenttowhichtheyarethereinexpressedtoberepealedoramendedareherebyrepealedoramendedaccordingly.

Transitoryprovisions

(2)UnlessthecontraryintentionappearsinthisAct

all persons, things and circumstances appointed or created under any of therepealed or amended written laws or existing or continuing under any of suchwritten laws immediatelybefore29thDecember1967shallunderandsubject tothisActcontinuetohavethesamestatus,operationandeffectastheyrespectivelywouldhavehadifsuchwrittenlawshadnotbeensorepealedoramendedand

in particular and without affecting the generality of paragraph (a), such repealshall not disturb the continuity of status, operation or effect of any Order inCouncil,order,rule,regulation,scaleoffees,appointment,conveyance,mortgage,deed, agreement, resolution, direction, instrument, document, memorandum,articles, incorporation,nomination,affidavit, call, forfeiture,minute,assignment,register, registration, transfer, list, licence, certificate, security, notice,compromise, arrangement, right, priority, liability, duty, obligation, proceeding,matter or thing made, done, effected, given, issued, passed, taken, validated,entered into, executed, lodged, accrued, incurred, existing, pending or acquiredunderanyofsuchwrittenlawsbeforethatdate.

(3)NothinginthisActshallaffecttheTableinanyrepealedwrittenlawcorrespondingtoTableAin theFourthScheduleoranypartthereof(eitherasoriginallyenactedorasalteredinpursuanceofanystatutorypower)orthecorrespondingTableinanyformerwrittenlawrelatingtocompanies(eitherasoriginallyenactedorassoaltered)sofarasthesameappliestoanycompanyexistingon29thDecember1967.

(4) Theprovisions of thisActwith respect towindingupother than the provisions ofSubdivision(5)ofDivision4ofPartXshallnotapplytoanycompanyorsocietyofwhichthewinding up has commenced before 29thDecember 1967, but every such company orsocietyshallbewoundupinthesamemannerandwiththesameincidentsasifthisActhadnot beenpassed and for thepurposesof thewindingup thewritten lawsunderwhich the

[S258/67]

[S258/67]

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(a)

(b)

(a)

(b)

windingupcommencedshallbedeemedtoremaininfullforce.[Aust.,s.4]

Interpretation

4.(1)InthisAct,unlessthecontraryintentionappears

accounting records, in relation toacorporation, includes suchworkingpapersandotherdocumentsasarenecessarytoexplainthemethodsandcalculationsbywhichaccountsofthecorporationaremadeup

Accounting Standards means the Accounting Standards prescribed undersection200A(1)(a)

accounts means profit and loss accounts and balancesheets and includes notes(other thanauditors reportsordirectors reports)attachedor intended tobe readwithanyofthoseprofitandlossaccountsorbalancesheets

Actincludesanyregulations

annualgeneralmeeting,inrelationtoacompany,meansameetingofthecompanyrequiredtobeheldbysection175

annualreturnmeans

in relation to a company having a share capital, the return required to bemadebysection197(1)and

inrelationtoacompanynothavingasharecapital,thereturnrequiredtobemadebysection197(5),

andincludesanydocumentaccompanyingthereturn

approvedliquidatormeans

apersonwhofallswithinaclassofpersonsdeclaredasapprovedliquidatorsundersection9(1)or

apersonwhohasbeenapprovedundersection9(2)asaliquidatorandwhoseapprovalhasnotbeenrevoked

articlesmeansarticlesofassociation

auditrequirementsmeanstherequirementsofsections201(4)and(4A)and207

Authority means theAccounting and Corporate RegulatoryAuthority establishedundertheAccountingandCorporateRegulatoryAuthorityAct(Cap.2A)

banking corporation means a licensed bank under any written law relating tobanking

books includes any account, deed, writing or document and any other record ofinformation,howevercompiled, recordedor stored,whether inwrittenorprintedformoronmicrofilmorbyelectronicprocessorotherwise

borrowing corporation means a corporation that is or will be under a liability(whetherornotsuchliabilityispresentorfuture)torepayanymoneyreceivedortobe receivedby it in response to an invitation to thepublic to subscribe for orpurchasedebenturesofthecorporation

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(i)

(ii)

(a)

(b)

(a)

(b)

(c)

(d)

branchregistermeans

inrelationtoacompany

abranch registerofmembersof thecompanykept inpursuanceofsection196or

a branch register of holders of debentures kept in pursuance ofsection93,

asthecasemayrequireand

in relation to a foreign company, a branch register of members of thecompanykeptinpursuanceofsection379

businessdaymeansanydayotherthanaSaturday,Sundayorpublicholiday

certified, in relation to a copy of a document, means certified in the prescribedmanner to be a true copy of the document and, in relation to a translation of adocument,meanscertified in theprescribedmanner tobeacorrect translationofthedocumentintotheEnglishlanguage

charge includes a mortgage and any agreement to give or execute a charge ormortgagewhetherupondemandorotherwise

companymeans a company incorporated pursuant to thisAct or pursuant to anycorrespondingpreviouswrittenlaw

companyhavingasharecapitalincludesanunlimitedcompanywithasharecapital

companylimitedbyguaranteemeansacompanyformedontheprincipleofhavingthe liability of its members limited by the memorandum to such amount as themembersmayrespectivelyundertaketocontributetotheassetsofthecompanyintheeventofitsbeingwoundup

companylimitedbysharesmeansacompanyformedontheprincipleofhavingtheliabilityofitsmemberslimitedbythememorandumtotheamount,ifany,unpaidonthesharesrespectivelyheldbythem

contributory, in relation to a company,means a person liable to contribute to theassetsofthecompanyintheeventofitsbeingwoundup,andincludestheholderof fully paid shares in the company and, prior to the final determination of thepersonswhoarecontributories,includesanypersonallegedtobeacontributory

corporation means any body corporate formed or incorporated or existing inSingapore or outside Singapore and includes any foreign company but does notinclude

anybodycorporatethatisincorporatedinSingaporeandisbynotificationofthe Minister in the Gazette declared to be a public authority or aninstrumentalityoragencyoftheGovernmentortobeabodycorporatewhichisnotincorporatedforcommercialpurposes

anycorporationsole

anycooperativesociety

anyregisteredtradeunionor

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(e)

(a)

(b)

(c)

(a)

(b)

anylimitedliabilitypartnership

CourtmeanstheHighCourtorajudgethereof

corresponding previouswritten lawmeans any written law relating to companieswhichhasbeenatanytimeinforceinSingaporeandwhichcorrespondswithanyprovisioninthisAct

creditors voluntarywinding up means awinding up underDivision 3 of Part X,otherthanamembersvoluntarywindingup

debenture includes debenture stock, bonds, notes and any other securities of acorporationwhetherconstitutingachargeon theassetsof thecorporationornot,butdoesnotinclude

acheque,letterofcredit,orderforthepaymentofmoneyorbillofexchange

subjecttotheregulations,apromissorynotehavingafacevalueofnotlessthan$100,000andhavingamaturityperiodofnotmorethan12months

forthepurposesoftheapplicationofthisdefinitiontoaprovisionofthisActin respectofwhichany regulationsmade thereunderprovide that theworddebenturedoesnotincludeaprescribeddocumentoradocumentincludedinaprescribedclassofdocuments,thatdocumentoradocumentincludedinthatclassofdocuments,asthecasemaybe

defaultpenaltymeansadefaultpenaltywithinthemeaningofsection408

directorincludesanypersonoccupyingthepositionofdirectorofacorporationbywhatevernamecalledandincludesapersoninaccordancewithwhosedirectionsorinstructionsthedirectorsofacorporationareaccustomedtoactandanalternateorsubstitutedirector

documentincludessummons,orderandotherlegalprocess,andnoticeandregister

electronic communication means communication transmitted (whether from onepersontoanother,fromonedevicetoanother,fromapersontoadeviceorfromadevicetoaperson)

bymeansofatelecommunicationsystemor

byothermeansbutwhileinanelectronicform,

suchthatitcan(whereparticularconditionsaremet)bereceivedinlegibleformorbemadelegiblefollowingreceiptinnonlegibleform

emoluments, in relation to a director or auditor of a company, includes any fees,percentages and other payments made (including the money value of anyallowances or perquisites) or consideration given, directly or indirectly, to thedirectororauditorbythatcompanyorbyaholdingcompanyorasubsidiaryofthatcompany,whethermadeorgiventohiminhiscapacityasadirectororauditororotherwiseinconnectionwiththeaffairsofthatcompanyoroftheholdingcompanyorthesubsidiary

equitysharemeansanysharewhichisnotapreferenceshare

exemptprivatecompanymeans

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(a)

(b)

(a)

(b)

a private company in the shares of which no beneficial interest is helddirectly or indirectly by any corporation and which has not more than 20membersor

anyprivatecompany,beingaprivatecompanythatiswhollyownedbytheGovernment, which the Minister, in the national interest, declares bynotificationintheGazettetobeanexemptprivatecompany

expertincludesengineer,valuer,accountantandanyotherpersonwhoseprofessionorreputationgivesauthoritytoastatementmadebyhim

filedmeansfiledunderthisActoranycorrespondingpreviouswrittenlaw

financialyear, inrelationtoanycorporation,meanstheperiodinrespectofwhichanyprofitandlossaccountof thecorporation laidbefore it ingeneralmeeting ismadeup,whetherthatperiodisayearornot

foreigncompanymeans

a company, corporation, society, association or other body incorporatedoutsideSingaporeor

anunincorporatedsociety,associationorotherbodywhichunderthelawofitsplaceoforiginmaysueorbesued,orholdproperty in thenameof thesecretaryorotherofficerof thebodyorassociationdulyappointedfor thatpurpose and which does not have its head office or principal place ofbusinessinSingapore

guarantorcorporation, in relation toaborrowingcorporation,meansacorporationthat has guaranteed or has agreed to guarantee the repayment of any moneyreceivedortobereceivedbytheborrowingcorporationinresponsetoaninvitationtothepublictosubscribefororpurchasedebenturesoftheborrowingcorporation

liquidator includes the Official Receiver when acting as the liquidator of acorporation

limitedcompanymeansacompanylimitedbysharesorbyguaranteeor,priortotheexpiry of the period of 2 years as specified in section17(6), a company limitedbothbysharesandguarantee

limitedliabilitypartnershiphasthesamemeaningasinsection2(1)oftheLimitedLiabilityPartnershipsAct2005(Act5of2005)

listedcorporationmeansacorporationthathasbeenadmittedtotheofficiallistofasecuritiesexchangeinSingaporeandhasnotbeenremovedfromthatofficiallist

lodgedmeanslodgedunderthisActoranycorrespondingpreviouswrittenlaw

manager, in relation to a company, means the principal executive officer of thecompany for the timebeingbywhatevernamecalledandwhetherornothe isadirector

marketable securities means debentures, funds, stocks, shares or bonds of anygovernmentorofanylocalauthorityorofanycorporationorsocietyandincludesanyrightoroptioninrespectofsharesinanycorporationandunitsinacollectiveinvestmentschemewithin themeaningofsection2of theSecurities andFutures

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(a)

(b)

(c)

(d)

(e)

(f)

(g)

Act(Cap.289)

members voluntarywinding up means awindingupunderDivision 3 of PartX,whereadeclarationhasbeenmadeandlodgedinpursuanceofsection293

memorandummeansmemorandumofassociation

minimum subscription, in relation to any shares offered to the public forsubscription,meanstheamountstatedintheprospectusrelatingtotheofferastheminimumamountwhichintheopinionofthedirectorsmustberaisedbytheissueofthesharessooffered

officecopy,inrelationtoanyCourtorderorotherCourtdocument,meansacopyauthenticatedunderthehandorsealoftheRegistrarorotherproperofficeroftheCourt

officer,inrelationtoacorporation,includes

any director or secretary of the corporation or a person employed in anexecutivecapacitybythecorporation

a receiver and manager of any part of the undertaking of the corporationappointedunderapowercontainedinanyinstrumentand

anyliquidatorofacompanyappointedinavoluntarywindingup,

butdoesnotinclude

anyreceiverwhoisnotalsoamanager

anyreceiverandmanagerappointedbytheCourt

anyliquidatorappointedbytheCourtorbythecreditorsor

ajudicialmanagerappointedbytheCourtunderPartVIIIA

OfficialReceivermeanstheOfficialAssigneeappointedundertheBankruptcyAct(Cap.20) and includes thedeputyof any suchOfficialAssignee andanypersonappointedasAssistantOfficialAssignee

preferenceshare,inrelationtosections5,64and180,meansashare,bywhatevername called, which does not entitle the holder thereof to the right to vote at ageneralmeeting(exceptinthecircumstancesspecifiedinsection180(2)(a),(b)and(c)) or to any right to participate beyond a specified amount in any distributionwhetherbywayofdividend,oronredemption,inawindingup,orotherwise

prescribedmeansprescribedunderthisActorbytherules

prescribedpersonmeansaperson,orapersonwithinaclassofpersons,prescribedbytheMinister

principal register, in relation to a company,means the register ofmembers of thecompanykeptinpursuanceofsection190

printed includes typewritten or lithographed or reproduced by any mechanicalmeans

privatecompanymeans

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(a)

(b)

(c)

(a)

(b)

(i)

(ii)

anycompanywhichimmediatelypriorto29thDecember1967wasaprivatecompanyundertheprovisionsoftherepealedwrittenlaws

anycompanyincorporatedasaprivatecompanybyvirtueofsection18or

anycompanyconvertedintoaprivatecompanypursuanttosection31(1),

beingacompanywhichhasnotceasedtobeaprivatecompanyundersection31or32

profitandlossaccountincludesincomeandexpenditureaccount,revenueaccountoranyotheraccountshowingtheresultsofthebusinessofacorporationforaperiod

prospectus means any prospectus, notice, circular, material, advertisement,publicationorotherdocument

invitingapplicationsoroffersfromthepublictosubscribefororpurchaseor

offeringtothepublicforsubscriptionorpurchase,

any shares in or debentures of, or any units of shares in or debentures of, acorporationorproposed corporation, and includes anydocumentdeemed tobe aprospectusundersection257oftheSecuritiesandFuturesAct(Cap.289),butdoesnotinclude

aprofilestatementor

anymaterial,advertisementorpublicationwhichisauthorisedbysection251(otherthansubsection(5))ofthatAct

publicaccountantmeansapersonwhoisregisteredordeemedtoberegisteredundertheAccountantsAct(Cap.2)asapublicaccountant

publiccompanymeansacompanyotherthanaprivatecompany

registeredmeansregisteredunderthisActoranycorrespondingpreviousenactment

RegistrarmeanstheRegistrarofCompaniesappointedunderthisActandincludesanyDeputyorAssistantRegistrarofCompanies

regulationsmeansregulationsmadeunderthisAct

relatedcorporation,inrelationtoacorporation,meansacorporationthatisdeemedtoberelatedtothefirstmentionedcorporationbyvirtueofsection6

repealedwrittenlawsmeansthewrittenlawsrepealedbythisAct

resolutionforvoluntarywindingupmeanstheresolutionreferredtoinsection290

RulesmeansRulesofCourt

sharemeans share in the share capital of a corporation and includes stock exceptwhereadistinctionbetweenstocksandsharesisexpressedorimplied

solicitormeansanadvocateandsolicitoroftheSupremeCourt

statutorymeetingmeansthemeetingreferredtoinsection174

statutoryreportmeansthereportreferredtoinsection174

TableAmeansTableAintheFourthSchedule

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(a)

(b)

(a)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(b)

telecommunicationsystemhasthesamemeaningasintheTelecommunicationsAct(Cap.323)

treasurysharemeansasharewhich

was(oristreatedashavingbeen)purchasedbyacompanyincircumstancesinwhichsection76Happliesand

hasbeenheldbythecompanycontinuouslysincethetreasurysharewassopurchased

unit, inrelation toashare,debentureorother interest,meansanyrightor interest,whether legal or equitable, in the share, debenture or other interest, bywhatevername called and includes any option to acquire any such right or interest in theshare,debentureorotherinterest

unlimited companymeans a company formed on the principle of having no limitplacedontheliabilityofitsmembers

voting share, in relation to a body corporate, means an issued share in the bodycorporate,notbeing

asharetowhich,innocircumstances,isthereattachedarighttovoteor

asharetowhichthereisattachedarighttovoteonlyinoneormoreofthefollowingcircumstances:

duringaperiodinwhichadividend(orpartofadividend)inrespectoftheshareisinarrear

uponaproposaltoreducethesharecapitalofthebodycorporate

uponaproposalthataffectsrightsattachedtotheshare

uponaproposaltowindupthebodycorporate

upon a proposal for the disposal of the whole of the property,businessandundertakingsofthebodycorporate

duringthewindingupofthebodycorporate.

Directors

(2)ForthepurposesofthisAct,apersonshallnotberegardedasapersoninaccordancewithwhosedirectionsor instructions thedirectorsofacompanyareaccustomed toactbyreasononlythatthedirectorsactonadvicegivenbyhiminaprofessionalcapacity.

Whenstatementuntrue

(3)ForthepurposesofthisAct,astatementincludedinastatementinlieuofprospectusshall be deemed to be untrue if it is misleading in the form and context in which it isincluded.

Whenstatementincludedinstatementinlieuofprospectus

[S258/6762/7010/7415/8413/8722/9336/200042/200112/20028/20033/20044/20045/20045/200521/2005]

[42/2001]

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(a)

(b)

(c)

(4)ForthepurposesofthisAct,astatementshallbedeemedtobeincludedinastatementinlieuofprospectusif it iscontainedinanyreportormemorandumappearingonthefacethereoforbyreferenceincorporatedthereinorissuedtherewith.

Invitationtolendmoneydeemedinvitationtopurchasedebentures

(5) For thepurposesof thisAct, any invitation to thepublic todepositmoneywithorlendmoneytoacorporation(otherthanacorporationthatisaprescribedentityreferredtoinsection 239(4) of the Securities and Futures Act (Cap. 289) shall be deemed to be aninvitationtosubscribefororpurchasedebenturesofthecorporation.

(5A)ForthepurposesofthisAct,anydocumentthatisissuedorintendedorrequiredtobeissuedbyacorporationacknowledgingorevidencingorconstitutinganacknowledgmentoftheindebtednessofthecorporationinrespectofanymoneythatisormaybedepositedwith or lent to the corporation in response to such an invitation shall be deemed to be adebenture.

(6)[Act42of2001]

(7)Unlessthecontraryintentionappears,anyreferenceinthisActtoapersonbeingorbecoming bankrupt or to a person assigning his estate for the benefit of his creditors ormakinganarrangementwithhiscreditorsunderanywrittenlawrelatingtobankruptcyortoa person being an undischarged bankrupt or to any status, condition, act, matter or thingunderorinrelationtothelawofbankruptcyshallbeconstruedasincludingareferencetoapersonbeingorbecomingbankruptorinsolventortoapersonmakinganysuchassignmentor arrangement or to a person being an undischarged bankrupt or insolvent or to thecorrespondingstatus,condition,act,matterorthing(asthecaserequires)underanywrittenlawrelatingtobankruptcyorinsolvency.

Astowhatconstitutesaffairsofacorporation

(8)Areferenceinsection8A,8C,8D,216,PartIX,section254(1)(f),286,287or402tothe affairs of a corporation shall, unless the contrary intention appears, be construed asincludingareferenceto

thepromotion,formation,membership,control,business,trading,transactionsanddealings (whether alone or jointly with another person or other persons andincludingtransactionsanddealingsasagent,baileeortrustee),property(whetherheldaloneorjointlywithanotherpersonorotherpersonsandincludingpropertyheldasagent,baileeortrustee), liabilities(includingliabilitiesowedjointlywithanotherpersonorotherpersonsandliabilitiesastrustee),profitsandotherincome,receipts,losses,outgoingsandexpenditureofthecorporation

inthecaseofacorporation(notbeingatrusteecorporation)thatisatrustee(butwithout limiting the generality of paragraph (a)), matters concerned with theascertainmentoftheidentityofthepersonswhoarebeneficiariesunderthetrust,their rights under the trust and any payments that they have received, or areentitledtoreceive,underthetermsofthetrust

theinternalmanagementandproceedingofthecorporation

[42/2001]

[42/2001]

[42/2001]

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(i)

(ii)

(iii)

(iv)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

any act or thing done (including any contractmade and any transaction enteredinto)byoronbehalfofthecorporation,ortoorinrelationtothecorporationoritsbusinessorproperty,atatimewhen

areceiver,ora receiverandmanager, is inpossessionof,orhascontrolover,propertyofthecorporation

thecorporationisunderjudicialmanagement

a compromise or an arrangement made between the corporation andanotherpersonorotherpersonsisbeingadministeredor

thecorporationisbeingwoundup,

and,withoutlimitingthegeneralityoftheforegoing,anyconductofsuchareceiverorsuchareceiverandmanager,orsuchajudicialmanager,ofanypersonadministeringsuchacompromiseorarrangementorofanyliquidatororprovisionalliquidatorofthecorporation

theownershipofsharesin,debenturesof,andinterestsissuedby,thecorporation

thepowerofpersons toexercise,or tocontrol theexerciseof, the rights tovoteattachedtoshares in thecorporationor todisposeof,or toexercisecontroloverthedisposalof,suchshares

matters concerned with the ascertainment of the persons who are or have beenfinanciallyinterestedinthesuccessorfailure,orapparentsuccessorfailure,ofthecorporationorareorhavebeenabletocontrolormateriallytoinfluencethepolicyofthecorporation

the circumstances under which a person acquired or disposed of, or becameentitledtoacquireordisposeof,sharesin,debenturesof,orinterestsissuedby,thecorporation

wherethecorporationhasissuedinterests,anymattersconcerningthefinancialorbusinessundertaking,scheme,commonenterpriseorinvestmentcontracttowhichtheinterestsrelateand

mattersrelatingtoorarisingoutoftheauditof,orworkingpapersorreportsofanauditorconcerning,anymattersreferredtoinanyoftheprecedingparagraphs.

(9) For thepurposesof thisAct,wherevera reference to theaffairsofacompanyoraforeign company appears it shall be construed as including a reference to the affairs of acorporationasdefinedinsubsection(8).

(10)AreferenceinthisActtothedirectorsofacompanyshall,inthecaseofacompanywhichhasonlyonedirector,beconstruedasareferencetothatdirector.

(11)AreferenceinthisActtothedoingofanyactby2ormoredirectorsofacompanyshall,inthecaseofacompanywhichhasonlyonedirector,beconstruedasthedoingofthatactbythatdirector.

[UK,1985,s.162AUK,TreasuryShares,reg.3Aust.,1961,s.5]

Definitionofsubsidiaryandholdingcompany

[13/87]

[5/2004]

[5/2004]

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(i)

(ii)

(iii)

(a)

(b)

(a)

(b)

(a)

(i)

(ii)

(b)

(c)

(d)

5.(1) For the purposes of thisAct, a corporation shall, subject to subsection (3), bedeemedtobeasubsidiaryofanothercorporation,if

thatothercorporation

controls thecompositionof theboardofdirectorsof the firstmentionedcorporation

controls more than half of the voting power of the firstmentionedcorporationor

holds more than half of the issued share capital of the firstmentionedcorporation (excluding any part thereof which consists of preferencesharesandtreasuryshares)or

the firstmentioned corporation is a subsidiary of any corporationwhich is thatothercorporationssubsidiary.

(2) For the purposes of subsection (1), the composition of a corporations board ofdirectorsshallbedeemedtobecontrolledbyanothercorporationifthatothercorporationbytheexerciseofsomepowerexercisablebyitwithouttheconsentorconcurrenceofanyotherpersoncanappointorremovealloramajorityofthedirectors,andforthepurposesofthisprovisionthatothercorporationshallbedeemedtohavepowertomakesuchanappointmentif

apersoncannotbeappointedasadirectorwithout theexercise inhis favourbythatothercorporationofsuchapoweror

apersonsappointmentasadirectorfollowsnecessarilyfromhisbeingadirectororotherofficerofthatothercorporation.

(3)Indeterminingwhetheronecorporationisasubsidiaryofanothercorporation

any shares held or power exercisable by that other corporation in a fiduciarycapacityshallbetreatedasnotheldorexercisablebyit

subjecttoparagraphs(c)and(d),anysharesheldorpowerexercisable

byanypersonasanomineeforthatothercorporation(exceptwherethatothercorporationisconcernedonlyinafiduciarycapacity)or

by,orbyanomineefor,asubsidiaryofthatothercorporation,notbeingasubsidiarywhichisconcernedonlyinafiduciarycapacity,

shallbetreatedasheldorexercisablebythatothercorporation

anysharesheldorpowerexercisablebyanypersonbyvirtueoftheprovisionsofanydebenturesof the firstmentionedcorporationorofa trustdeed for securinganyissueofsuchdebenturesshallbedisregardedand

any shares held or power exercisable by, or by a nominee for, that othercorporation or its subsidiary (not being held or exercisable as mentioned inparagraph(c))shallbetreatedasnotheldorexercisablebythatothercorporationiftheordinarybusinessofthatothercorporationoritssubsidiary,asthecasemaybe,includesthelendingofmoneyandthesharesareheldorpowerisexercisableasaforesaidbywayofsecurityonlyforthepurposesofatransactionenteredinto

[21/2005]

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Business

Singapore Companies Act Chapter 50