singapore companies act chapter 50
TRANSCRIPT
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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
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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
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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
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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
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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)
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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)
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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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6/5/2016 SingaporeStatutesOnline50CompaniesAct
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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]
http://statutes.agc.gov.sg/aol/search/display/view.w3p;page=0;query=DocId%3A%2225de2ec3-ac8e-44bf-9c88-927bf7eca056%22%20Status%3Apublished%20Depth%3A0%20%20TransactionTime%3A20160506000000;rec=0#pr239-ps4-.http://statutes.agc.gov.sg/aol/search/display/view.w3p;page=0;query=DocId%3A%2225de2ec3-ac8e-44bf-9c88-927bf7eca056%22%20Status%3Apublished%20Depth%3A0%20%20TransactionTime%3A20160506000000;rec=0http://statutes.agc.gov.sg/aol/search/display/view.w3p;page=0;query=Id%3A%22d6158920-1945-4179-9269-85ab110d5944%22%20Status%3Apublished%20%20TransactionTime%3A20160506000000;rec=0#pr8A-.http://statutes.agc.gov.sg/aol/search/display/view.w3p;page=0;query=Id%3A%22c9d49acc-3328-4437-83df-10a708c969dc%22%20Status%3Apublished%20%20TransactionTime%3A20160506000000;rec=0#pr8C-.http://statutes.agc.gov.sg/aol/search/display/view.w3p;page=0;query=Id%3A%22e0606667-f547-4681-aaca-0e7364975bf4%22%20Status%3Apublished%20%20TransactionTime%3A20160506000000;rec=0#pr8D-.http://statutes.agc.gov.sg/aol/search/display/view.w3p;page=0;query=Id%3A%22c94d5e52-5324-4687-aef3-7351b4001c19%22%20Status%3Apublished%20%20TransactionTime%3A20160506000000;rec=0#pr216-.http://statutes.agc.gov.sg/aol/search/display/view.w3p;page=0;query=Id%3A%224bf32244-f1db-42cb-92c3-0b5bcd593484%22%20Status%3Apublished%20%20TransactionTime%3A20160506000000;rec=0#P1IX-.http://statutes.agc.gov.sg/aol/search/display/view.w3p;page=0;query=Id%3A%229783419a-9022-4163-896c-79336f2ab5e1%22%20Status%3Apublished%20%20TransactionTime%3A20160506000000;rec=0#pr254-ps1-p1f-.http://statutes.agc.gov.sg/aol/search/display/view.w3p;page=0;query=Id%3A%22b2017457-8139-4c1a-8ef5-d070cc8995d8%22%20Status%3Apublished%20%20TransactionTime%3A20160506000000;rec=0#pr286-.http://statutes.agc.gov.sg/aol/search/display/view.w3p;page=0;query=Id%3A%22f6a26d8b-04ba-42c2-ba42-5dd7d0cdd709%22%20Status%3Apublished%20%20TransactionTime%3A20160506000000;rec=0#pr287-.http://statutes.agc.gov.sg/aol/search/display/view.w3p;page=0;query=Id%3A%2248dabea2-0211-4914-af2c-88ed2c7f211f%22%20Status%3Apublished%20%20TransactionTime%3A20160506000000;rec=0#pr402-.http://statutes.agc.gov.sg/aol/search/display/view.w3p;page=0;query=Id%3A%22479af346-1c1f-4958-95a2-aa0defa05833%22%20Status%3Apublished%20%20TransactionTime%3A20160506000000;rec=0#pr4-ps8-p1a-.
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6/5/2016 SingaporeStatutesOnline50CompaniesAct
http://statutes.agc.gov.sg/aol/search/display/viewPrint.w3ppage=0query=DocId%3A%22c3063e4b61ed4faf8014fabd5b998ed7%22%20Status%3Apu 32/409
(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]
http://statutes.agc.gov.sg/aol/search/display/view.w3p;page=0;query=Id%3A%2253edb7f5-aeb3-444d-b1f3-ead360f4a068%22%20Status%3Apublished%20%20TransactionTime%3A20160506000000;rec=0#pr4-ps8-.
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6/5/2016 SingaporeStatutesOnline50CompaniesAct
http://statutes.agc.gov.sg/aol/search/display/viewPrint.w3ppage=0query=DocId%3A%22c3063e4b61ed4faf8014fabd5b998ed7%22%20Status%3Apu 33/409
(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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