Singapore legislation
Section 31
Section 31
Conversion of firm and private company to limited liability partnership
(1)
Every notice of registration issued by the Registrar upon the conversion of a firm to a limited liability partnership under section 26 of the Limited Liability Partnerships Act 2005 is treated for the purposes of this Act as a conveyance on sale from the firm to the limited liability partnership of the chargeable property vested in the limited liability partnership upon such conversion, for a consideration equal to the value of the chargeable property so vested.
(2)
Every notice of registration issued by the Registrar upon the conversion of a private company to a limited liability partnership under section 27 of the Limited Liability Partnerships Act 2005 is treated for the purposes of this Act as a conveyance on sale from the private company to the limited liability partnership of the chargeable property vested in the limited liability partnership upon such conversion, for a consideration equal to the value of the chargeable property so vested.
(3)
In this section —
Definition
“chargeable property” means —
immovable property situated in Singapore, or any beneficial interest in the immovable property; and
stocks and shares registered in a register kept in Singapore, or any beneficial interest in the stocks and shares, other than stocks and shares deposited with and registered in the name of the Central Depository System established under section 81SH of the Securities and Futures Act 2001 or its nominee;
Definition
“firm” has the meaning given by section 2(1) of the Business Names Registration Act 2014;
Definition
“private company” has the meaning given by section 4(1) of the Companies Act 1967;
Definition
“Registrar” has the meaning given by the Limited Liability Partnerships Act 2005.