Singapore legislation
Section 10
Section 10
Issue of securities
(1)
Except with the permission of the Authority, no person shall in Singapore issue any security or do any act which involves, is in association with or is preparatory to the issuing outside Singapore of any security which is registered or to be registered in Singapore, unless the following requirements are fulfilled:
neither the person to whom the security is to be issued nor the person, if any, for whom he is to be a nominee is resident outside the scheduled territories; (b)the prescribed evidence is produced to the person issuing the security as to the residence of the person to whom it is to be issued and that of the person, if any, for whom he is to be a nominee.
(2)
The subscription of the memorandum of association of a company to be formed under the Companies Act 1967 by a person resident outside the scheduled territories, or by a nominee for another person so resident, shall, unless he subscribes the memorandum with the permission of the Authority, be invalid insofar as it would on registration of the memorandum have the effect of making him a member of or shareholder in the company.
(3)
Subsection (2) shall not render invalid the incorporation of the company referred to in that subsection.
(4)
If by virtue of subsection (2) the number of the subscribers of the memorandum who on its registration become members of the company is less than the minimum number required to subscribe to the memorandum, the provisions of that Act relating to the carrying on of business of a company the number of whose members is reduced below the legal minimum shall apply to the company as if the number of its members had been so reduced.