Singapore legislation
Section 40A
Section 40A
Provisions as to compromise or arrangement relating to certain financial institutions, etc.
(1)
This section applies despite any other written law.
(2)
In any proceedings under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a company that is a Type A financial institution, the Authority —
has the same powers and rights as a creditor of the company under the Companies Act 1967 or the Insolvency, Restructuring and Dissolution Act 2018 respectively (including the right to appear and be heard before the Court in any proceedings under those provisions); but(b)does not have the right to vote at any meeting summoned under section 210 of the Companies Act 1967.
(3)
In the case of a company that is a Type B financial institution, the Court must not —
approve under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 any compromise or arrangement that has been proposed for the purposes of or in connection with any scheme mentioned in section 212(1) of the Companies Act 1967 under which the whole or any part of the undertaking or the property of the company is to be transferred; or
without affecting paragraph (a), make any order under section 212(1) of the Companies Act 1967 providing for the transfer of the whole or any part of the undertaking or the property of the company,unless the Minister has consented to such compromise or arrangement or such transfer (as the case may be) or has certified that the Minister’s consent is not required.
(4)
In the case of a company that is a Type C financial institution, the Court must not —
approve under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 any compromise or arrangement that has been proposed for the purposes of or in connection with any scheme mentioned in section 212(1) of the Companies Act 1967 under which the whole or any part of the undertaking or the property of the company is to be transferred; or
without affecting paragraph (a), make any order under section 212(1) of the Companies Act 1967 providing for the transfer of the whole or any part of the undertaking or the property of the company,unless the Authority has consented to such compromise or arrangement or such transfer (as the case may be) or has certified that the Authority’s consent is not required.
(5)
For the purposes of this section, the Authority may make regulations under section 41 to prescribe any financial institution or class of financial institutions as a Type A financial institution, Type B financial institution or Type C financial institution.
(6)
In this section, “company” means any corporation liable to be wound up under the Insolvency, Restructuring and Dissolution Act 2018.