Singapore legislation
Section 20
Section 20
Incorporated private companies may be formed
(1)
The Authority may, with the written approval of the Minister, cause to be formed under the provisions of any written law for the time being in force relating to companies any incorporated private company limited by shares, any number of which may be held by the Authority, and having as its object one or more of the functions and duties of the Authority set out in section 15.
(2)
Notwithstanding the provisions of any written law for the time being in force relating to companies, there shall be registered with the memorandum of association of the company articles of association prescribing regulations for the company.
(3)
Such articles of association of the company shall contain, inter alia, such provisions relating to —
the capital and share structure of the company;
the qualifications, appointments, remuneration, powers and duties of directors;
dividends and reserve funds; and
the winding up of the company,as may be directed by the Minister, and shall also provide that such employees of the Authority as are transferred to the company shall enjoy salaries and conditions of service as near as may be to those on which they were employed by the Authority.[19