Singapore legislation
Section 25
Section 25
Application of Companies Act
(1)
Sections 162, 163 and 197 of and the Eighth Schedule to the Companies Act (Cap. 50) shall apply to a licensed corporation which is an exempt private company subject to the modification that any reference in those sections and that Schedule to an exempt private company shall not include a reference to the licensed corporation.
(2)
Every such licensed corporation shall —
comply with the prohibitions in section 162 (relating to loans to its directors) and section 163 (relating to loans to persons connected with the directors of the lending company) of the Companies Act (Cap. 50) as if it were not an exempt private company; and
forward annually to the Registrar of Companies, together with the annual return required by section 197 of the Companies Act, such copies of documents as are required to be included in the annual return and such certificates and particulars in accordance with Part II of the Eighth Schedule to that Act as if it were not an exempt private company.
(3)
In this section, “exempt private company” has the same meaning as in the Companies Act. [20