Singapore legislation
Section 23
Section 23
Rights attached to shares in section 22(6) and (11)
(1)
This section applies to the shares mentioned in section 22(6) and (11).
(2)
The subsidiary mentioned in section 22(6) or (11) must not exercise any right in respect of those shares and any purported exercise of such right is void.
(3)
The rights mentioned in subsection (2) include any right to attend or vote at meetings and for the purposes of this Act, the subsidiary is treated as having no right to vote and the shares are treated as having no voting rights.
(4)
Nothing in this section prevents —
an allotment of shares as fully paid bonus shares in respect of the shares mentioned in section 22(6) or (11); or
the subdivision or consolidation of any share mentioned in section 22(6) or (11) into shares of a greater or smaller number, if the total value of the shares after the subdivision or consolidation is the same as the total value of the shares before the subdivision or consolidation, as the case may be.
(5)
Any shares allotted as fully paid bonus shares in respect of the shares in section 22(6) are treated for the purposes of this Act as if they were already held by the subsidiary at the time they were allotted, in circumstances in which section 22(4) applied.
(6)
Any shares allotted as fully paid bonus shares in respect of the shares in section 22(11) are treated for the purposes of this Act as if they were transferred to the subsidiary at the time they were allotted, in circumstances in which section 22(9) applied.