Singapore legislation
Section 24
Section 24
Disposal of shares in section 22(6) and (11)
(1)
This section applies to the shares in a VCC mentioned in section 22(6) and (11).
(2)
The subsidiary mentioned in section 22(6) or (11) may at any time —
sell the shares (or any of them) for cash;
transfer the shares (or any of them) for the purposes of or pursuant to any share scheme, whether for employees, directors or other persons;
transfer the shares (or any of them) as consideration for the acquisition of shares in or assets of another company or VCC or assets of a person; or
sell, transfer or otherwise use the shares for such other purposes as the Minister may by order prescribe.
(3)
In subsection (2), “cash”, in relation to a sale of shares by the subsidiary, means —
cash (including foreign currency) received by the subsidiary;
a cheque received by the subsidiary in good faith which the directors have no reason for suspecting will not be paid;
a release of a liability of the subsidiary for a liquidated sum; or
an undertaking to pay cash to the subsidiary on or before a date not more than 90 days after the date on which the subsidiary agrees to sell the shares.