Singapore legislation
Clause 29
Clause 29
Incorporated private company to be formed
(1)
The Authority shall, as soon as practicable after the coming into operation of this Ordinance, cause to be formed under the provisions of the Companies Ordinance (Cap. 174) an incorporated private company (hereinafter in this Part of this Ordinance referred to as the “Company”) limited by shares to be held by the Authority and having as its principal object the acquisition and taking over as a going concern of the dockyard undertakings of the Authority with a view to carrying on, developing and extending the same.
(2)
The Company shall be registered in the name of “The Singapore Drydocks and Engineering Company, Limited”.
(3)
The memorandum of association of the Company shall provide, inter alia, for the payment for the dockyard undertakings of the Authority acquired by the Company, in fully or partly paid shares of the Company or otherwise.
(4)
Notwithstanding the provisions of the Companies Ordinance (Cap. 174), there shall be registered with the memorandum of association of the Company articles of association prescribing regulations for the Company.
(5)
Such articles of association shall contain, inter alia, such provisions relating to —
the capital and share structure of the Company;
the qualification, appointment, remuneration, powers and proceedings 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.
(6)
For the purposes of this section, “dockyard undertakings of the Authority” means the installations of the Dockyard Department of the Authority and all lands, buildings and other property, movable or immovable, vested in the Authority and used for the purposes of ship-repairing, shipbuilding, drydocking and other related works and includes all assets, powers, rights, interests and privileges as well as debts, liabilities and obligations of the Authority in connection therewith or appertaining thereto.