Singapore legislation

Clause 10

of Jurong Town Corporation (Amendment No. 2) Bill

Clause 10

New section 27A

The principal Act is hereby amended by inserting immediately after section 27 thereof the following new section: —“Power to form companies27A.—

(1)

The Corporation 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 an incorporated company or companies limited by shares the majority of which are to be held by the Corporation and having as its or their object, any or all of the functions of the Corporation set out in section 13 of this Act.(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 any company formed pursuant to the provisions of subsection (1) of this section articles of association prescribing regulations for such company.(3) Such articles of association of such company shall contain, inter alia, provisions relating to —

(a)

the capital and share structure of the company;

(b)

the qualification, appointment, remuneration, powers and proceedings of directors;

(c)

dividends and reserve funds; and

(d)

the winding up of the company,as may be directed by the Minister and shall also provide that such employees of the Corporation 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 Corporation.”.

Read in full context — Jurong Town Corporation (Amendment No. 2) Bill →