Singapore legislation
Clause 4
Clause 4
New section 19A
The principal Act is hereby amended by inserting immediately after section 19 thereof the following section: —“Power of company to provide for employees on cessation of business19A.—
The powers of the company shall, if they would not otherwise do so, be deemed to include power to make provision, in connection with any cessation of the whole or any part of the business carried on by the company or any subsidiary of the company, for the benefit of persons employed or formerly employed by the company or its subsidiary.(2) Subsection (1) of this section relates only to the capacity of a company as a body corporate and is without prejudice to any provision in a company’s memorandum or articles requiring any exercise of the power mentioned in that subsection to be approved by the company in general meeting or otherwise prescribing the manner in which that power is to be exercised.”.