Clause 2

Section 74 of the Companies Act is hereby amended by inserting immediately after subsection (5) thereof the following new subsections: —“(5A) Nothing in this section shall apply to a prescribed corporation, and a prescribed corporation which offers debentures to the public for subscription or purchase in Singapore shall not be required to make provision in those debentures or in a trust deed relating to those debentures for the appointment of a trustee corporation as trustee for the holders of the debentures.(5B) In subsection (5A) of this section, “prescribed corporation” means a corporation or class of corporation which has been declared by the Minister by notification in the Gazette to be a prescribed corporation for the purposes of this subsection.(5C) The Minister may by notification in the Gazette —