Singapore legislation
Clause 7
Clause 7
Repeal and re-enactment of section 8
Section 8 of the principal Act is repealed and the following section substituted therefor: —“Vesting of residential properties in Singapore companies8.—
Notwithstanding anything contained in any written law relating to companies or in the memorandum or articles of association of a Singapore company to the contrary, a Singapore company which intends to acquire any estate or interest in any residential property shall, prior to the vesting of the estate or interest in that property in the company, amend its memorandum or articles of association, as the case may be, so as to provide —
that no person other than a citizen or Singapore company shall be a member of the company;
that no person other than a citizen shall be a director of the company;
for the prohibition of the issue or transfer of its shares to persons who are not citizens or Singapore companies, or who are the nominees of such persons or companies;
that its directors shall decline to register as members of the company persons who are not citizens or Singapore companies or who are the nominees of such persons or companies; and
for the production of such evidence as the directors may think fit to show that a person desiring to be registered as a member of the company is a citizen or Singapore company.(2) A Singapore company shall, prior to the vesting of any estate or interest in any residential property in the company, file with the Controller a copy of its memorandum and articles of association including any amendments made thereto together with a list of its directors and members containing the particulars of their nationality and such other particulars as the Controller may require.(3) The Controller may, if he is satisfied that the requirements of subsections (1) and (2) are complied with by a Singapore company, issue to the company a certificate stating that the company may acquire and retain residential properties subject to the provisions of this Act.(4) The Controller may at any time cancel a certificate issued under subsection (3) if he is satisfied that the Singapore company has altered or removed any of the provisions of its memorandum or articles of association referred to in subsection (1) without the prior written approval of the Controller.(5) Any Singapore company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding five thousand dollars.(6) Any Singapore company which contravenes subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding two thousand dollars.”.