Clause 18

This section shall apply only to corporations of an international character that are approved as such by the Registrar.(2) A corporation to which this section applies may apply in writing to the Registrar for an exemption from the requirements of paragraph (a) of subsection (2) of section 42 and the Registrar may, if he considers those requirements unduly burdensome on the corporation, exempt such corporation from complying therewith subject to the Registrar requiring such minimum number of directors who are resident in Singapore signing the copy of the prospectus as the Registrar, in any particular case, may decide and in the event that no directors are resident in Singapore the Registrar may permit a duly authorised agent to sign the prospectus so long as such authorisation is supported by a resolution of the board of the corporation though the Registrar, if he is satisfied that a particular corporation cannot comply with any of these requirements, may grant the exemption applied for.(3) Any prospectus that complies with the terms of exemption granted by the Registrar shall be deemed to be a prospectus for the purposes of this Act and a copy of such prospectus shall be registered by the Registrar.”.