Singapore legislation

Clause 3

New sections 5A and 5B

The Companies Act is amended by inserting, immediately after section 5, the following sections:“Definition of ultimate holding company5A. For the purpose of this Act, a corporation is the ultimate holding company of another corporation if —

(a)

the other corporation is a subsidiary of the first-mentioned corporation; and

(b)

the first-mentioned corporation is not itself a subsidiary of any corporation.Definition of wholly owned subsidiary5B. For the purpose of this Act, a corporation is a wholly owned subsidiary of another corporation if none of the members of the first-mentioned corporation is a person other than —

(a)

that other corporation;

(b)

a nominee of that other corporation;

(c)

a subsidiary of that other corporation being a subsidiary none of the members of which is a person other than that other corporation or a nominee of that other corporation; or

(d)

a nominee of such subsidiary.”.

Read in full context — Companies (Amendment) Bill →