Singapore legislation
Clause 42
Clause 42
New section 209A
The Companies Act is amended by inserting, immediately after section 209, the following section:“Interpretation209A. In this Part and the Ninth Schedule, unless the contrary intention appears —“current liability”, in relation to accounts or consolidated accounts, means a liability that would in the ordinary course of events be payable within 12 months after the end of the financial year to which the accounts or consolidated accounts relate;“consolidated accounts”, in relation to a holding company, means —
a set of consolidated accounts for the group of companies of that holding company;
two or more sets of consolidated accounts together covering that group;
separate accounts for each corporation in that group; or
a combination of one or more sets of consolidated accounts and one or more separate accounts together covering that group;“group of companies”, in relation to a holding company, means the holding company and the corporations that are subsidiaries of the holding company;“holding company” means a corporation that is the holding company of another corporation within the meaning of section 6;“non-current liability” means a liability that is not a current liability;“the profit or loss” means —
in relation to a corporation that is not a holding company — the profit or loss resulting from operations of that corporation;
in relation to a corporation that is a holding company of a group of companies for which consolidated accounts are required — the profit or loss resulting from operations of that corporation;
in relation to a corporation referred to in paragraph (b) and its subsidiaries — the profit or loss resulting from operations of the group of companies of which the corporation is the holding company; and
in relation to a corporation that is a holding company of a group of companies for which consolidated accounts are not required — the profit or loss resulting from operations of that corporation.”.