Singapore legislation
Clause 4
Clause 4
Initial Government holding in successor company
(1)
As a consequence of the vesting in the successor company by virtue of section 3(1) of the property, rights and liabilities comprised in the undertaking of the Authority, the successor company shall issue such securities of the successor company as the Minister for Finance may from time to time direct to any company wholly owned by the Government.
(2)
The Minister for Finance shall not give a direction under subsection (1) in relation to the successor company at a time when that company has ceased to be wholly owned by the Government.
(3)
Securities required to be issued in pursuance of this section shall be issued or allotted at such time and on such terms as to allotment as the Minister for Finance may direct.
(4)
Shares in the successor company issued in pursuance of this section —
shall be of such nominal value as the Minister for Finance may direct; and
shall be issued as fully paid and treated for the purposes of the Companies Act (Cap. 50) as if they had been paid up by virtue of the payment to the successor company of their nominal value.
(5)
Section 69 of the Companies Act (which provides that where a company issues shares for which a premium is received by the company whether in cash or in the form of other valuable consideration a sum equal to the aggregate amount or value of the premiums on those shares shall be transferred to a share premium account) shall not apply in relation to the issue of shares by the successor company in pursuance of this section, notwithstanding that such shares may be regarded as having been issued by the successor company at a premium.