Singapore legislation

Clause 10

New section 113A

The Companies Act is amended by inserting, immediately after section 113, the following section:“Restriction on issue, etc., of interest to public113A.—

(1)

No company or agent of a company shall —

(a)

issue or offer to the public for subscription or purchase; or

(b)

invite the public to subscribe for or purchase,any interest on the basis of a statement referred to in section 113 after the expiration of 6 months from the issue of the statement except for a designated interest referred to in subsection (2).(2) No company or agent of a company shall —

(a)

issue or offer to the public for subscription or purchase; or

(b)

invite the public to subscribe for or purchase,any designated interest on the basis of a statement referred to in section 113 after the expiration of 12 months from the issue of the statement.(3) A purchase of or subscription for any interest made on the basis of the statement after the expiration of —

(a)

6 months, in the case of an interest other than a designated interest; or

(b)

12 months, in the case of a designated interest,shall not, by reason of that fact, be voidable or void.(4) For the purposes of this section, “designated interest” means such interest or class of interests as the Minister may, by notification in the Gazette, designate for the purposes of this section.”.

Read in full context — Companies (Amendment) Bill →