Clause 21

by deleting subsection (1) and substituting the following subsections:“(1) The directors of every company shall, at a date not later than 18 months after the incorporation of the company and subsequently at least once in every calendar year at intervals of not more than 15 months, lay before the company at its annual general meeting a profit and loss account for the period since the preceding account (or in the case of the first account, since the incorporation of the company) made up to a date —

in the case of a public company listed or quoted on a stock exchange in Singapore, not more than 5 months before the date of the meeting;

in the case of any other company, not more than 6 months before the date of the meeting.(1A) The profit and loss account referred to in subsection (1) shall give a true and fair view of the profit and loss of the company for the period of accounting as shown in the accounting and other records of the company.(1B) The Minister may, by order published in the Gazette, specify such other period in substitution of the period referred to in subsection (1)(a) or (b).”; and

by deleting the words “of 6 months referred to in that subsection” in the 5th and 6th lines of subsection (2) and substituting the words “referred to in subsection (1)(a) or (b)”.