Singapore legislation

Clause 27

of Companies (Amendment) Bill

Clause 27

Amendment of section 400

Section 400 of the Companies Act is amended —

(a)

by deleting subsection (2) and substituting the following subsection:“(2) The Minister may, by order published in the Gazette, exempt —

(a)

any person or class of persons; or

(b)

any class or description of shares,from compliance with subsection (1), subject to such conditions as may be specified in the order.”; and (b)by deleting “$1,000” in the 4th line and “$5,000” in the 6th line of subsection (5) and substituting “$10,000” and “$20,000”, respectively.