Clause 248

This section shall apply only to corporations that are both of a governmental and international character.

A corporation to which this section applies may apply in writing to the Authority for an exemption from the requirements of section 240(1)(a)(ii), (4)(b), (13)(c) and (14)(c) and the Authority may, if it considers those requirements unduly burdensome on the corporation, exempt such corporation from complying therewith.

The Authority may subject such exemption to a requirement that such minimum number of directors who are resident in Singapore as the Authority may, in that case, decide must sign the copy of the prospectus or profile statement.

In the event that no director is resident in Singapore, the Authority may permit a duly authorised agent to sign the prospectus or profile statement so long as such authorisation is supported by a resolution of the board of the corporation.

The Authority may, if satisfied that a particular corporation cannot comply with any of the requirements in subsection (3) or (4), grant the exemption applied for.

Any prospectus or profile statement that complies with the terms of exemption granted by the Authority shall be deemed to be a prospectus or profile statement for the purposes of this Division and a copy of such prospectus or profile statement shall be registered by the Authority.