Singapore legislation
Clause 5
Clause 5
Repeal and re-enactment of section 33
Section 33 of the principal Act is repealed and the following section substituted therefor:“Directions as to disposal of shares in certain circumstances
33. Where a disposal of shares in a company by a transferor to a transferee is effected by —
the cancellation of the shares of the transferor in the company; and
the issue of new shares in that company to the transferee,such disposal of shares shall be treated as a transfer of shares from the transferor directly to the transferee and ad valorem duty shall be charged on any instrument that, in the opinion of the Commissioner, effects, whether directly or indirectly and whether wholly or partially, any arrangement for the disposal of the shares.”.