Singapore legislation

Clause 9

Amendment of section 23

Section 23 of the Companies Act is amended —

(a)

by deleting subsection (1) and substituting the following subsections:“(1) Subject to the provisions of this Act and any other written law and its memorandum or articles of association, a company has —

(a)

full capacity to carry on or undertake any business or activity, do any act or enter into any transaction; and

(b)

for the purposes of paragraph (a), full rights, powers and privileges.(1A) A company may have the objects of the company included in its memorandum.(1B) The memorandum or articles of association of a company may contain a provision restricting its capacity, rights, powers or privileges.”; and

(b)

by deleting the marginal note and substituting the following section heading:“Capacity and powers of company”.

Read in full context — Companies (Amendment) Bill →