Singapore legislation
Clause 58
Clause 58
Amendment of section 254
Section 254 of the principal Act is amended —
by deleting the words “offer to the public of shares in or debentures of, or units of shares in or debentures of, a corporation for subscription or purchase, or an invitation to the public to subscribe for or purchase shares in or debentures of, or units of shares in or debentures of, a corporation is made in or accompanied by a prospectus or profile statement” in the 1st to 6th lines of subsection (1) and substituting the words “offer of securities is made in or accompanied by a prospectus or profile statement, or, in the case of an offer referred to in section 280, where a prospectus or profile statement is prepared and issued in relation to the offer,”;
by deleting the words “or matter” in subsection (1)(a);
by deleting the words “the shares or debentures, or units of shares or debentures” in subsection (1)(a)(ii) and substituting the words “the securities”;
by deleting paragraphs (a) to (d) of subsection (3) and substituting the following paragraphs:“(a)the person making the offer;
where the person making the offer is an entity —
each director or equivalent person of the entity; and
if the entity is also the issuer, each person who is, and who has consented to be, named in the prospectus or profile statement as a proposed director or an equivalent person of the entity;
where the issuer is controlled by the person making the offer, one or more of the related parties of the person making the offer, or the person making the offer and one or more of his related parties —
the issuer;
each director or equivalent person of the issuer; and
each person who is, and who has consented to be, named in the prospectus or the profile statement as a proposed director or an equivalent person of the issuer;
an issue manager to the offer of the securities who is, and who has consented to be, named in the prospectus or the profile statement;
(da)an underwriter (but not a sub-underwriter) to the issue or sale of the securities who is, and who has consented to be, named in the prospectus or the profile statement;”; and
by deleting subsection (4) and substituting the following subsections:“(4) A person who acquires securities as a result of an offer that was made in or accompanied by a profile statement is taken to have acquired the securities in reliance on both the profile statement and the prospectus for the offer.(4A) For the purposes of this section, any reference to a statement shall include a reference to any information presented, regardless of whether such information is in text or otherwise.”.