Singapore legislation
Clause 13
of Housing Developers (Control and Licensing) (Amendment) Bill
Clause 13
New section 13A
The principal Act is amended by inserting, immediately after section 13, the following section:“Application of Companies Act13A.—
Sections 162 and 163 of the Companies Act (Cap. 50) shall apply to a licensed housing developer which is an exempt private company subject to the modification that any reference in those sections to an exempt private company shall not include a reference to the licensed housing developer; and every such licensed housing developer shall comply with the prohibitions in section 162 (relating to loans to its directors) and section 163 (relating to loans to persons connected with the directors of the lending company) of that Act as if it were not an exempt private company.(2) In this section, “exempt private company” has the same meaning as in section 4(1) of the Companies Act.”.