Singapore legislation

Clause 8

of Statutes (Miscellaneous Amendments) (No. 2) Bill

Clause 8

Amendment of Financial Holding Companies Act 2013

Section 11(3) of the Financial Holding Companies Act 2013 (Act 13 of 2013) is amended —

(a)

by deleting sub-paragraphs (ii) and (iii) of paragraph (c) and substituting the following sub‑paragraph:“(ii)A is a body corporate that is, or a majority of the directors of which are, accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of B;”;

(b)

by deleting sub-paragraphs (v) and (vi) of paragraph (c) and substituting the following sub‑paragraph:“(v)A is a subsidiary of B;”;

(c)

by deleting the word “corporation” in paragraph (c)(vii) and substituting the words “body corporate”; (d)by deleting the words “to (vi)” in paragraph (c)(vii) and substituting the words “, (iv) and (v)”; (e)by inserting the word “or” at the end of paragraph (c)(vii); and

(f)

by deleting sub-paragraph (viii) of paragraph (c).

Clause 8 — Statutes (Miscellaneous Amendments) (No. 2) Bill