Singapore legislation
Clause 55
Clause 55
Amendment of section 78C
Section 78C of the Companies Act is amended —
(a)
by deleting paragraph (a) of subsection (1);
(b)
by deleting subsection (2) and substituting the following subsection:“(2) Notwithstanding subsection (1), the company need not meet the solvency requirements if the reduction of share capital does not involve any of the following:
(a)
a reduction or distribution of cash or other assets by the company;
(b)
a release of any liability owed to the company.”; and
(c)
by deleting the words “22 days” in subsection (3)(b)(ii) and substituting the words “30 days”.