Singapore legislation

Clause 63

of Companies (Amendment) Bill

Clause 63

Amendment of section 131

Section 131 of the Companies Act is amended —

(a)

by inserting, immediately after the words “with the Registrar” in subsection (1), the words “in the prescribed manner”;

(b)

by deleting the words “The charges to which this section applies are —” in subsection (3) and substituting the words “This section applies to the following charges that are created on or after the date of commencement of section 63 of the Companies (Amendment) Act 2014:”;

(c)

by deleting the words “or an assignment” in subsection (3)(d);

(d)

by inserting, immediately after the words “any interest therein” in subsection (3)(e), the words “but not including any charge for any rent or other periodical sum issuing out of land”;

(e)

by deleting paragraph (j) of subsection (3) and substituting the following paragraph:“(j)a charge on goodwill, on a patent or a licence under a patent, on a trade mark or a licence to use a trademark, or on a copyright or a licence under a copyright or on a registered design or a licence to use a registered design.”; and

(f)

by inserting, immediately after subsection (3), the following subsection:“(3AA) This section also applies to any charge that —

(a)

was a charge to which this section applied under subsection (3) in force immediately before the date of commencement of section 63 of the Companies (Amendment) Act 2014; and

(b)

was created before that date.”.