Singapore legislation

Clause 65

of Companies (Amendment) Bill

Clause 65

Amendment of section 138

Section 138 of the Companies Act is amended —

(a)

by inserting, immediately after the words “registered office of the company” in subsection (1), the words “for as long as the charge to which the instrument relates remains in force,”; and

(b)

by inserting, immediately after subsection (1), the following subsection:“(1A) An instrument creating any charge or a copy thereof, or a copy of the series of debentures, as the case may be, that is required to be kept under subsection (1) —

(a)

shall be deemed to form part of the records that are required to be kept under section 199(1); and

(b)

for the purposes of section 199(2), shall be retained by the company for a period of 5 years after —

(i)

the date the debt for which the charge was given was paid or satisfied in whole;

(ii)

the date the property or undertaking charged was released or ceased to form part of the company’s property or undertaking; or

(iii)

where both of the events referred to in sub‑paragraphs (i) and (ii) occur in any particular case, the later of the dates.”.

Clause 65 — Companies (Amendment) Bill | laws.sg