Singapore legislation
Clause 65
Clause 65
Amendment of section 138
Section 138 of the Companies Act is amended —
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
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) —
shall be deemed to form part of the records that are required to be kept under section 199(1); and
for the purposes of section 199(2), shall be retained by the company for a period of 5 years after —
the date the debt for which the charge was given was paid or satisfied in whole;
the date the property or undertaking charged was released or ceased to form part of the company’s property or undertaking; or
where both of the events referred to in sub‑paragraphs (i) and (ii) occur in any particular case, the later of the dates.”.