Singapore legislation

Clause 45

of Variable Capital Companies (Miscellaneous Amendments) Bill

Clause 45

Amendment of section 127

Section 127 of the principal Act is amended —

(a)

by deleting the words “section 226 of the Companies Act” in subsection (1) and substituting the words “section 86 of the IRDA”;

(b)

by inserting, immediately after the word “receiver” in subsection (2)(a), the words “or manager”;

(c)

by deleting the words “section 328(4) or (6) of the Companies Act” in subsection (2)(d) and substituting the words “section 203(5) or (7) of the IRDA”;

(d)

by inserting, immediately after the word “receiver” in subsections (2)(e) and (3)(e), the words “or manager”;

(e)

by deleting the words “section 328 of the Companies Act” in subsection (2)(f) and substituting the words “section 203 of the IRDA”;

(f)

by inserting, immediately after the word “receiver” in subsection (3)(a), the words “or manager”;

(g)

by deleting the words “section 328(4) or (6) of the Companies Act” in subsection (3)(d) and substituting the words “section 203(5) or (7) of the IRDA”;

(h)

by deleting the words “section 328 of the Companies Act” in subsection (3)(f) and substituting the words “section 203 of the IRDA”; and

(i)

by deleting paragraph (b) of subsection (4) and substituting the following paragraph:“(b)a reference in section 203(1)(e), (f), (g), (h) and (i) of the IRDA (as applied by section 33 or 130, as the case may be) to the commencement of the winding up is to the date of the appointment of the receiver or manager or of the possession being taken as described in subsection (2) or (3), as the case may be.”.

Read in full context — Variable Capital Companies (Miscellaneous Amendments) Bill →