Singapore legislation

Clause 53

of Variable Capital Companies (Miscellaneous Amendments) Bill

Clause 53

Repeal and re-enactment of section 148

Section 148 of the principal Act is repealed and the following section substituted therefor:“Composition of offences148.—

(1)

The Registrar may compound any offence under a provision of this Act (except for an insolvency provision) that is prescribed as a compoundable offence for the purpose of this subsection by collecting from a person reasonably suspected of having committed the offence a sum not exceeding the lower of the following:

(a)

one half of the amount of the maximum fine that is prescribed for the offence;

(b)

$5,000.(2) The Registrar may compound any offence mentioned in subsection (1) (including an offence under a provision mentioned in that subsection that has been repealed) that —

(a)

was compoundable under this Act at the time the offence was committed; but(b)has ceased to be so compoundable,by collecting from a person reasonably suspected of having committed the offence a sum not exceeding the lower of the following:

(c)

one half of the amount of the maximum fine that is prescribed for the offence;

(d)

$5,000.(3) The Official Receiver may compound any offence under any insolvency provision of this Act that is prescribed as a compoundable offence for the purpose of this subsection by collecting from a person reasonably suspected of having committed the offence a sum not exceeding the lower of the following:

(a)

one half of the amount of the maximum fine that is prescribed for the offence;

(b)

$5,000.(4) The Official Receiver may compound any offence mentioned in subsection (3) (including an offence under a provision mentioned in that subsection that has been repealed) that —

(a)

(c)

one half of the amount of the maximum fine that is prescribed for the offence;

(d)

$5,000.(5) The Official Receiver may authorise either generally or specifically the Registrar to compound —

(a)

any offence under any insolvency provision of this Act that is prescribed as a compoundable offence for the purposes of subsection (3); and

(b)

any offence mentioned in paragraph (a) (including an offence under a provision mentioned in that paragraph that has been repealed) that —

(i)

was compoundable under this Act at the time the offence was committed; but(ii)has ceased to be so compoundable.(6) On payment of the sum of money mentioned in subsection (1), (2), (3) or (4), no further proceedings may be taken against that person in respect of the offence.(7) The Minister may prescribe the offences which may be compounded.(8) All sums collected under this section must be paid into the Consolidated Fund.(9) In this section —

(a)

“insolvency provision” means —

(i)

section 401(2A) or 407 of the Companies Act as applied by section 144, insofar as it relates to any act under Part 6, 8 or 9 of the IRDA as applied by this Act;

(ii)

Part 6 of the IRDA as applied by Part 10; or (iii)Part 8 or 9 of the IRDA as applied by section 33(2) or Part 11; and

(b)

a reference to a provision of this Act includes a provision of the Companies Act or the IRDA as applied by this Act.”.

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