Singapore legislation
Clause 38
Clause 38
Amendment of section 80
Section 80 of the principal Act is amended by deleting subsection (2) and substituting the following subsection:“(2) In any proceedings against a person for failure to take all reasonable steps to comply with, or to secure compliance with, the preceding provisions of this Division relating to the form and content of the financial statements of a registered business trust or consolidated financial statements of a parent business trust by reason of an omission from the financial statements or consolidated financial statements, it is a defence for the person to prove that —
the omission was not intentional; and
the information omitted was immaterial and did not affect the giving of a true and fair view of the matters required by section 76 to be dealt with in the financial statements or consolidated financial statements.”.