Singapore legislation

Clause 13

Amendment of section 26

In the principal Act, in section 26 —

(a)

in subsection (1), replace “The” with “Subject to regulations made under section 77(1), the”;

(b)

in subsection (1), after paragraph (a), insert —“(aa)on or after 1 May 2024, where —

(i)

the Board is satisfied that the member is not an applicable person; and

(ii)

the member has not instructed the Board to transfer the designated shares to the member’s securities account or to sell the designated shares;”;

(c)

in subsection (6)(a), delete “or” at the end;

(d)

in subsection (6), after paragraph (a), insert —“(aa)the designated shares are vested in the Board under subsection (1)(aa); or”;

(e)

in subsection (9), replace “the commencement date” with “1 April 2022”;

(f)

in subsection (14), delete the definition of “commencement date”; and

(g)

in subsection (14), in the definition of “relevant person”, replace “the commencement date” with “1 April 2022”.