Singapore legislation

Clause 8

of Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill

Clause 8

Amendment of section 386AL

In the Companies Act 1967, in section 386AL —

(a)

in subsection (1), after “31 March 2017”, insert “but before the appointed day”;

(b)

in subsection (1)(a), after “who is a nominee”, insert “on the date of incorporation”;

(c)

in subsection (1)(a), replace “; and” at the end with “; or”;

(d)

in subsection (1)(b), after “who becomes a nominee”, insert “after the date of incorporation”;

(e)

after subsection (1), insert —“(1A) A director of a company incorporated on or after the appointed day —

(a)

who is a nominee on the date of incorporation must inform the company of that fact and provide prescribed particulars of the person for whom the director is a nominee on that date; or

(b)

who becomes a nominee after the date of incorporation must inform the company of that fact and provide prescribed particulars of the person for whom the director is a nominee within 30 days after the director becomes a nominee.”;

(f)

in subsection (2), delete paragraph (a);

(g)

in subsection (2)(b), after “who becomes a nominee”, insert “after 31 March 2017”;

(h)

replace subsection (3) with —“(3) A director of a company (whether incorporated before, on or after the appointed day) must inform the company —

(a)

that he or she ceases to be a nominee within 30 days after the cessation; and

(b)

of any change to the particulars provided to the company under this section (whether as in force on or before the appointed day) within 30 days after the change.”;

(i)

after subsection (3), insert —“(4) A director of a foreign company registered under Division 2 of Part 11 on or after the appointed day —

(a)

who is a nominee on the date of registration must inform the foreign company of that fact and provide prescribed particulars of the person for whom the director is a nominee on that date; or

(b)

who becomes a nominee after the date of registration must inform the foreign company of that fact and provide prescribed particulars of the person for whom the director is a nominee within 30 days after the director becomes a nominee.(5) A director of a foreign company registered under Division 2 of Part 11 before the appointed day —

(a)

who is a nominee on the appointed day must inform the foreign company of that fact and provide prescribed particulars of the person for whom the director is a nominee within 60 days after that day; or

(b)

who becomes a nominee after the appointed day must inform the foreign company of that fact and provide prescribed particulars of the person for whom the director is a nominee within 30 days after the director becomes a nominee.(5A) A director of a foreign company mentioned in subsection (4) or (5) must inform the foreign company —

(a)

that he or she ceases to be a nominee within 30 days after the cessation; and

(b)

of any change to the particulars provided to the foreign company under that subsection within 30 days after the change.”;

(j)

replace subsection (6) with —“(6) If a director fails to comply with subsection (1), (1A), (2), (3), (4), (5) or (5A), the director shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.”; and

(k)

after subsection (8), insert —“(9) In this section, “appointed day” means the date of commencement of section 8 of the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Act 2024.”.

Read in full context — Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill →