Clause 92

in subsection (7)(b), delete “which, insofar as is practicable, complies with the requirements of the Accounting Standards and which gives a true and fair view of the profit or loss arising out of the company’s operation in Singapore”;

after subsection (7), insert —“(7A) A foreign company which lodges with the Registrar a duly audited profit and loss account under subsection (7)(b) must ensure that, insofar as is practicable, the profit and loss account complies with the requirements of the Accounting Standards and gives a true and fair view of the profit or loss arising out of the company’s operation in Singapore for the last preceding financial year of the company.”;

in subsection (8), replace “subsection (7)” with “subsection (7A)”;

in subsections (13A) and (17)(b), replace “subsection (7)” with “subsection (7) or (7A)”;

in subsections (18) and (18A), replace “subsection (7)(b)” with “subsection (7A)”; and

in subsection (18), replace “$50,000” with “$10,000”.