Companies Act 1967 · 2020 Revised Edition · Part 9 · Investigations
240. Suspension of actions and proceedings by declared company
Official textFrom Singapore Statutes Online, unchanged
On and after the appointment of an inspector in respect of any declared company until the expiration of 3 months after the inspector has presented the inspector’s final report to the Minister, no action or proceeding may without the consent of the Minister (which may be given generally or in a particular case and which may be given subject to such conditions and limitations as the Minister thinks fit) be commenced or proceeded with in any Court —
declared company
“declared company” means a company or foreign company which the Minister has by order declared to be a company to which this Part applies;
by the company upon or in respect of any contract, bill of exchange or promissory note; or
by the holder or any other person in respect of any bill of exchange or promissory note made, drawn or accepted by or issued, transferred, negotiated or endorsed by or to the company unless the holder or other person —
at the time of the negotiation, transfer, issue, endorsement or delivery thereof to the holder or other person gave therefor adequate pecuniary consideration; and
was not at the time of the negotiation, transfer, issue, endorsement or delivery thereof to the holder or other person or at any time within 3 years before that time a member, officer, agent or employee of the company or the wife or husband of any member, officer, agent or employee of the company.
Any action or proceeding which is commenced or proceeded with in contravention of this section is void and of no effect.
Terms defined in this Act
company
Defined · s 4“company” means a company incorporated under this Act or under any corresponding previous written law;
declared company
Defined · s 229“declared company” means a company or foreign company which the Minister has by order declared to be a company to which this Part applies;
officer
Defined · s 4“officer”, in relation to a corporation, includes —(a)any director or secretary of the corporation or a person employed in an executive capacity by the corporation;(b)a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and(c)any liquidator of a company appointed in a voluntary winding up,but does not include —(d)any receiver who is not also a manager;(e)any receiver and manager appointed by the Court;(f)any liquidator appointed by the Court or by the creditors; or(g)a judicial manager appointed under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018;
Part 10
Dissolution
Part 10A
Transfer of Registration
Part 11
Various Types of Companies, Etc.
Part 11A
Register of Controllers, Nominee Directors and Nominee Shareholders of Companies
Part 12