Companies Act 1967 · 2020 Revised Edition · Part 4 · Shares, Debentures and Charges
73. Redenomination of shares
Last amended by an amending law of 2014.
Official textFrom Singapore Statutes Online, unchanged
A company having a share capital may by ordinary resolution convert its share capital or any class of shares from one currency to another currency.
company having a share capital
“company having a share capital” includes an unlimited company with a share capital;
A resolution under this section may authorise a company having a share capital to redenominate its share capital —
share
“share” means share in the share capital of a corporation and includes stock except where a distinction between stocks and shares is expressed or implied;
on more than one occasion; and
at a specified time or under specified circumstances.
The redenomination must be made at a spot rate of exchange specified in the resolution.
The rate mentioned in subsection (3) must be either —
a rate prevailing on a day specified in the resolution; or
a rate determined by taking the average of rates prevailing on each consecutive day of a period specified in the resolution.
The day or period specified for the purposes of subsection (4) must be within the period of 28 days ending on the day before the resolution is passed.
A resolution under this section may specify conditions which must be met before the redenomination takes effect.
Redenomination in accordance with a resolution under this section takes effect —
on the day on which the resolution is passed; or
on such later day as may be determined in accordance with the resolution.
A resolution under this section lapses if the redenomination for which it provides has not taken effect at the end of the period of 28 days beginning on the date on which it is passed.
A company’s constitution may exclude or restrict the exercise of a power conferred by this section.
company
“company” means a company incorporated under this Act or under any corresponding previous written law;
In this section and sections 73A and 73B, “redenomination” means the conversion of share capital or any class of shares from one currency to another.
Terms defined in s 4
company
Defined · s 4“company” means a company incorporated under this Act or under any corresponding previous written law;
company having a share capital
Defined · s 4“company having a share capital” includes an unlimited company with a share capital;
constitution
Defined · s 4“constitution”, in relation to a company, means —(a)the constitution of the company which is registered with the Registrar under section 19, as may be amended from time to time; and(b)in the case of a company incorporated before 3 January 2016, the memorandum of association of the company, the articles of association of the company, or both, in force immediately before that date;
share
Defined · s 4“share” means share in the share capital of a corporation and includes stock except where a distinction between stocks and shares is expressed or implied;
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Various Types of Companies, Etc.
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