Singapore legislation
Section 73
Section 73
Redenomination of shares
(1)
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.
(2)
A resolution under this section may authorise a company having a share capital to redenominate its share capital —
on more than one occasion; and
at a specified time or under specified circumstances.
(3)
The redenomination must be made at a spot rate of exchange specified in the resolution.
(4)
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.
(5)
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.
(6)
A resolution under this section may specify conditions which must be met before the redenomination takes effect.
(7)
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.
(8)
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.
(9)
A company’s constitution may exclude or restrict the exercise of a power conferred by this section.
(10)
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.