Singapore legislation
Clause 19
Clause 19
Amendment of section 70
Section 70 of the Companies Act is amended —
(a)
by deleting the word “authorised” in subsection (2); and
(b)
by deleting subsections (3) to (7) and substituting the following subsections:“(3) The shares shall not be redeemed unless they are fully paid up.(4) The shares shall not be redeemed out of the capital of the company unless —
(a)
all the directors have made a solvency statement in relation to such redemption; and
(b)
the company has lodged a copy of the statement with the Registrar.”.