Singapore legislation

Clause 20

Amendment of section 71

Section 71 of the Companies Act is amended —

(a)

by deleting the words “the conditions of its memorandum” in subsection (1) and substituting the words “its share capital”;

(b)

by deleting paragraph (a) of subsection (1);

(c)

by deleting the words “into shares of larger amount than its existing shares” in subsection (1)(b);

(d)

by deleting the words “of any denomination” in subsection (1)(c);

(e)

by deleting the words “into shares of smaller amount than is fixed by the memorandum” in subsection (1)(d);

(f)

by inserting, immediately after the word “cancel” in subsection (1)(e), the words “the number of”;

(g)

by deleting the word “amount” in the penultimate line of subsection (1)(e) and substituting the word “number”;

(h)

by deleting the word “nominal” in the 1st line of subsection (3)(a);

(i)

by deleting the words “nominal amount” in the 2nd line of subsection (3)(a) and substituting the words “issue price”; and

(j)

by deleting subsections (4) and (5).