Singapore legislation
Clause 145
Clause 145
New section 215K
The Companies Act is amended by inserting, immediately after section 215J, the following section:“Transfer of money or other consideration paid under terms of amalgamation to Official Receiver215K.—
Where the terms of any amalgamation proposal that is approved under section 215C, or is deemed to be approved under section 215D, provide for any money or other consideration to be held by or on behalf of any party to the amalgamation in trust for any person, the person holding the money or other consideration may, after the expiration of 2 years and shall before the expiration of 10 years from the date on which, the money or other consideration was received by the person, transfer the money or other consideration to the Official Receiver.(2) The Official Receiver shall —
deal with any moneys received under subsection (1) as if the moneys were paid to him under section 322; and
sell or dispose of any other consideration received under subsection (1) in such manner as he thinks fit and shall deal with the proceeds of such sale or disposal as if it were moneys paid to him under section 322.”.