Companies (Amendment No. 2) Bill

This Act may be cited as the Companies (Amendment No. 2) Act, 1975, and shall be deemed to have come into operation on the 1st day of November 1975.

Section 74 of the Companies Act is hereby amended by inserting immediately after subsection (5) thereof the following new subsections: —“(5A) Nothing in this section shall apply to a prescribed corporation, and a prescribed corporation which offers debentures to the public for subscription or purchase in Singapore shall not be required to make provision in those debentures or in a trust deed relating to those debentures for the appointment of a trustee corporation as trustee for the holders of the debentures.

In subsection (5A) of this section, “prescribed corporation” means a corporation or class of corporation which has been declared by the Minister by notification in the Gazette to be a prescribed corporation for the purposes of this subsection.

The Minister may by notification in the Gazette —

specify terms and conditions to which subsection (5A) shall have effect in relation to a corporation specified in subsection (5B) of this section; or

vary or revoke any declaration or specification made under this subsection.”.