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Singapore legislation

Regulation 4

of Postal Services (Control of Designated Postal Licensees) Regulations 2012

Regulation 4

Meaning of “holder” of shares

Subregulation 1

For the purposes of Part IVA of the Act and these Regulations, a person holds shares in a corporation if he has any legal or equitable interest in those shares, other than an interest that is to be disregarded under paragraph (3).

Subregulation 2

Except as otherwise provided in paragraph (3), for the purposes of these Regulations, a person shall be deemed to have an interest in a share if —

(a)

the person has entered into a contract to purchase the share; or

(b)

the person, not being the registered holder of that share, is entitled (otherwise than by reason of his having been appointed a proxy or representative to vote at a meeting of members of a corporation or of a class of its members) to exercise or control the exercise of a right attached to a share.

Subregulation 3

For the purposes of paragraphs (1) and (2), there shall be disregarded —

(a)

an interest in a share of a person who holds the share as bare trustee;

(b)

an interest in a share of a person whose ordinary business includes the lending of money, if he holds the interest only by way of security for the purposes of a transaction entered into in the ordinary course of business in connection with the lending of money;

(c)

an interest in a share of a person whose ordinary business includes the underwriting of securities, if he holds the interest only as an underwriter or a sub-underwriter to any offering of shares of a designated postal licensee;

(d)

an interest in a share held by a person —

(i)

in his capacity of a liquidator, the Official Receiver, the Official Assignee or the Public Trustee; or

(ii)

by reason of his holding such other office as may be prescribed for the purposes of section 7(9)(c) of the Companies Act (Cap. 50);

(e)

an interest of a corporation in its own share purchased or otherwise acquired in accordance with sections 76B to 76G of the Companies Act; and

(f)

such interest in a share as may be prescribed for the purposes of section 7(9)(d) of the Companies Act, being an interest of such person, or of a person belonging to such class of persons as may be prescribed for the purposes of that provision.

Subregulation 4

Section 7(7), (8) and (10) of the Companies Act shall apply in determining whether a person has an interest in a share for the purposes of paragraph (2).