Singapore legislation
Clause 69
Clause 69
Amendment of section 268
Section 268 of the principal Act is amended by deleting subsection (10) and substituting the following subsection:“(10) Notwithstanding anything in subsection (8) —
a profit and loss account and balance-sheet of a borrowing entity or its guarantor entity required to be made out and lodged in accordance with subsection (6)(a) need not be audited; and
a profit and loss account and balance-sheet of a borrowing entity or its guarantor entity required to be made out and lodged in accordance with subsection (6)(b) need not be audited, or the audit thereof may be of a limited nature or extent, if the trustee for the holders of the debentures of the borrowing entity has, by notice in writing, consented to the audit being dispensed with or being of a limited nature or extent, as the case may be.”.