Singapore legislation
Clause 50
Clause 50
Initial Government holding in broadcasting successor companies
(1)
As a consequence of the vesting in the broadcasting successor companies by virtue of section 49 of property, rights and liabilities comprised in the Corporation’s undertaking, each broadcasting successor company shall issue such securities in the company as the Minister for Finance may from time to time direct to any company wholly owned by the Government.
(2)
The Minister for Finance shall not give a direction under subsection (1) to any broadcasting successor company at a time when that broadcasting successor company has ceased to be wholly owned by the Government.
(3)
Securities required to be issued in pursuance of this section shall be issued or allotted at such time and on such terms as to allotment as the Minister for Finance may direct.
(4)
Shares issued in pursuance of this section —
shall be of such nominal value as the Minister for Finance may direct; and
shall be issued as fully paid and treated for the purposes of the Companies Act [Cap. 50] as if they had been paid up by virtue of the payment to the issuing broadcasting successor company of their nominal value.
(5)
Section 69 of the Companies Act (which provides that where a company issues shares for which a premium is received by the company whether in cash or in the form of other valuable consideration a sum equal to the aggregate amount or value of the premiums on those shares shall be transferred to a share premium account) shall not apply in relation to the issue of shares by a broadcasting successor company in pursuance of this section, notwithstanding that such shares may be regarded as having been issued by the company at a premium.