Singapore legislation
Clause 64
of Variable Capital Companies (Miscellaneous Amendments) Bill
Clause 64
Consequential and related amendments to other Acts
(1)
Section 2(2) of the Accounting and Corporate Regulatory Authority Act (Cap. 2A, 2005 Ed.) as amended by the Variable Capital Companies Act 2018, is amended by inserting, after the words “Second Schedule”, the words “or Fifth Schedule”.
(2)
The Companies Act (Cap. 50, 2006 Ed.) as amended by the Variable Capital Companies Act 2018, is amended —
by deleting the words “section 130” in section 27(1A)(f)(ii) and substituting the words “section 130B”;
by deleting the words “disqualification, disqualification order or debarment order” wherever they appear in section 155D(1) and (3) and substituting in each case the words “disqualification or disqualification order”;
by inserting, immediately after section 155D, the following section:“Debarment under VCC Act155E.—
A person who has a debarment order made against him under section 59 of the VCC Act must not —
except in respect of a company of which the person is a director immediately before the order was made, act as director of any company; or
except in respect of a company of which the person is a secretary immediately before the order was made, act as secretary of any company.(2) Subsection (1) applies from the date that the debarment order is made until such time as the Registrar cancels or suspends the order.(3) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.”; and
by deleting the words “section 130” in section 378(2)(f)(ii) and substituting the words “section 130B”.