| S/N |
Key Amendments |
| (a) |
Removing the requirement for shareholders’ approval to re-appoint directors aged 70 and above. |
| (b) |
Extension of the types of loans permitted to directors to include quasi-loans, credit transactions and related arrangements. |
| (c) |
Extension of directors’ disclosures requirements to Chief Executive Officers.
|
| (d) |
Allowing a company to provide indemnity against liability incurred by directors to third parties. |
| (e) |
Power of Registrar to debar directors and secretaries. |
| (f) |
Lowering the threshold of 10% of total voting rights for the eligibility of shareholders to demand a poll to 5%. |
| (g) |
Introduction of multiple proxies regime to enfranchise indirect investors. |
| (h) |
Liberalising rules on electronic transaction of documents by companies. |
| (i) |
Extension of procedures for passing written resolutions by written means to unlisted public companies.
|
| (j) |
Removal of one-share-one-vote for public companies.
|
| (k) |
Introduction of statutory mechanism for redenomination of shares. |
| (l) |
Refinements to the amalgamation process.
|
| (m) |
Clarification that shares redeemed out of proceeds of a fresh issue of shares are not treated as having been redeemed out of capital. |
| (n) |
Transfer of the provisions relating to the Central Depository System to the Securities and Futures Act. |
| (o) |
New exemption from preparation of financial statements for dormant non-listed companies. |
| (p) |
Extension of summary financial statements to all companies. |
| (q) |
Electronic registers of members of private companies to be kept by ACRA. |
| (r) |
Electronic registers of directors and other officers of all companies to be kept by ACRA. |
| (s) |
Memorandum and articles will be merged into a single constitution.
|
| (t) |
Removal of requirement for charities registered under the Charities Act to apply to omit the word “limited” from their names. |
| (u) |
Allowing directors and other persons to report an alternate address.
|
| (v) |
Updating of striking-off provisions for local companies (except the prescription of circumstances under which the Registrar may consider a company to not be carrying on business or not it operation). |
| (w) |
Amendments relating to reservation/ protection of company names.
|
| (v) |
All amendments relating to foreign companies. |