Phase 2 - List of key amendments implemented on 3 Jan 2016
| 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. |
Click here for details of selected key amendments implemented in Phase 2.
