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Formal Consolidation |  2000 RevEd
Application of Companies Act
23.—(1)  Sections 162, 163, 197 of and the Eighth Schedule to the Companies Act (Cap. 50) shall apply to a licensed corporation which is an exempt private company subject to the modification that any reference in those sections and that Schedule to an exempt private company shall not include a reference to the licensed corporation.
(2)  Every licensed corporation referred to in subsection (1) shall —
(a)comply with the prohibitions in section 162 (relating to loans to its directors) and section 163 (relating to loans to persons connected with the directors of the lending company) of the Companies Act as if it were not an exempt private company; and
(b)forward annually to the Registrar of Companies, together with the annual return required by section 197 of the Companies Act, such copies of documents as are required to be included in the annual return and such certificates and particulars in accordance with Part II of the Eighth Schedule to that Act as if it were not an exempt private company.
(3)  In this section, “exempt private company” has the same meaning as in the Companies Act.
Informal Consolidation | Amended Act 12 of 2002
Application of Companies Act
23.—(1)  Sections 162, 163, 197 of and the Eighth Schedule to the Companies Act (Cap. 50) shall apply to a licensed corporation which is an exempt private company subject to the modification that any reference in those sections and that Schedule to an exempt private company shall not include a reference to the licensed corporation.
(2)  Every licensed corporation referred to in subsection (1) shall —
(a)comply with the prohibitions in section 162 (relating to loans to its directors) and section 163 (relating to loans to persons connected with the directors of the lending company) of the Companies Act as if it were not an exempt private company; and
(b)forward annually to the Registrar of Companies, together with the annual return required by section 197 of the Companies Act, such copies of documents as are required to be included in the annual return and such certificates and particulars in accordance with the prescribed form referred to in section 197(2) of that Act as if it were not an exempt private company.
(3)  In this section, “exempt private company” has the same meaning as in the Companies Act.