Comparison View

Formal Consolidation |  2020 RevEd
Nominee directors
386AL.—(1)  A director of a company incorporated on or after 31 March 2017 —
(a)who is a nominee must inform the company of that fact and provide such prescribed particulars of the person for whom the director is a nominee within 30 days after the date of incorporation; and
(b)who becomes a nominee must inform the company of that fact and provide such prescribed particulars of the person for whom the director is a nominee within 30 days after the director becomes a nominee.
[15/2017]
(2)  A director of a company incorporated before 31 March 2017 —
(a)who is a nominee must inform the company of that fact and provide such prescribed particulars of the person for whom the director is a nominee within 60 days after 31 March 2017; and
(b)who becomes a nominee must inform the company of that fact and provide such prescribed particulars of the person for whom the director is a nominee within 30 days after the director becomes a nominee.
[15/2017]
(3)  A director of a company mentioned in subsection (1) or (2) must inform the company —
(a)that he or she ceases to be a nominee within 30 days after the cessation; and
(b)of any change to the particulars provided to the company under that subsection within 30 days after the change.
[15/2017]
(4)  A company must keep a register of its directors who are nominees (called in this Part the register of nominee directors) in such form and at such place as may be prescribed.
[15/2017]
(5)  Subject to section 386AM, a company must not disclose, or make available for inspection, the register of nominee directors or any particulars contained in the register of nominee directors to any member of the public.
[15/2017]
(6)  If a director fails to comply with subsection (1), (2) or (3), the director shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000.
[15/2017]
(7)  If a company fails to comply with subsection (4) or (5), the company, and every officer of the company who is in default, shall each be guilty of an offence and shall each be liable on conviction to a fine not exceeding $5,000.
[15/2017]
(8)  In this section, a director is a nominee if the director is accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of any other person.
[15/2017]
Informal Consolidation | Amended Act 2 of 2022
Nominee directors
386AL.—(1)  A director of a company incorporated on or after 31 March 2017 —
(a)who is a nominee must inform the company of that fact and provide such prescribed particulars of the person for whom the director is a nominee within 30 days after the date of incorporation; and
(b)who becomes a nominee must inform the company of that fact and provide such prescribed particulars of the person for whom the director is a nominee within 30 days after the director becomes a nominee.
[15/2017]
(2)  A director of a company incorporated before 31 March 2017 —
(a)who is a nominee must inform the company of that fact and provide such prescribed particulars of the person for whom the director is a nominee within 60 days after 31 March 2017; and
(b)who becomes a nominee must inform the company of that fact and provide such prescribed particulars of the person for whom the director is a nominee within 30 days after the director becomes a nominee.
[15/2017]
(3)  A director of a company mentioned in subsection (1) or (2) must inform the company —
(a)that he or she ceases to be a nominee within 30 days after the cessation; and
(b)of any change to the particulars provided to the company under that subsection within 30 days after the change.
[15/2017]
(4)  [Deleted by Act 2 of 2022 wef 30/05/2022]
(5)  [Deleted by Act 2 of 2022 wef 30/05/2022]
(6)  If a director fails to comply with subsection (1), (2) or (3), the director shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000.
[15/2017]
(7)  [Deleted by Act 2 of 2022 wef 30/05/2022]
(8)  In this section and section 386AKA, a director is a nominee if the director is accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of any other person.
[15/2017]
[Act 2 of 2022 wef 30/05/2022]