Companies Act 1967 - Singapore Statutes Online

Duty of company and foreign company to investigate and obtain information

386AG.—(1) A company or foreign company must take reasonable steps to find out and identify the registrable controllers of the company or foreign company.

[15/2017]

(2) A company (A) or foreign company (A) —

(a)

must give a notice to any person (B) whom A knows or has reasonable grounds to believe is a registrable controller in relation to A, requiring B —

(i)	to state whether B is or is not a registrable controller of A;
(ii)	to state whether B knows or has reasonable grounds to believe that any other person (C) is a registrable controller of A or is likely to have that knowledge and to give such particulars of C that are within B’s knowledge; and
(iii)	to provide such other information as may be prescribed; and

(b)

must give a notice to any person (D) whom A knows, or has reasonable grounds to believe knows, the identity of a person who is a registrable controller of A or is likely to have that knowledge, requiring D —

(i)	to state whether D knows or has reasonable grounds to believe that any other person (E) is a registrable controller of A or is likely to have that knowledge and to give such particulars of E that are within D’s knowledge; and
(ii)	to provide such other information as may be prescribed. [15/2017]

(3) A notice mentioned in subsection (2) —

(a)	must state that the addressee must comply with the notice not later than the time prescribed for compliance;
(b)	must be in such form, contain such particulars and be sent in such manner, as may be prescribed; and
(c)	must be given within such period as may be prescribed after the company or foreign company first knows the existence of, or first has reasonable grounds to believe that there exists, a person to whom a notice must be given under that subsection. [15/2017]

(4) Subsection (2) does not require a company or foreign company to give notice to any person in respect of any information that is required to be stated or provided pursuant to the notice if the information was previously provided by that person or by any registered filing agent on behalf of that person.

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(5) If a company or foreign company fails to comply with subsection (2) or (3), the company or foreign company, and every officer of the company or foreign 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]

(6) An addressee of a notice under subsection (2) must comply with the notice within the time specified in the notice for compliance except that an addressee is not required to provide any information that is subject to legal privilege.

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(7) An addressee of a notice under subsection (2) who fails to comply with subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000.

[15/2017]

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