Comparison View

Formal Consolidation |  2020 RevEd
Application of Companies Act 1967 to shares held by special purpose company
11.—(1)  Despite section 139 or 140 of the Securities and Futures Act 2001 (relating to take‑overs offers) and the Take‑over Code mentioned in section 139(2) of that Act (called in this section the Code), the transferee holding company’s shares held by the special purpose company under section 8(1) are not to be taken into account in determining whether —
(a)the special purpose company;
(b)any other company that is deemed by virtue of section 6 of the Companies Act 1967 to be related to the special purpose company; or
(c)a company acting in concert with the company mentioned in paragraph (a) or (b), as defined in the Code,
has acquired shares which carry the right to exercise or control the exercise of the votes attached to the transferee holding company’s shares for the purposes of section 139 or 140 of the Securities and Futures Act 2001 or the Code.
[42/2001]
(2)  Despite any of the provisions of the Companies Act 1967 or anything contained in the memorandum or articles of association of the transferee holding company or the special purpose company, the special purpose company must —
(a)hold the transferee holding company’s shares subscribed by it under section 8(1) for the benefit of the Financial Sector Development Fund;
(b)not exercise or control the exercise of the votes attached to such shares;
(c)not dispose of, or otherwise deal with such shares or create security interests over such shares without the prior approval of the Minister or as otherwise permitted under this Act; and
(d)hold any dividend or other distribution paid in respect of such shares for the benefit of the Financial Sector Development Fund.
Informal Consolidation | Amended Act 4 of 2022
Application of Companies Act 1967 to shares held by special purpose company
11.—(1)  Despite section 139 or 140 of the Securities and Futures Act 2001 (relating to take‑overs offers) and the Take‑over Code mentioned in section 139(2) of that Act (called in this section the Code), the transferee holding company’s shares held by the special purpose company which it acquired under section 8(1) or (1A) are not to be taken into account in determining whether —
(a)the special purpose company;
(b)any other company that is deemed by virtue of section 6 of the Companies Act 1967 to be related to the special purpose company; or
(c)a company acting in concert with the company mentioned in paragraph (a) or (b), as defined in the Code,
has acquired shares which carry the right to exercise or control the exercise of the votes attached to the transferee holding company’s shares for the purposes of section 139 or 140 of the Securities and Futures Act 2001 or the Code.
[Act 4 of 2022 wef 21/03/2022]
[42/2001]
(2)  Despite any of the provisions of the Companies Act 1967 or anything contained in the memorandum or articles of association of the transferee holding company or the special purpose company, the special purpose company must —
(a)hold the transferee holding company’s shares acquired by it under section 8(1) or (1A) for the benefit of the Financial Sector Development Fund;
[Act 4 of 2022 wef 21/03/2022]
(b)not exercise or control the exercise of the votes attached to such shares;
(c)not dispose of, or otherwise deal with such shares or create security interests over such shares without the prior approval of the Minister or as otherwise permitted under this Act; and
(d)hold any dividend or other distribution paid in respect of such shares for the benefit of the Financial Sector Development Fund.