2.—(1) In this Act, unless the context otherwise requires —
“commodity” means any goods, services, rights or other property, whether tangible or intangible, capable of being the subject of sale or lease;
“company” means a company as defined in the Companies Act [Cap. 50] and includes a corporation as defined in that Act;
“multi-level marketing scheme or arrangement” has the same meaning as “pyramid selling scheme or arrangement” in this Act;
“promote”, with its grammatical variations and cognate expressions, includes to manage, form, operate, carry on, engage in or otherwise to organise;
“pyramid selling scheme or arrangement” means any scheme or arrangement for the distribution of a commodity whereby a person may for valuable consideration in any manner acquire a commodity or a right or a licence to acquire the commodity for sale, lease or otherwise —
(a)
where that person receives a gratuity or consideration, directly or indirectly, as a result of the recruitment, acquisitions, actions or performances of one or more additional participants; or
(b)
where that person is or may be paid, directly or indirectly, commissions, cross commissions, bonuses, refunds, discounts, dividends, gratuities or other consideration as a result of a sale, lease or other distribution of such commodity by any additional participant,
and under circumstances where any part of the benefits referred to in paragraph (a) or (b) accrue to any other person participating in the scheme or arrangement.
[S 227/1995]
(2) Any reference in this Act to the winding up of a company includes in the case of a foreign company a reference to the winding up of the affairs of a foreign company so far as the assets of the foreign company within Singapore are concerned.