Companies (Amendment) Bill

Bill No. 17/1995

Read the first time on 25th May 1995.

An Act to amend the Companies Act (Chapter 50 of the 1994 Revised Edition).

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

Short title and commencement

1. This Act may be cited as the Companies (Amendment) Act 1995 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

New section 203A

2. The Companies Act is amended by inserting, immediately after section 203, the following section:

“Provision of summary financial statement to shareholders

203A.—(1) Notwithstanding section 203 and anything in its memorandum or articles of association, a listed public company may, in such cases as may be specified by regulations and provided all the conditions so specified are complied with, send a summary financial statement instead of copies of the documents referred to in section 203(1) to members of the company.

(2) Where a public company sends to its members a summary financial statement under subsection (1), any member of the company and any holder of a debenture entitled to be furnished by the company with a copy of the documents referred to in section 203(2) may instead request for a summary financial statement.

(3) A summary financial statement need not be sent to any member of the company who does not wish to receive the statement.

(4) Copies of the documents referred to in section 203(1) shall be sent to any member of the company who wishes to receive them.

(5) The summary financial statement shall be derived from the company’s annual accounts and the directors’ report and shall be in such form and contain such information as may be specified by regulations.

(6) Every summary financial statement shall —

(a)	state that it is only a summary of information in the company’s annual accounts and directors’ report; and
(b)	contain a statement by the company’s auditors of their opinion as to whether the summary financial statement is consistent with the accounts and the report and complies with the requirements of this section and any regulations made under subsection (9).

(7) If default is made in complying with this section or any regulations made under subsection (9), the company and every officer of the company who is in default shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and also to a default penalty.

(8) For the purpose of subsection (1), “listed” means has been admitted to the official list of a stock exchange in Singapore and has not been removed from that list.

(9) The Minister may make regulations to give effect to this section, including making provision as to the manner in which it is to be ascertained whether a member of the company wishes to receive copies of the documents referred to in section 203(1) or does not wish to receive the summary financial statement under this section.”.

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