Comparison View

Formal Consolidation |  1998 RevEd
Nominees and shares
5.  A nomination may be in favour of one person or of several persons (who shall be clearly designated in the nomination), and, where there is more than one nominee, may direct that the nominees shall take the money or any shares in an approved corporation designated under section 26(1) of the Act in specified shares.
Informal Consolidation | Amended S 286/2022
Nominees and shares
5.—(1)  A nomination may be in favour of one person or of several persons (who shall be clearly designated in the nomination), and, where there is more than one nominee, may direct that the nominees shall take the money or any designated shares in specified shares.
[S 814/2010 wef 01/01/2011]
[S 286/2022 wef 01/04/2022]
(2)  Where a nomination directs that 2 or more nominees shall take any designated shares in such portions as are specified in the nomination, and the distribution of those shares to those nominees in those portions will give rise to fractions of shares, the Board shall —
(a)distribute to those nominees in those portions only such of those shares the distribution in those portions of which will not give rise to fractions of shares; and
(b)transfer the remaining shares to the surviving nominee who is first-named in the nomination.
[S 814/2010 wef 01/01/2011]
[S 286/2022 wef 01/04/2022]