PART 5
APPLICATION OF ACT TO REGISTERED FOREIGN
CORPORATE ENTITIES
Modification and exclusion of provisions of section 22 of Act
8.  In the application of section 22 of the Act to a foreign corporate entity registered under Part XA of the Act —
(a)subsections (1)(c), (d), (e), (f) and (g), (1AA), (1AB), (1A) and (2) of that section are excluded; and
(b)subsection (4) of that section is modified by disregarding the words “, duly signed by the subscribers and stating, if the company is to have a share capital, the number of shares that each subscriber has agreed to take,”.
Modification of section 144 of Act
9.  Section 144 of the Act does not apply to a foreign corporate entity registered under Part XA of the Act for the first 3 months immediately after the date of registration of the foreign corporate entity.
Modification of section 175 of Act
10.  In the application of section 175 of the Act to a foreign corporate entity registered under Part XA of the Act, subsection (1) of that section is modified —
(a)by reading the reference to “18 months of its incorporation” as a reference to “18 months after the date of registration of the foreign corporate entity”; and
(b)by reading the reference to “the year of its incorporation” as a reference to “the year of the date of registration of the foreign corporate entity”.
Modification of section 201 of Act
11.  In the application of section 201 of the Act to a foreign corporate entity registered under Part XA of the Act —
(a)subsection (1) of that section is modified —
(i)by reading the reference to “a date not later than 18 months after the incorporation of the company” as a reference to “a date not later than 18 months after the date of registration of the foreign corporate entity”; and
(ii)by reading the reference to “the period since the preceding financial statements (or in the case of the first financial statements, since the incorporation of the company)” as a reference to “the period since the end of the last financial year of the foreign corporate entity”; and
(b)subsection (5)(a) of that section is modified by reading the reference to “the period beginning from the date the preceding financial statements were made up to (or, in the case of the first financial statements, since the incorporation of the company)” as a reference to “the period since the end of the last financial year of the foreign corporate entity”.
Modification of section 205 of Act
12.  In the application of section 205 of the Act to a foreign corporate entity registered under Part XA of the Act, subsection (1) of that section is modified by reading the reference to “3 months after incorporation of the company” as a reference to “3 months after the date of registration of the foreign corporate entity”.
Modification and exclusion of provisions of Thirteenth Schedule
13.  In determining whether a foreign corporate entity registered under Part XA of the Act is a small company for the purposes of section 205C of the Act —
(a)paragraph 1(a) of the Thirteenth Schedule to the Act is modified by disregarding the reference to paragraph 4;
(b)paragraph 3 of the Thirteenth Schedule to the Act is modified by reading references to “incorporation” as references to “the date of registration of the foreign corporate entity”;
(c)paragraph 4 of the Thirteenth Schedule to the Act is excluded; and
(d)paragraph 6(a) of the Thirteenth Schedule to the Act is modified by reading the reference to “incorporation” as a reference to “the date of registration of the foreign corporate entity”.