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Signapore Business Law References??

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Strong Eagle
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Signapore Business Law References??

Postby Strong Eagle » Sun, 11 Oct 2009 2:16 pm

Specifically, I am trying to find out what is required to repurchase issued shares in a Singapore private limited and cancel them. Obviously, I'd like to avoid spending thousands on an attorney, at least until I am sure what my options are.

TIA

brittanny
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Postby brittanny » Mon, 12 Oct 2009 9:03 am

u need to refer to both the companies act and the m&aa of the company

go to http://statutes.agc.gov.sg/ for the companies act, and for a copy of the m&aa either contact the company secretary or purchase an extract thru ACRA bizfile. usually the m&aa is a std format adopted frm the act (table a in 4th sch of the act)

pls read the provisions in the m&aa carefully as it will prevail over the act. and if the m&aa is silent, u have to refer to the act

i'm not really sure what u meant by "repurchase issued shares and cancel them", but i'm guessing that u intend to do a capital reduction. for a starter, pls read section 78A & 78B of the act to ascertain whether this is really your intention

also, do conduct a company search thru ACRA bizfile for latest info on owner, authorised and issued&paid up cap and issued shares

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Postby Strong Eagle » Mon, 12 Oct 2009 9:38 am

brittanny wrote:u need to refer to both the companies act and the m&aa of the company

go to http://statutes.agc.gov.sg/ for the companies act, and for a copy of the m&aa either contact the company secretary or purchase an extract thru ACRA bizfile. usually the m&aa is a std format adopted frm the act (table a in 4th sch of the act)

pls read the provisions in the m&aa carefully as it will prevail over the act. and if the m&aa is silent, u have to refer to the act

i'm not really sure what u meant by "repurchase issued shares and cancel them", but i'm guessing that u intend to do a capital reduction. for a starter, pls read section 78A & 78B of the act to ascertain whether this is really your intention

also, do conduct a company search thru ACRA bizfile for latest info on owner, authorised and issued&paid up cap and issued shares


Thanks for the info. I am the owner, MD, etc. A partner wants out. I don't want to buy his shares. I want the company to buy his shares and retire them... they cannot be left as Treasury stock (max 10 percent anyway) under Singapore law.

brittanny
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Postby brittanny » Mon, 12 Oct 2009 10:01 am

in this case, easy peasy, just contact your company secretary and have a chat 8-)

they can peruse the m&aa and do the necessary application and forms for u, with a fee of cos! not to worry, these r billable to the company, not to your name

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Postby brittanny » Mon, 12 Oct 2009 10:20 am

sorry, posted too quickly earlier

do read section 76D

the company sec will come in very handy


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