Abstract:
… The Bill… will amend the definition of interests in shares found in section 7 of the [Companies] Act, allow companies to buy back their own shares, lengthen the period for which employees can exercise share options granted to them, exclude franchises from the definition of “interest” in section 107 of the Act, repeal the provisions dealing with substantial property transactions between a company and its directors or persons connected with such directors, amend section 172 of the Act which generally prohibits companies from indemnifying their directors or officers from liability, and broadens the circumstances where a foreign company shall not be regarded as carrying on business in Singapore. These amendments will be outlined and considered in this article. …