31 October, 2019
The Companies (Amendment) Act 2019 (“Act”) has been gazetted on 9 October 2019. The Act introduces certain amendments to the Companies Act 2016 (“CA 2016”), including amongst others, the deletion of the word “special” from section 84(1) of the CA 2016.
By virtue of this deletion, a company may by resolution alter its share capital, which read together with section 290(3) of the CA 2016 would mean that generally only an ordinary resolution is required. However, section 84(1) of the CA 2016 remains subject to any other requirements imposed in the constitution of the company in respect of the alteration of its share capital.
The Minister of Domestic Trade and Consumer Affairs has yet to appoint a date for the Act to come into operation.
For further information, please contact:
Lim Chia Ann, Shearn Delamore & Co
chiaann.lim@shearndelamore.com
