Revised Edition of the Laws (Trustees Act) (Rectification) Order 2000

No. S 316

Revised Edition of the Laws Act

(Chapter 275)

In exercise of the powers conferred by section 23(1) of the Revised Edition of the Laws Act, the Law Revision Commissioners hereby make the following Order:

Citation

1. This Order may be cited as the Revised Edition of the Laws (Trustees Act) (Rectification) Order 2000.

Rectification of error

2. The provisions of Part IV of the First Schedule to the Trustees Act (Cap. 337, 1999 Ed.) set out in the first column of the Schedule are rectified in the manner set out in the second column thereof.

THE SCHEDULE

First column

Second column

(1) Paragraph 1

(a) Immediately after sub-paragraph (1), insert:

“(2) A company formed —

(a)	to take over the business of another company or other companies; or
(b)	to acquire the securities of, or control of, another company or other companies,

or for either of those purposes and for other purposes, shall be deemed —

(i)	to have paid a dividend as mentioned in sub-paragraph (1)(b) in any financial year in which such a dividend has been so paid by the other company or each of the other companies, as the case may be;
(ii)	to have had a shareholders equity of not less than $30 million as mentioned in sub-paragraph (1)(c) if the other company or companies, as the case may be, had a shareholders equity of not less than $30 million; and
(iii)	to have reported a profit as mentioned in sub-paragraph (1)(d) in the financial year in which such a profit has been so reported by the other company or each of the other companies, as the case may be.”.

(b) Renumber the existing sub-paragraphs (2), (3), (4) and (5) as sub-paragraphs (3), (4), (5) and (6), respectively.

(2) Paragraph 2

Delete.

(3) Paragraph 3

Renumber as paragraph 2.

Made this 4th day of July 2000.

CHAN SEK KEONG

Chairman,
Law Revision Commission.

[AG/REV/ED/2/2000]

(To be presented to Parliament under section 23(2) of the Revised Edition of the Laws Act).