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Latest ACRA News
Proposed (2006) new changes to Companies Act
The Companies (Amendment) Act 2005 was passed in Parliament on 16 May 2005
and gazetted on 6 June 2005. However, the Act has yet to come into force.
The Accounting and Corporate Regulatory Authority ("ACRA") has
announced on its website that the proposed date of implementation of the Companies
(Amendment) Act 2005 is 30 January 2006.
The key features of the amendments include:
- abolishing the concepts of "par value" and "authorised capital"
- introducing an alternative capital reduction process which does not require court sanction's paid-up capital and reserves is involved, or where it is approved by a unanimous resolution of shareholders
- allowing share-buyback to be funded out of profits as well as capital so long as the company is solvent
- allowing repurchased shares to be held as treasury shares; and
- introducing a more effective and efficient statutory form of merger and amalgamation process
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