63A. Return as to allotments by public companies

Question 1

63A. Return as to allotments by public companies

Answer 1

General overview
[63A.01] The new s 63A introduced by Act No 36 of 2014 segregated the allotment of shares between private and public companies. Sections 63 and 63A mirror each other except for a time limit of 14 days to lodge the return of allotment in the case of the public companies. The full names, identity, nationality and address of the members, number of shares and class of shares need not, subject to the registrar’s discretion, be disclosed in respect of listed companies on the securities exchange both in and outside of Singapore: s 63A(2).

[63A.02] In some countries such as the US or in Europe, privacy laws prohibit the disclosure of citizens’ identification particulars. Thus, complying with s 63A may pose some problems for members from these jurisdictions. Common law jurisdictions such as the UK, Australia and New Zealand have abolished or required reporting of details of the shares issued. The Steering Committee recommended the status quo: see the Report of the Steering Committee for the Review of the Companies Act, April 2011, Chapter 5, paras 38–41.