(Original Enactment: Act 42 of 1967)
REVISED EDITION 1967
(1st March 1971)
An Act relating to companies.
[29th December 1967]
1. This Act may be cited as the Companies Act.1
1 Notes:—The abbreviations used in the marginal references to other Acts are references to the following Acts as amended: U.K.: U.K. 1948 c. 38. Aust.: Victoria No. 6839/1961.
2. This Act is divided into Parts, Divisions and Subdivisions as follows:
Preliminary sections 1-7.
Administration of this Act sections 8-16.
Division 1 — Incorporation sections 17-22.
Division 2 — Powers sections 23-42A.
Division 1 —Prospectuses sections 43-56.
Division 2 — Restrictions on allotment and commencement of business sections 57-62.
Division 3 — Shares sections 63-78.
Division 4 — Substantial shareholdings sections 79-92.
Division 5 — Debentures sections 93-106.
Division 6 — Interests other than shares, debentures, etc., sections 107-120.
Division 7 — Title and transfers sections 121-130.
Division 7A — Central Depository System — a book entry or scripless system for the transfer of listed securities sections 130A-130P.
Division 8 — Registration of charges sections 131-141.
Division 1 — Office and name sections 142-144.
Division 2 — Directors and Officers sections 145-173.
Division 3 —Meetings and proceedings sections 174-189.
Division 4 —Register of members sections 190-196.
Division 5 — Annual return sections 197-198.
Division 1 — Accounts sections 199-204.
Division 2 — Audit sections 205-209B.
Arrangements, Reconstructions and Take-overs sections 210-216.
Receivers and Managers sections 217-227.
Judicial Management sections 227A-227X.
Investigations sections 228-246.
Division 1 — Preliminary sections 247-252.
Division 2 — Winding up by Court sections 253-289.
Subdivision (1) General sections 253-262.
Subdivision (2) Liquidators sections 263-276.
Subdivision (3) Committees of inspection sections 277-278.
Subdivision (4) General powers of Court sections 279-289.
Division 3 — Voluntary winding up sections 290-312.
Subdivision (1) Introductory sections 290-293.
Subdivision (2) Provisions applicable only to members’ voluntary winding up sections 294-295.
Subdivision (3) Provisions applicable only to creditors’ voluntary winding up sections 296-299.
Subdivision (4) Provisions applicable to every voluntary winding up sections 300-312.
Division 4 — Provisions applicable to every mode of winding up sections 313-349.
Subdivision (1) General sections 313-326.
Subdivision (2) Proof and ranking of claims sections 327-328.
Subdivision (3) Effect on other transactions sections 329-335.
Subdivision (4) Offences sections 336-342.
Subdivision (5) Dissolution sections 343-349.
Division 5—Winding up of unregistered companies sections 350-354.
Division 1 — Investment companies sections 355-364.
Division 2 — Foreign companies sections 365-386.
Division 1 — Enforcement of this Act sections 387-399.
Division 2 — Offences sections 400-409A.
Division 3 — Miscellaneous sections 410-411.
—(1) The written laws mentioned in the First Schedule to the extent to which they are therein expressed to be repealed or amended are hereby repealed or amended accordingly.
(2) Unless the contrary intention appears in this Act —
all persons, things and circumstances appointed or created under any of the repealed or amended written laws or existing or continuing under any of such written laws immediately before 29th December 1967 shall under and subject to this Act continue to have the same status operation and effect as they respectively would have had if such written laws had not been so repealed or amended; and
in particular and without affecting the generality of paragraph (a), such repeal shall not disturb the continuity of status, operation or effect of any Order in Council, order, rule, regulation, scale of fees, appointment, conveyance, mortgage, deed, agreement, resolution, direction, instrument, document, memorandum, articles, incorporation, nomination, affidavit, call, forfeiture, minute, assignment, register, registration, transfer, list, licence, certificate, security, notice, compromise, arrangement, right, priority, liability, duty, obligation, proceeding, matter or thing made, done, effected, given, issued, passed, taken, validated, entered into, executed, lodged, accrued, incurred, existing, pending or acquired under any of such written laws before that date.
(3) Nothing in this Act shall affect the Table in any repealed written law corresponding to Table A in the Fourth Schedule or any part thereof (either as originally enacted or as altered in pursuance of any statutory power) or the corresponding Table in any former written law relating to companies (either as originally enacted or as so altered) so far as the same applies to any company existing on 29th December 1967.
(4) The provisions of this Act with respect to winding up other than the provisions of Subdivision (5) of Division 4 of Part X shall not apply to any company or society of which the winding up has commenced before 29th December 1967, but every such company or society shall be wound up in the same manner and with the same incidents as if this Act had not been passed and for the purposes of the winding up the written laws under which the winding up commenced shall be deemed to remain in full force.
—(1) In this Act, unless the contrary intention appears —
“accounting records”, in relation to a corporation, includes such working papers and other documents as are necessary to explain the methods and calculations by which accounts of the corporation are made up;
“accounts” means profit and loss accounts and balance-sheets and includes notes (other than auditors’ reports or directors’ reports) attached or intended to be read with any of those profit and loss accounts or balance-sheets;
“Act” includes any regulations;
“annual general meeting”, in relation to a company, means a meeting of the company required to be held by section 175;
“annual return” means —
in relation to a company having a share capital, the return required to be made by section 197(1); and
in relation to a company not having a share capital, the return required to be made by section 197(5),
and includes any document accompanying the return;
“approved company auditor” means a person approved as such by the Minister under section 9 whose approval has not been revoked and in relation to a corporation, not being a company, includes a person qualified to act as auditor of the corporation under the law of the place in which the corporation is incorporated;
“approved liquidator” means an approved company auditor who has been approved by the Minister under section 9 as a liquidator and whose approval has not been revoked;
“articles” means articles of association;
“banking corporation” means a licensed bank under any written law relating to banking;
“books” includes any account, deed, writing or document and any other record of information however compiled, recorded or stored whether in written or printed form or microfilm by electronic process or otherwise;
“borrowing corporation” means a corporation that is or will be under a liability (whether or not such liability is present or future) to repay any money received or to be received by it in response to an invitation to the public to subscribe for or purchase debentures of the corporation;
“branch register” means —
as the case may require; and
in relation to a foreign company, a branch register of members of the company kept in pursuance of section 379;
“certified”, in relation to a copy of a document, means certified in the prescribed manner to be a true copy of the document and, in relation to a translation of a document, means certified in the prescribed manner to be a correct translation of the document into the English language;
“charge” includes a mortgage and any agreement to give or execute a charge or mortgage whether upon demand or otherwise;
“company” means a company incorporated pursuant to this Act or pursuant to any corresponding previous written law;
“company having a share capital” includes an unlimited company with a share capital;
“company limited by guarantee” means a company formed on the principle of having the liability of its members limited by the memorandum to such amount as the members may respectively undertake to contribute to the assets of the company in the event of its being wound up;
“company limited by shares” means a company formed on the principle of having the liability of its members limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them;
“contributory”, in relation to a company, means a person liable to contribute to the assets of the company in the event of its being wound up, and includes the holder of fully paid shares in the company and, prior to the final determination of the persons who are contributories, includes any person alleged to be a contributory;
“corporation” means any body corporate formed or incorporated or existing in Singapore or outside Singapore and includes any foreign company but does not include —
any body corporate that is incorporated in Singapore and is by notification of the Minister in the Gazette declared to be a public authority or an instrumentality or agency of the Government or to be a body corporate which is not incorporated for commercial purposes;
any corporation sole;
any co-operative society; or
any registered trade union;
“Court” means the High Court or a judge thereof;
“corresponding previous written law” means any written law relating to companies which has been at any time in force in Singapore and which corresponds with any provision in this Act;
“creditors’ voluntary winding up” means a winding up under Division 3 of Part X, other than a members’ voluntary winding up;
“debenture” includes debenture stock, bonds, notes and any other securities of a corporation whether constituting a charge on the assets of the corporation or not but does not include —
a cheque, letter of credit, order for the payment of money or bill of exchange;
subject to the regulations, a promissory note having a face value of not less than $100,000 and having a maturity period of not more than 12 months;
for the purposes of the application of this definition to a provision of this Act in respect of which any regulations made thereunder provide that the word “debenture” does not include a prescribed document or a document included in a prescribed class of documents, that document or a document included in that class of documents, as the case may be;
“default penalty” means a default penalty within the meaning of section 408;
“director” includes any person occupying the position of director of a corporation by whatever name called and includes a person in accordance with whose directions or instructions the directors of a corporation are accustomed to act and an alternate or substitute director;
“document” includes summons, order and other legal process, and notice and register;
“emolument”, in relation to a director or auditor of a company, includes any fees, percentages and other payments made (including the money value of any allowances or perquisites) or consideration given, directly or indirectly, to the director or auditor by that company or by a holding company or a subsidiary of that company, whether made or given to him in his capacity as a director or auditor or otherwise in connection with the affairs of that company or of the holding company or the subsidiary;
“equity share” means any share which is not a preference share;
“exempt private company” means —
a private company in the shares of which no beneficial interest is held directly or indirectly by any corporation and which has not more than 20 members; or
any private company, being a private company that is wholly owned by the Government, which the Minister, in the national interest, declares by notification in the Gazette to be an exempt private company;
“expert” includes engineer, valuer, accountant and any other person whose profession or reputation gives authority to a statement made by him;
“filed” means filed under this Act or any corresponding previous written law;
“financial year”, in relation to any corporation, means the period in respect of which any profit and loss account of the corporation laid before it in general meeting is made up, whether that period is a year or not;
“foreign company” means —
a company, corporation, society, association or other body incorporated outside Singapore; or
an unincorporated society, association or other body which under the law of its place of origin may sue or be sued, or hold property in the name of the secretary or other officer of the body or association duly appointed for that purpose and which does not have its head office or principal place of business in Singapore;
“guarantor corporation”, in relation to a borrowing corporation, means a corporation that has guaranteed or has agreed to guarantee the repayment of any money received or to be received by the borrowing corporation in response to an invitation to the public to subscribe for or purchase debentures of the borrowing corporation;
“liquidator” includes the Official Receiver when acting as the liquidator of a corporation;
“limited company” means a company limited by shares or by guarantee or, prior to the expiry of the period of two years as specified in section 17(6), a company limited both by shares and guarantee;
“listed corporation” means a corporation that has been admitted to the official list of a stock exchange in Singapore and has not been removed from that official list;
“lodged” means lodged under this Act or any corresponding previous written law;
“manager”, in relation to a company, means the principal executive officer of the company for the time being by whatever name called and whether or not he is a director;
“marketable securities” means debentures, funds, stocks, shares or bonds of any government or of any local authority or of any corporation or society and includes any right or option in respect of shares in any corporation and any interest as defined in section 107;
“members’ voluntary winding up” means a winding up under Division 3 of Part X, where a declaration has been made and lodged in pursuance of section 293;
“memorandum” means memorandum of association;
“minimum subscription”, in relation to any shares offered to the public for subscription, means the amount stated in the prospectus relating to the offer in pursuance of paragraph 4(a) of the Fifth Schedule as the minimum amount which in the opinion of the directors must be raised by the issue of the shares so offered;
“office copy”, in relation to any Court order or other Court document, means a copy authenticated under the hand or seal of the Registrar or other proper officer of the Court;
“officer”, in relation to a corporation, includes —
any director or secretary of the corporation or a person employed in an executive capacity by the corporation;
a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and
any liquidator of a company appointed in a voluntary winding up,
but does not include —
any receiver who is not also a manager;
any receiver and manager appointed by the Court;
any liquidator appointed by the Court or by the creditors; or
a judicial manager appointed by the Court under Part VIIIA;
“Official Receiver” means the Official Assignee appointed under the Bankruptcy Act [Cap. 20] and includes the deputy of any such Official Assignee and any person appointed as Assistant Official Assignee;
“preference share”, in relation to sections 5, 64 and 180, means a share, by whatever name called, which does not entitle the holder thereof to the right to vote at a general meeting (except in the circumstances specified in section 180(2)(a), (b) and (c)) or to any right to participate beyond a specified amount in any distribution whether by way of dividend, or on redemption, in a winding up, or otherwise;
“prescribed” means prescribed under this Act or by the rules;
“principal register”, in relation to a company, means the register of members of the company kept in pursuance of section 190;
“printed” includes typewritten or lithographed or reproduced by any mechanical means;
“private company” means —
any company which immediately prior to 29th December 1967 was a private company under the provisions of the repealed written laws;
any company incorporated as a private company by virtue of section 18; or
any company converted into a private company pursuant to section 31(1),
“profit and loss account” includes income and expenditure account, revenue account or any other account showing the results of the business of a corporation for a period;
“promoter”, in relation to a prospectus issued by or in connection with a corporation, means a promoter of the corporation who was a party to the preparation of the prospectus or of any relevant portion thereof, but does not include any person by reason only of his acting in a professional capacity;
“prospectus” means any prospectus (including an abridged prospectus registered pursuant to section 47), notice, circular, advertisement or invitation inviting applications or offers from the public to subscribe for or purchase or offering to the public for subscription or purchase any shares in or debentures of or any units of shares in or units of debentures of a corporation or proposed corporation;
“public company” means a company other than a private company;
“registered” means registered under this Act or any corresponding previous enactment;
“Registrar” means the Registrar of Companies appointed under this Act and includes any Deputy or Assistant Registrar of Companies;
“regulations” means regulations made under this Act;
“related corporation”, in relation to a corporation, means a corporation that is deemed to be related to the first-mentioned corporation by virtue of section 6;
“repealed written laws” means the written laws repealed by this Act;
“resolution for voluntary winding up” means the resolution referred to in section 290;
“Rules” means Rules of Court;
“share” means share in the share capital of a corporation and includes stock except where a distinction between stock and shares is expressed or implied;
“solicitor” means an advocate and solicitor of the Supreme Court;
“statutory meeting” means the meeting referred to in section 174;
“statutory report” means the report referred to in section 174;
“Table A” means Table A in the Fourth Schedule;
“trustee corporation” means —
a company registered as a trust company under the Trust Companies Act [Cap. 336]; or
a corporation, other than a trust company referred to in paragraph (a), that is a public company under this Act or under the laws of any other country which has been declared by the Minister to be a trustee corporation for the purposes of this Act;
“unit”, in relation to a share, debenture or other interest, means any right or interest, whether legal or equitable, in the share, debenture or other interest, by whatever name called and includes any option to acquire any such right or interest in the share, debenture or other interest;
“unlimited company” means a company formed on the principle of having no limit placed on the liability of its members;
“voting share”, in relation to a body corporate, means an issued share in the body corporate, not being —
a share to which, in no circumstances, is there attached a right to vote; or
a share to which there is attached a right to vote only in one or more of the following circumstances:
(2) For the purposes of this Act, a person shall not be regarded as a person in accordance with whose directions or instructions the directors of a company are accustomed to act by reason only that the directors act on advice given by him in a professional capacity.
(3) For the purposes of this Act, a statement included in a prospectus or statement in lieu of prospectus shall be deemed to be untrue if it is misleading in the form and context in which it is included.
(4) For the purposes of this Act, a statement shall be deemed to be included in a prospectus or statement in lieu of prospectus if it is contained in any report or memorandum appearing on the face thereof or by reference incorporated therein or issued therewith.
(5) For the purposes of this Act, any invitation to the public to deposit money with or to lend money to a corporation shall be deemed to be an invitation to subscribe for or purchase debentures of the corporation and any document that is issued or intended or required to be issued by a corporation acknowledging or evidencing or constituting an acknowledgment of the indebtedness of the corporation in respect of any money that is or may be deposited with or lent to the corporation in response to such an invitation shall be deemed to be a debenture, but an invitation to the public by a prescribed corporation as defined in section 44(7) shall be deemed not to be an invitation to the public to subscribe for or purchase debentures of the corporation or an offer to the public of debentures of the corporation for subscription or purchase for the purposes of the provisions in Division 5 of Part IV which are related to offers of debentures to the public.
(6) Any reference in this Act to offering shares or debentures to the public or to issuing an invitation to the public in respect of shares or debentures shall, unless the contrary intention appears, be construed as including a reference to offering them to any section of the public or to issuing of an invitation to any section of the public, as the case may be, whether selected as clients of the person making the offer or issuing the invitation or in any other manner.
(7) Unless the contrary intention appears any reference in this Act to a person being or becoming bankrupt or to a person assigning his estate for the benefit of his creditors or making an arrangement with his creditors under any written law relating to bankruptcy or to a person being an undischarged bankrupt or to any status, condition, act, matter or thing under or in relation to the law of bankruptcy shall be construed as including a reference to a person being or becoming bankrupt or insolvent or to a person making any such assignment or arrangement or to a person being an undischarged bankrupt or insolvent or to the corresponding status, condition, act, matter or thing (as the case requires) under any written law relating to bankruptcy or insolvency.
(8) A reference in section 8A, 8C, 8D, 216, Part IX, section 254(1)(f), 286, 287 or 402 to the affairs of a corporation shall, unless the contrary intention appears, be construed as including a reference to —
the promotion, formation, membership, control, business, trading, transactions and dealings (whether alone or jointly with another person or other persons and including transactions and dealings as agent, bailee or trustee), property (whether held alone or jointly with another person or other persons and including property held as agent, bailee or trustee), liabilities (including liabilities owed jointly with another person or other persons and liabilities as trustee), profits and other income, receipts, losses, outgoings and expenditure of the corporation;
in the case of a corporation (not being a trustee corporation) that is a trustee (but without limiting the generality of paragraph (a), matters concerned with the ascertainment of the identity of the persons who are beneficiaries under the trust, their rights under the trust and any payments that they have received, or are entitled to receive, under the terms of the trust);
the internal management and proceeding of the corporation;
any act or thing done (including any contract made and any transaction entered into) by or on behalf of the corporation, or to or in relation to the corporation or its business or property, at a time when —
a receiver, or a receiver and manager, is in possession of, or has control over, property of the corporation;
the corporation is under judicial management;
a compromise or arrangement made between the corporation and another person or other persons is being administered; or
the corporation is being wound up,
and, without limiting the generality of the foregoing, any conduct of such a receiver or such a receiver and manager, or such a judicial manager, of any person administering such a compromise or arrangement or of any liquidator or provisional liquidator of the corporation;
the ownership of shares in, debentures of, and interests issued by, the corporation;
the power of persons to exercise, or to control the exercise of, the rights to vote attached to shares in the corporation or to dispose of, or to exercise control over the disposal of, such shares;
matters concerned with the ascertainment of the persons who are or have been financially interested in the success or failure, or apparent success or failure, of the corporation or are or have been able to control or materially to influence the policy of the corporation;
the circumstances under which a person acquired or disposed of, or became entitled to acquire or dispose of, shares in, debentures of, or interests issued by, the corporation;
where the corporation has issued interests, any matters concerning the financial or business undertaking, scheme, common enterprise or investment contract to which the interests relate; and
matters relating to or arising out of the audit of, or working papers or reports of an auditor concerning, any matters referred to in any of the preceding paragraphs.
(9) For the purposes of this Act wherever a reference to the affairs of a company or a foreign company appears it shall be construed as including a reference to the affairs of a corporation as defined in subsection (8).
—(1) For the purposes of this Act, a corporation shall, subject to subsection (3), be deemed to be a subsidiary of another corporation, if —
that other corporation —
controls the composition of the board of directors of the first-mentioned corporation;
controls more than half of the voting power of the first-mentioned corporation; or
holds more than half of the issued share capital of the first-mentioned corporation (excluding any part thereof which consists of preference shares); or
the first-mentioned corporation is a subsidiary of any corporation which is that other corporation’s subsidiary.
(2) For the purposes of subsection (1), the composition of a corporation’s board of directors shall be deemed to be controlled by another corporation if that other corporation by the exercise of some power exercisable by it without the consent or concurrence of any other person can appoint or remove all or a majority of the directors, and for the purposes of this provision that other corporation shall be deemed to have power to make such an appointment if —
a person cannot be appointed as a director without the exercise in his favour by that other corporation of such a power; or
a person’s appointment as a director follows necessarily from his being a director or other officer of that other corporation.
(3) In determining whether one corporation is a subsidiary of another corporation —
any shares held or power exercisable by that other corporation in a fiduciary capacity shall be treated as not held or exercisable by it;
subject to paragraphs (c) and (d), any shares held or power exercisable —
by any person as a nominee for that other corporation (except where that other corporation is concerned only in a fiduciary capacity); or
by, or by a nominee for, a subsidiary of that other corporation, not being a subsidiary which is concerned only in a fiduciary capacity,
shall be treated as held or exercisable by that other corporation;
any shares held or power exercisable by any person by virtue of the provisions of any debentures of the first-mentioned corporation or of a trust deed for securing any issue of such debentures shall be disregarded; and
any shares held or power exercisable by, or by a nominee for, that other corporation or its subsidiary (not being held or exercisable as mentioned in paragraph (c)) shall be treated as not held or exercisable by that other corporation if the ordinary business of that other corporation or its subsidiary, as the case may be, includes the lending of money and the shares are held or power is exercisable as aforesaid by way of security only for the purposes of a transaction entered into in the ordinary course of that business.
(4) A reference in this Act to the holding company of a company or other corporation shall be read as a reference to a corporation of which that last-mentioned company or corporation is a subsidiary.
(5) For the purposes of this Act, the depository, as defined in section 130A, shall not be regarded as a holding company of a corporation by reason only of the shares it holds in that corporation as a bare trustee.
[Aust. s. 6.]
5A. For the purposes of this Act, a corporation is the ultimate holding company of another corporation if —
the other corporation is a subsidiary of the first-mentioned corporation; and
the first-mentioned corporation is not itself a subsidiary of any corporation.
5B. For the purposes of this Act, a corporation is a wholly owned subsidiary of another corporation if none of the members of the first-mentioned corporation is a person other than —
that other corporation;
a nominee of that other corporation;
a subsidiary of that other corporation being a subsidiary none of the members of which is a person other than that other corporation or a nominee of that other corporation; or
a nominee of such subsidiary.
6. Where a corporation —
is the holding company of another corporation;
is a subsidiary of another corporation; or
is a subsidiary of the holding company of another corporation,
that first-mentioned corporation and that other corporation shall for the purposes of this Act be deemed to be related to each other.
—(1) The following subsections have effect for the purposes of Division 4 of Part IV and sections 163, 164 and 165.
(2) Where the property subject to a trust consists of or includes shares and a person knows or has reasonable grounds for believing that he has an interest under the trust and the property subject to the trust consists of or includes those shares, he shall be deemed to have an interest in those shares.
(3) Where a right (being a right or an interest described in the definition of “interest” in section 107) —
was issued or offered to the public for subscription or purchase, or where the public was invited to subscribe for or purchase such a right, and the right was so subscribed for or purchased; or
was issued for the purpose of an offer to the public by and is held by the management company within the meaning of that section,
that right does not constitute an interest in a share.
(4) Where a body corporate has an interest in a share and —
the body corporate is, or its directors are, accustomed or is under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of a person;
a person has a controlling interest in the body corporate; or
a person is, the associates of a person are, or a person and his associates are, entitled to exercise or control the exercise of not less than 15% of the votes attached to the voting shares in the body corporate,
that person shall be deemed to have an interest in that share.
(5) For the purposes of subsection (4)(c) , a person is an associate of another person if the first-mentioned person is —
a corporation that, by virtue of section 6, is deemed to be related to that other person;
a person in accordance with whose directions, instructions or wishes that other person is accustomed or is under an obligation whether formal or informal to act in relation to the share referred to in subsection (4);
a person who is accustomed or is under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of that other person in relation to that share;
a body corporate that is, or the directors of which are, accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of that other person in relation to that share; or
a body corporate in accordance with the directions, instructions or wishes of which, or of the directors of which, that other person is under an obligation whether formal or informal to act in relation to that share.
(6) Where a person —
has entered into a contract to purchase a share;
has a right, otherwise than by reason of having an interest under a trust, to have a share transferred to himself or to his order, whether the right is exercisable presently or in the future and whether on the fulfilment of a condition or not;
has the right to acquire a share, or an interest in a share, under an option, whether the right is exercisable presently or in the future and whether on the fulfilment of a condition or not; or
is entitled (otherwise than by reason of his having been appointed a proxy or representative to vote at a meeting of members of a corporation or of a class of its members) to exercise or control the exercise of a right attached to a share, not being a share of which he is the registered holder,
that person shall be deemed to have an interest in that share.
(7) A person shall not be deemed not to have an interest in a share by reason only that he has the interest in the share jointly with another person.
(8) It is immaterial, for the purposes of determining whether a person has an interest in a share, that the interest cannot be related to a particular share.
(9) There shall be disregarded —
an interest in a share if the interest is that of a person who holds the share as bare trustee;
an interest in a share of a person whose ordinary business includes the lending of money if he holds the interest only by way of security for the purposes of a transaction entered into in the ordinary course of business in connection with the lending of money;
an interest of a person in a share, being an interest held by him by reason of his holding a prescribed office; and
a prescribed interest in a share, being an interest of such person, or of the persons included in such class of persons, as is prescribed.
(10) An interest in a share shall not be disregarded by reason only of —
the manner in which it arose; or
the fact that the exercise of a right conferred by the interest is, or is capable of being made, subject to restraint or restriction.