—(1) Where an unregistered company the place of incorporation or origin of which is in a designated country has been dissolved and there remains in Singapore any outstanding property, movable or immovable, including things in action which was vested in the company or to which it was entitled or over which it had a disposing power at the time it was dissolved, but which was not got in, realised upon or otherwise disposed of or dealt with by the company or its liquidator before the dissolution, the property, except called and uncalled capital, shall, by the operation of this section, be and become vested, for all the estate and interest therein legal or equitable of the company or its liquidator at the date the company was dissolved, in such person as is entitled thereto according to the law of the place of incorporation or origin of the company.
(2) Where the place of origin of an unregistered company is Singapore, sections 345 to 349 (both inclusive) shall with such adaptations as may be necessary apply in respect of that company.
(3) Where it appears to the Minister that any law in force in any other country contains provisions similar to this section, he may, by notification in the Gazette, declare that other country to be a designated country for the purposes of this section.
[Aust., 1961, s. 318]
History for Provision '354 Outstanding assets of defunct unregistered company'.
23 February 2009
Act 2 of 2009