—(1) A public accountant who wishes to have a company or proposed company approved as an accounting corporation may apply to the Oversight Committee for approval of —
the company as an accounting corporation; and
the name or proposed name of the accounting corporation.
(2) An application under subsection (1) shall be made in accordance with the prescribed requirements and shall be accompanied by the prescribed fee.
(3) Subject to subsection (4) and any other provisions of this Act, the Oversight Committee may, on receiving an application made under this section, approve the company or proposed company concerned as an accounting corporation if and only if —
one of the primary objects of the company or proposed company is to provide public accountancy services;
the share capital of the company or proposed company that is paid up or to be paid up is not less than $50,000 or such other sum as may be prescribed;
the articles of association of the company or proposed company provide that —
not less than two-thirds, or such other proportion as may be prescribed, of the directors (including the chairman) shall be public accountants, or —
if the company or proposed company has only one director, that that director shall be a public accountant; or
if the company or proposed company has only 2 directors, that one of those directors shall be a public accountant;
not less than two-thirds, or such other proportion as may be prescribed, of the voting shares of the company or proposed company shall be owned by corporate practitioners; and
only natural persons may own any shares of the company or proposed company;
the business of the company or proposed company, so far as it relates to the provision of public accountancy services in Singapore, will be under the control and management of one or more directors of the company who are public accountants ordinarily resident in Singapore; and
the company or proposed company is or will be covered by professional indemnity insurance in accordance with section 28 and the prescribed requirements.
(4) If the Oversight Committee grants its approval for a proposed company to be an accounting corporation, the approval shall not take effect until the company is formed and registered under the Companies Act (Cap. 50).
[Accountants 2001 Ed., s. 19]