SECTION 149 OF COMPANIES ACT

Mr Heng Chiang Meng asked the Minister for Finance and Minister for Health (a) how many persons have been affected by section 149 of the Companies Act; (b) how many applications for leave have been made to the Court under this section since it became operative on 15th August, 1984; and (c) whether he will consider introducing legislation to amend or repeal this section.

Dr Hu Tsu Tau: Sir, since section 149 became operative on 15th August 1984, 68 persons have been affected by it. The Court has received three applications for leave under this section. I do not intend to repeal section 149. Instead suitable amendments will be made to that section. My Ministry is currently studying the matter in consultation with the Attorney-General's Chambers, the Registry of Companies and Businesses, as well as interested business and professional bodies.