Section 86 — Persons holding shares as trustees

(1)A person who holds voting shares in a company, being voting shares in which a non‑resident has an interest, must give to the non‑resident a notice in the prescribed form as to the requirements of this Division.

(2)The notice must be given —

(a)if the firstmentioned person holds the shares on 1 October 1971 — within 14 days after that date; or

(b)if the firstmentioned person did not hold the shares on that date — within 2 days after becoming the holder of the shares.

(2A)This section does not apply to the Depository as the registered holder of a company’s shares.[36/2014]

(3)In this section, “non‑resident” means a person who is not resident in Singapore or a body corporate that is not incorporated in Singapore.

(4)Nothing in this section affects the operation of section 80.