s 25D Persons connected with director in section 25C
25D.—(1) For the purposes of section 25C, a reference to a person connected with a director means —(a) a member of the director’s family; (b) a body corporate with which the director is connected within the meaning of subsection (2)(b); (c) a person acting in the person’s capacity as trustee of a trust —(i) the beneficiaries of which include the director or a person who by virtue of paragraph (a) or (b) is connected with the director; or (ii) the terms of which confer a power on the trustees that may be exercised for the benefit of the director or any person mentioned in sub‑paragraph (i), other than a trust for the purposes of an employees’ share scheme or on a pension scheme; (d) a person acting in the person’s capacity as partner —(i) of the director; or (ii) of a person who, by virtue of paragraph (a), (b) or (c), is connected with that director; (e) a firm that is a legal person under the law by which it is governed and in which —(i) the director is a partner; (ii) a partner is a person who, by virtue of paragraph (a), (b) or (c), is connected with the director; or (iii) a partner is a firm in which the director is a partner or in which there is a partner who, by virtue of paragraph (a), (b) or (c), is connected with the director; and (f) a reference to a person connected with a director of a company does not include a person who is himself or herself a director of the company.[36/2014] (2) For the purposes of this section —(a) a member of a director’s family includes the director’s spouse, son, adopted son, stepson, daughter, adopted daughter and stepdaughter; (b) a director is connected with a body corporate if, and only if, the director and the persons connected with the director together —(i) are interested in at least 20% of the share capital of that body corporate; or (ii) are entitled to exercise or control, directly or indirectly, the exercise of more than 20% of the voting power at any general meeting of that body corporate; (c) a reference in paragraph (b)(ii) to voting power the exercise of which is controlled by a director includes voting power whose exercise is controlled by a body corporate controlled by the director; (d) to avoid circularity in the application of subsection (1) —(i) a body corporate with which a director is connected is not treated for the purposes of this subsection as connected with the director unless it is also connected with the director by virtue of subsection (1)(c) or (d); and (ii) a trustee of a trust the beneficiaries of which include (or may include) a body corporate with which a director is connected is not treated for the purposes of this subsection as connected with a director by reason only of that fact; and (e) “body corporate” includes a body incorporated outside Singapore, but does not include —(i) a corporation sole; or (ii) a partnership that, whether or not a legal person, is not regarded as a body corporate under the law by which it is governed.[36/2014] —(1) For the purposes of section 25C, a reference to a person connected with a director means —(a) a member of the director’s family; (b) a body corporate with which the director is connected within the meaning of subsection (2)(b); (c) a person acting in the person’s capacity as trustee of a trust —(i) the beneficiaries of which include the director or a person who by virtue of paragraph (a) or (b) is connected with the director; or (ii) the terms of which confer a power on the trustees that may be exercised for the benefit of the director or any person mentioned in sub‑paragraph (i), other than a trust for the purposes of an employees’ share scheme or on a pension scheme; (d) a person acting in the person’s capacity as partner —(i) of the director; or (ii) of a person who, by virtue of paragraph (a), (b) or (c), is connected with that director; (e) a firm that is a legal person under the law by which it is governed and in which —(i) the director is a partner; (ii) a partner is a person who, by virtue of paragraph (a), (b) or (c), is connected with the director; or (iii) a partner is a firm in which the director is a partner or in which there is a partner who, by virtue of paragraph (a), (b) or (c), is connected with the director; and (f) a reference to a person connected with a director of a company does not include a person who is himself or herself a director of the company.[36/2014] (2) For the purposes of this section —(a) a member of a director’s family includes the director’s spouse, son, adopted son, stepson, daughter, adopted daughter and stepdaughter; (b) a director is connected with a body corporate if, and only if, the director and the persons connected with the director together —(i) are interested in at least 20% of the share capital of that body corporate; or (ii) are entitled to exercise or control, directly or indirectly, the exercise of more than 20% of the voting power at any general meeting of that body corporate; (c) a reference in paragraph (b)(ii) to voting power the exercise of which is controlled by a director includes voting power whose exercise is controlled by a body corporate controlled by the director; (d) to avoid circularity in the application of subsection (1) —(i) a body corporate with which a director is connected is not treated for the purposes of this subsection as connected with the director unless it is also connected with the director by virtue of subsection (1)(c) or (d); and (ii) a trustee of a trust the beneficiaries of which include (or may include) a body corporate with which a director is connected is not treated for the purposes of this subsection as connected with a director by reason only of that fact; and (e) “body corporate” includes a body incorporated outside Singapore, but does not include —(i) a corporation sole; or (ii) a partnership that, whether or not a legal person, is not regarded as a body corporate under the law by which it is governed.[36/2014]