s 5C Further provisions on private sector service requirement
5C.—(1) The Minister may make regulations to —(a) specify how the Presidential Elections Committee is to calculate and determine shareholders’ equity for the purposes of Article 19(4)(a)(ii) and (b)(ii) and (5)(a)(ii), (b)(ii) and (c)(ii) of the Constitution; (b) specify how the Presidential Elections Committee is to calculate and determine profit after tax for the purposes of Article 19(4)(a)(iii) of the Constitution; (c) prescribe what constitutes an insolvency event for the purposes of Article 19(4)(a)(iv) of the Constitution; and (d) prescribe the information to be provided by an applicant in relation to paragraphs (a), (b) and (c).[6/2017] (2) In making regulations under subsection (1)(a) or (b), the Minister must have regard to, to the extent that they are applicable —(a) the accounting standards made or formulated under Part 3 of the Accounting Standards Act 2007 by the Accounting Standards Committee appointed under that Act; and[Act 36 of 2022 wef 01/04/2023] (b) the accounting standards generally accepted in Singapore before 1 November 2007.[6/2017] (3) In making regulations under subsection (1)(c), the Minister must have regard to the general law relating to the insolvency of companies.[6/2017]