Disrupting Church for the Mission of Church

Evolve or go Kodak

Generations grew up referring to “Kodak moments” as photo moments to capture on film. Today, many young people do not know Kodak. In 2012, it filed for bankruptcy. Kodak was disrupted. Kodak lost its purpose. It did not see the changes happening all around which fundamentally changed what it meant to capture moments—people were shifting from film to digital photography.

I fear many churches in Singapore will go down the same path as Kodak. I wonder whether church leaders are fully cognizant of the fundamental changes in the horizon. When these changes come around, they will hit hard. And who will suffer but the remnant, including the young future leaders of the Church?

Evolution is necessary. Not that we fear the death of the Church, for that wouldn’t happen because God will not permit it. But we should fear becoming a Church that has forgotten her first love and her first works, and become lukewarm and be spit out of Jesus’s mouth.

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Legislative Update: MinLaw will amend the Copyright Act

MinLaw will be amending the Copyright Act

1. New right of attribution to creator. Regardless whether creator has lost the copyright.

2. Creators own copyright in commissioned works by default.

3. Criminalisation of people who manufacture, import, distribute, or sell products that are designed or made primarily for access to pirated content.

4. Copyright exception to non-profit schools and students for using online content.

5. Copyright exception for automated text and data mining for analysis. Good for big data analytics.

6. New class licensing scheme for collective management organisations.

Legislative Update: MAS Payment Services Bill introduced in Parliament

Significance: new Payment Services Act by the Monetary Authority of Singapore (MAS) was introduced in Parliament on 19 November 2018 and passed on 14 January 2019. This new law will replace the Payment Systems (Oversight) Act (Cap. 222A) (“PS(O)A”) and the Money-Changing and Remittance Businesses Act (Cap. 187) (“MCRBA”).

The proposed new law will apply to:-

a) account issuance service;
b) domestic money transfer service;
c) cross border money transfer service;
d) merchant acquisition services;
e) e-money issuance service;
f) digital payment token service (cryptocurrencies or virtual currencies);
g) money-changing service.

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Case Update: Winsta Holding Pte Ltd and another v Sim Poh Ping and others [2018] SGHC 239 – Singapore High Court rules on but for causation for equitable compensation

Significance: Singapore High Court (Coram: Chua Lee Ming J) held that AIB Group (UK) plc v Mark Redler & Co Solicitors [2014] 3 WLR 1367 (“AIB”) should be followed in that but-for causation should be established by the claimant to obtain equitable compensation where there has been a breach of trust.

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Case Update: Trade Mark Application by Megaport (Services) Pty Ltd and opposition by Singapore Telecommunications Limited [2018] SGIPOS 17

Trade Mark Application by Megaport (Services) Pty Ltd and opposition thereto by Singapore Telecommunications Limited (“Megaport”) [2018] SGIPOS 17

Significance

Singtel lost in its objection application against Megaport with regard to its MEG@POP / Meg@Pop trade marks.

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Case Update: Lee Tat Development Pte Ltd v Management Corporation Strata Title Plan No 301 [2018] SGCA 50 – Court of Appeal holds no tort of abuse of process in Singapore and no tort of malicious prosecution in civil cases

Lee Tat Development Pte Ltd v Management Corporation Strata Title Plan No 301 [2018] SGCA 50

Significance

The Court of Appeal held that there is no tort of abuse of process in Singapore, and also that a party is not entitled to claim for damages for the tort of malicious prosecution in civil cases.

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MAS Circular Controls And Disclosures To Be Implemented By Licensed Securities-Based Crowdfunding Operators

The Monetary Authority of Singapore (MAS) recently issued a circular No. CMI 27/2018 on “Controls And Disclosures To Be Implemented By Licensed Securities-Based Crowdfunding Operators”.

This Circular sets out requirements on licensed Securities-Based Crowdfunding (SCF) operators in 5 areas:

  1. Due diligence checks on issuers.
  2. Management of issuer defaults.
  3. Management of SCF platform cessation.
  4. Disclosure of interest and default rates.
  5. Governance and management of auto-allocation tools.

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Article: Share Capitalisation Table for Financing and Equity Rounds

What is a Capitalisation Table?

The capitalisation table (cap table) is a single, internally-consistent document explaining how ownership over the company is divided.

When a company is initially set up, 100% of the ownership over the company will typically be allocated to the founders and angel investors, with a specific number of shares allocated to each individual. The cap table records how these shares are allocated.

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