Singapore legislation

Section 86H

of Maritime and Port Authority of Singapore Act 1996

Section 86H

Effect of remedial directions, etc.

Amended by40/201740/201740/2017

(1)

Any direction issued to a person, and any condition imposed, under section 86G(2) or (3) take effect, despite —

(a)

the Business Trusts Act 2004, the Companies Act 1967 and the Limited Liability Partnerships Act 2005;

(b)

anything in any listing rules as defined in section 2(1) of the Securities and Futures Act 2001; and

(c)

the provisions of the memorandum or articles of association, trust deed or other constitution of the designated public licensee, designated business trust or designated equity interest holder in question.

Amended by40/2017

(2)

Without affecting subsection (1), where any direction is issued under section 86G(2) or (3), then, until the direction is carried out or is suspended or revoked —

(a)

the voting rights in respect of the specified equity interest or specified acquired equity interest that is subject to the direction, are not exercisable unless the Authority expressly permits those rights to be exercised;

(b)

the voting power that the person to whom the direction is issued controls, whether alone or together with that person’s associates, in the designated public licensee, designated business trust or designated equity interest holder (as the case may be) is not exercisable unless the Authority expressly permits that power to be exercised;

(c)

no equity interest in the designated public licensee, designated business trust or designated equity interest holder is to be issued or offered (whether by way of dividends or otherwise) in respect of the specified equity interest or specified acquired equity interest that is subject to the direction, unless the Authority expressly permits that issue or offer; and

(d)

no amount may be paid (whether by way of profits, income or otherwise) in respect of the specified equity interest or specified acquired equity interest that is subject to the direction, unless the Authority expressly authorises such payment.

Amended by40/2017

(3)

Subsection (2)(d) does not apply in the event of a winding up of the designated public licensee, designated business trust or designated equity interest holder, as the case may be.

Amended by40/2017
Section 86H — Maritime and Port Authority of Singapore Act 1996