Singapore legislation
Section 44M
Section 44M
Transfer of property, etc., under special administration order
(1)
Without limiting sections 44K and 44L, a special administration order may provide for the following matters:
the transfer of —
the property, rights and liabilities of a designated entity;
the trust property of the designated business trust, and the rights held and the liabilities incurred by the trustee-manager of the designated business trust in its capacity as trustee-manager of the designated business trust; or
the trust property of the designated trust, and the rights held and the liabilities incurred by the trustee of the designated trust in the person’s capacity as trustee of the designated trust,as the case may be, to one or more prescribed transferees;
matters that are consequential or related to any such transfer.
(2)
If the Minister makes a special administration order providing for any matter mentioned in subsection (1), the Minister must, within the time specified in subsection (4), by notification in the Gazette, establish a scheme for determining the amount of any compensation payable by the prescribed transferee to the designated entity, the trustee-manager of the designated business trust or the trustee of the designated trust (as the case may be) for the transfer of the property, rights and liabilities.
(3)
A scheme established under subsection (2) may provide for —
the manner in which any compensation or consideration is to be assessed, including methods of calculation, valuation dates and matters to be taken into account or disregarded when making valuations;
the assessment to be made by an independent valuer appointed by the Minister; and
the remuneration and expenses of the independent valuer.
(4)
Subject to subsection (5), the time specified for the purposes of subsection (2) is within 6 months after the making of the special administration order mentioned in subsection (2).
(5)
The time specified in subsection (4) may be extended by agreement of the prescribed transferee and the designated entity, the trustee-manager of the designated business trust or the trustee of the designated trust (as the case may be) to which the scheme established under subsection (2) relates.
(6)
In this section, “prescribed transferee” means —
the Board; or
a person nominated by the Board.