Singapore legislation
Section 137U
Section 137U
Duty of substantial unitholder to notify trustee and responsible person of interests
(1)
Sections 135 to 137B apply, with such modifications and qualifications as may be necessary, to a person who is a substantial unitholder of a real estate investment trust as though —
references to the corporation to which notification should be given were references to —
the trustee of the real estate investment trust; and
the responsible person for the real estate investment trust;
references to shares or voting shares in the corporation were references to units or voting units in the real estate investment trust; and
references to a substantial shareholder in the corporation were references to a substantial unitholder of the real estate investment trust,and such person must comply with those provisions accordingly.
(2)
Any person to whom subsection (1) applies who —
intentionally or recklessly contravenes section 135, 136(1) or (2), 137, 137A or 137B as applied by subsection (1); or
in purported compliance with section 135, 136, 137 or 137B as applied by subsection (1), provides any information which the person knows is false or misleading in a material particular or is reckless as to whether it is,shall be guilty of an offence and shall —
in the case of an individual, be liable on conviction to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction; or
in the case of a corporation, be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.
(3)
Any person to whom subsection (1) applies who —
contravenes section 135, 136(1) or (2), 137, 137A or 137B as applied by subsection (1); or
in purported compliance with section 135, 136, 137 or 137B as applied by subsection (1), provides any information which is false or misleading in a material particular,in circumstances other than as set out in subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
(4)
No proceedings shall be instituted against a person for an offence under this section after ––
a court has made an order against the person for the payment of a civil penalty under section 137ZD in respect of the same contravention; or
the person has entered into an agreement with the Authority to pay, with or without admission of liability, a civil penalty under section 137ZD(4), in respect of the same contravention.