Singapore legislation
Section 137X
Section 137X
Power of trustee to require disclosure of beneficial interest in voting units
(1)
The trustee of a real estate investment trust may by written notice require any unitholder of the trust within such reasonable time as is specified in the notice —
to inform it whether the unitholder holds any voting units in the trust as beneficial owner or as trustee; and
if the unitholder holds them as trustee, to indicate so far as the unitholder can the persons for whom the unitholder holds them (either by name or by other particulars sufficient to enable those persons to be identified) and the nature of their interest.
(2)
Where the trustee of a real estate investment trust is informed pursuant to a notice given to any person under subsection (1) or under this subsection that any other person has an interest in any of the voting units in the trust, the trustee may by written notice require that other person within such reasonable time as is specified in the notice —
to inform it whether that other person holds that interest as beneficial owner or as trustee; and
if that other person holds it as trustee, to indicate so far as that other person can the persons for whom that other person holds it (either by name or by other particulars sufficient to enable them to be identified) and the nature of their interest.
(3)
The trustee of a real estate investment trust may by written notice require any unitholder of the trust to inform it, within such reasonable time as is specified in the notice, whether any of the voting rights carried by any voting units in the trust held by the unitholder are the subject of an agreement or arrangement under which another person is entitled to control the unitholder’s exercise of those rights and, if so, to give particulars of the agreement or arrangement and the parties to it.
(4)
The notice referred to in subsection (1), (2) or (3) must contain such other information as the Authority may prescribe, and the delivery of such notice must comply with such requirements as the Authority may prescribe.
(5)
Any person to whom a notice is issued under subsection (1), (2) or (3) must comply with that notice.
(6)
Whenever the trustee of a real estate investment trust receives information from a person pursuant to a requirement imposed on the person under this section with respect to units held by a unitholder of the trust, it is under an obligation to inscribe against the name of that unitholder in a separate part of the register kept by it under section 137V —
the fact that the requirement was imposed and the date on which it was imposed; and
the information received pursuant to the requirement.
(7)
Section 137V applies in relation to the part of the register referred to in subsection (6) as it applies in relation to the remainder of the register and as if references to subsection (1) of that section included references to subsection (6).
(8)
Any person who —
intentionally or recklessly contravenes subsection (5); or
in purported compliance with subsection (5), 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.
(9)
Any person who —
contravenes subsection (5); or
in purported compliance with subsection (5), provides any information which is false or misleading in a material particular,in circumstances other than as set out in subsection (8) 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.
(10)
A person shall not be guilty of an offence under subsection (8)(a) or (9)(a) if the person proves that the information in question was already in the possession of the trustee of the real estate investment trust, or that the requirement to give it was for any other reason frivolous or vexatious.
(11)
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.