Singapore legislation

Section 23

of Business Trusts Act 2004

Section 23

Resigning trustee‑manager to hand over books and provide reasonable assistance

(1)

The resigning trustee‑manager of a registered business trust must, as soon as practicable after the appointment of the replacement trustee‑manager or the temporary trustee‑manager (as the case may be) of the registered business trust —

(a)

give the replacement trustee‑manager or temporary trustee‑manager (as the case may be) any books which are in the possession or control of the resigning trustee‑manager and which this Act or the trust deed of the registered business trust requires to be kept in relation to the registered business trust; and

(b)

give reasonable assistance to the replacement trustee‑manager or temporary trustee‑manager (as the case may be) to facilitate the change of trustee‑manager of the registered business trust.

(2)

Any person who contravenes this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.

Read in full context — Business Trusts Act 2004 →