Singapore legislation

Section 24

of Business Trusts Act 2004

Section 24

Rights, obligations and liabilities of resigning trustee‑manager

(1)

Any —

(a)

legal right in, title to and interest under any trust property of a registered business trust owned, leased, held or used by a resigning trustee‑manager for or on behalf of the registered business trust; and

(b)

obligations and liabilities of the resigning trustee‑manager undertaken for or on behalf of the registered business trust,must be transferred to and vested in, and assumed by, the replacement trustee‑manager or the temporary trustee‑manager of the registered business trust to be held for or on behalf of the registered business trust from the effective date of appointment of the replacement trustee‑manager or temporary trustee‑manager, as the case may be.

(2)

Despite subsection (1), the following rights, obligations and liabilities remain the rights, obligations and liabilities of the resigning trustee‑manager of a registered business trust:

(a)

any right of the resigning trustee‑manager to be paid fees for the performance of its functions before it ceased to be the trustee‑manager of the registered business trust;

(b)

any right of the resigning trustee‑manager to be indemnified for expenses it had incurred before it ceased to be the trustee‑manager of the registered business trust;

(c)

any right, obligation or liability that the resigning trustee‑manager had or continues to have as a unitholder of the registered business trust; and

(d)

any liability in respect of which the resigning trustee‑manager would have had no claim of indemnification out of the trust property of the registered business trust if it had remained the trustee‑manager of the registered business trust.

Read in full context — Business Trusts Act 2004 →