Singapore legislation
Section 33
Section 33
Distributions to unitholders
(1)
The trustee‑manager of a registered business trust has the right to declare a distribution of profits, income or other payments or returns to the unitholders of the registered business trust out of the trust property of the registered business trust; but such distribution may only be made if the board of directors of the trustee‑manager makes a written statement, in accordance with a resolution of the board of directors of the trustee‑manager and signed by at least 2 of the directors, that the board of directors is satisfied on reasonable grounds that, immediately after making the distribution, the trustee‑manager will be able to fulfil, from the trust property of the registered business trust, the liabilities of the registered business trust as these liabilities fall due.
(2)
Upon the declaration by the trustee‑manager of a registered business trust to make a distribution of profits, income or other payments or returns from the trust property of the registered business trust to the unitholders of the registered business trust in accordance with subsection (1), the trustee‑manager must —
send to all the unitholders of the registered business trust —
a copy of the written statement of the board of directors mentioned in subsection (1);
a written statement disclosing the distribution policy and the measures and assumptions for deriving the amount available to be distributed from the trust property; and
a written statement containing any other information that the Authority may prescribe or specify;
give notice of the declaration of the distribution of profits, income or other payments or returns from the trust property of the registered business trust to the unitholders in one or more newspapers circulating in Singapore; and
make available a copy of each of the statements mentioned in paragraph (a) to the public without charge.
(3)
Any trustee‑manager of a registered business trust which contravenes subsection (1) or (2) shall be guilty of an offence.
(4)
If the board of directors of the trustee‑manager of a registered business trust makes a written statement mentioned in subsection (1) without any reasonable basis for arriving at the conclusions set out in the written statement, any director of the trustee‑manager who permits or authorises the written statement to be made shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both.