Singapore legislation

Section 44

of Business Trusts Act 2004

Section 44

Winding up under provision of trust deed

(1)

Subject to subsection (2), the trust deed of a registered business trust may provide that the registered business trust is to be wound up —

(a)

at a specified time;

(b)

in specified circumstances; or

(c)

on the happening of a specified event.

(2)

For the purposes of this section and section 47, any provision of the trust deed of a registered business trust that purports to provide that the registered business trust is to be wound up if the particular company which is acting as the trustee‑manager of that registered business trust ceases to be the trustee‑manager of that registered business trust, has no effect.

(3)

The trustee‑manager of a registered business trust may wind up the registered business trust —

(a)

if the trust deed of the registered business trust provides that the business trust may or is to be wound up at a specified time, in specified circumstances or on the happening of a specified event;

(b)

the specified time, circumstance or event has arisen; and

(c)

the winding up of the registered business trust has been approved by a majority of the number of votes of unitholders of the registered business trust who, being entitled to do so, vote in person or, where proxies are allowed, by proxy present at a general meeting convened in accordance with the requirements under Division 1 of Part 9.

Read in full context — Business Trusts Act 2004 →