Singapore legislation
Section 79
Section 79
Provision of summary financial statement to unitholders
(1)
Despite section 78 and anything in the trust deed of a registered business trust the units of which are listed on the approved exchange, the trustee‑manager of the registered business trust may, in such cases as may be prescribed by the Authority and provided all the conditions imposed thereunder by the Authority are complied with, send a summary financial statement of the registered business trust complying with the requirements of subsections (4) and (5) instead of copies of the documents referred to in section 78(1) to the unitholders of the listed registered business trust.
(2)
Where the trustee‑manager of a listed registered business trust sends to the unitholders of the listed registered business trust a summary financial statement under subsection (1), any of the unitholders entitled to be provided with a copy of the documents referred to in section 78(2) by the trustee‑manager may instead request for a summary financial statement from the trustee‑manager, and the trustee‑manager must send the summary financial statement to the requesting unitholder.
(3)
The trustee‑manager of a listed registered business trust need not send a summary financial statement to any unitholder of the listed registered business trust who does not wish to receive the statement.
(4)
The trustee‑manager of a listed registered business trust must send the documents referred to in section 78(1) to any unitholder of the listed registered business trust who wishes to receive such documents.
(5)
The summary financial statement mentioned in subsection (1) —
must be derived from the annual accounts of the listed registered business trust and the report of the directors of the trustee‑manager of the listed registered business trust; and
must be in such form and contain such information as may be specified by regulations.
(6)
Every summary financial statement mentioned in subsection (1) must —
state that it is only a summary of information in the annual accounts of the listed registered business trust and report of the directors of the trustee‑manager of the listed registered business trust; and
contain a statement by the auditors of the listed registered business trust of their opinion as to whether the summary financial statement is consistent with the accounts and the report and complies with the requirements of this section and any regulations made under subsection (8).
(7)
Any trustee‑manager of a listed registered business trust which contravenes this section or any regulations made under subsection (8) 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.
(8)
The Authority may make regulations to give effect to this section, including making provision as to the manner in which it is to be ascertained whether a unitholder of a listed registered business trust wishes to receive copies of the documents referred to in section 78(1) or does not wish to receive the summary financial statement under this section.
(9)
In this section, “listed registered business trust” means a registered business trust that has been admitted to the official list of an approved exchange in Singapore and has not been removed from that list.