Singapore legislation
Section 58
Section 58
Acquisition of airport licensee as going concern
(1)
A person, whether or not the person has obtained any approval of the Authority under section 57(1) or is exempted from section 57(1), must not acquire as a going concern —
the business of an airport licensee (or any part thereof) conducted pursuant to its licence for an airport; or
the business (or any part thereof) of a designated business trust relating to an airport or any part thereof in respect of which, wholly or in part, the business trust is established,unless the person and the airport licensee, or the trustee-manager of the business trust (as the case may be) has obtained the prior written approval of the Authority.
(2)
The Authority may approve an application under subsection (1) if the Authority is satisfied that —
the person acquiring the business is a fit and proper person;
the acquisition will not affect the security and reliability of the supply of airport services and facilities at the airport concerned to the public; and
it is in the public interest to do so.
(3)
The approval of the Authority under this section may be granted subject to such conditions as the Authority considers appropriate.
(4)
Any condition imposed by the Authority under this section has effect despite the provisions of any other written law or anything contained in the memorandum or articles of association, trust deed or other constitution of the airport licensee or the business trust.
(5)
An application for the Authority’s approval under subsection (1) must —
be made jointly by the person and by the airport licensee or the trustee-manager of the airport licensee that is a business trust, as the case may be; and
be made in such form and manner as the Authority may specify.
(6)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction —
in the case of an individual — to a fine not exceeding $500,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $50,000 for every day or part of a day during which the offence continues after conviction; or
in any other case — to a fine not exceeding $1 million and, in the case of a continuing offence, to a further fine not exceeding $100,000 for every day or part of a day during which the offence continues after conviction.