Singapore legislation

Section 67

of Civil Aviation Authority of Singapore Act 2009

Section 67

Certain interests and stakes to disregard

(1)

Despite anything in sections 63 to 66, the following interests in shares and equity interests are to be disregarded:

(a)

an interest in a share held by a person whose ordinary business includes the lending of money if the person holds the interest as a loan security;

(b)

an interest in a share held by a person, being an interest held by the person because the person holds a prescribed office;

(c)

an interest of a prescribed kind in a share, being an interest held by such persons as are prescribed;

(d)

an interest in a share held by the Government or the Minister for Finance in his or her corporate capacity;

(e)

an equity interest of a prescribed kind in a company, being an equity interest held by a prescribed person.

(2)

For the purposes of this Part, if —

(a)

a person holds an interest in a share as a loan security;

(b)

the ordinary business of the person includes the lending of money;

(c)

the loan security is enforced;

(d)

as a result of the enforcement of the loan security, the person becomes the holder of the share; and

(e)

the person holds the share for a continuous period (called the holding period) beginning at the time when the security was enforced,the person’s interest in the share is to be disregarded at all times during so much of the holding period as occurs during whichever of the following periods is applicable:

(f)

the period of 90 days beginning when the security was enforced;

(g)

if the Authority, by written notice given to the person, allows a longer period, the end of that longer period.

Section 67 — Civil Aviation Authority of Singapore Act 2009