Singapore legislation
Section 7
Section 7
Powers of Authority in relation to proposals for privatisation
(1)
Where the Minister proposes to transfer any property or function of the Authority to another body corporate (called in this section the transferee), the Authority has the power to do anything which, in the opinion of the Authority, is appropriate for the purpose of —
facilitating the implementation of the Minister’s proposal;
facilitating the implementation of, or securing a modification of, any related proposal of the Minister;
promoting, in relation to the Minister’s proposal or related proposal, the interest of the transferee; or
promoting, in relation to the Minister’s proposal or related proposal, the interest of a body corporate that may become, under the Minister’s proposal or related proposal, a member of the same group as the transferee.
(2)
To avoid doubt, subsection (1) does not limit any other power given to the Authority by any other provision in this Act or by any other Act.
(3)
For the purposes of subsection (1)(d), a body corporate is a member of the same group as the transferee if —
the body corporate is a holding company or subsidiary of the transferee; or
the body corporate is another subsidiary of the transferee’s holding company.
(4)
In this section —
Definition
“holding company” and “subsidiary” have the meanings given by section 5 of the Companies Act 1967;
Definition
“related proposal” means a proposal of the Minister that relates to the Minister’s proposal to transfer a property or function of the Authority to the transferee, and includes a proposal relating to or connected with —
any property, right or liability of the Authority that would be affected by the proposed transfer, or that is proposed to be transferred to the transferee;
the performance, whether before or after the transfer, of a function of the Authority that is proposed to be transferred to the transferee; or
the formation, flotation, control, finances, or officers or employees, of the transferee or of any other body corporate that may become, under the Minister’s proposal or related proposal, a member of the same group as the transferee.