Singapore legislation
Clause 87
Clause 87
Meaning and effect of special administration order
(1)
A special administration order is an order of the Minister made in accordance with section 88 in relation to a company which is a relevant public licensee and directing that, during the period for which the order is in force, the affairs, business and property of the company shall be managed by the Authority —
for the achievement of all or any of the purposes of such an order; and
in a manner which protects the respective interests of the members, creditors and customers of the company.
(2)
The purposes of a special administration order made in relation to any company shall be —
the security and reliability of the supply of port services and facilities relating to container terminal services and facilities to the public;
the survival of the company, or the whole or part of its undertaking as a going concern;
the transfer to another company, or (as respects different parts of the area to which the company’s public licence relates, or different parts of its undertaking) to 2 or more different companies, as a going concern, of so much of the company’s undertaking as it is necessary to transfer in order to ensure that the functions which have been vested in the company by virtue of its public licence may be properly carried out; and
the carrying out of those functions pending the making of the transfer and the vesting of those functions in the other company or companies (whether by virtue of the transfer or of an authorisation or variation which replaces the former company as public licensee).
(3)
The Minister may make regulations for giving effect to this Part, including making provision for applying, omitting or modifying provisions of Part VIIIA of the Companies Act [Cap. 50] where a special administration order is made.
(4)
For the purposes of this part, “relevant public licensee” means any public licensee authorised to provide any port service or facility relating to container terminal service or facility.