Singapore legislation

Clause 17

Liquidator of trustee-manager entitled to exercise indemnity rights

If the trustee-manager of a registered business trust is being wound up, is under judicial management or receivership or has executed a deed of company arrangement that has not terminated —

(a)

any provision of the trust deed of the registered business trust or of another instrument which purports to deny the trustee-manager a right to be indemnified out of the trust property of the registered business trust that the trustee-manager would have had if it were not being wound up, under judicial management or receivership or if it had not executed a deed of company arrangement, as the case may be, shall be void against the liquidator, judicial manager or receiver of the trustee-manager or the executor of the deed of company arrangement, as the case may be; and

(b)

any right of the trustee-manager to be indemnified out of the trust property of the registered business trust shall be exercised by the liquidator, judicial manager or receiver of the trustee-manager or the executor of the deed of company arrangement, as the case may be.

Read in full context — Business Trusts Bill →