Singapore legislation
Clause 23
Clause 23
Resigning trustee-manager to hand over books and provide reasonable assistance
(1)
The resigning trustee-manager of a registered business trust shall, as soon as practicable after the appointment of the replacement trustee-manager or the temporary trustee-manager, as the case may be, of the registered business trust ––
give the replacement trustee-manager or temporary trustee-manager, as the case may be, any books which are in the possession or control of the resigning trustee-manager and which this Act or the trust deed of the registered business trust requires to be kept in relation to the registered business trust; and
give reasonable assistance to the replacement trustee-manager or temporary trustee-manager, as the case may be, to facilitate the change of trustee-manager of the registered business trust.
(2)
Any person who contravenes this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.