Singapore legislation

Clause 37

Duty of substantial unitholders to notify securities exchange

(1)

In the case of a registered business trust all or any of which units are listed for quotation on the official list of a securities exchange, Division 4 of Part IV of the Companies Act (Cap. 50) (other than sections 86, 87, 88, 89 and 92) shall apply, with such modifications and qualifications as may be necessary, to a person who is a substantial unitholder of the registered business trust as though —

(a)

references to the company to which notification should be given were references to the securities exchange;

(b)

references to shares in the company were references to units in the registered business trust;

(c)

references to substantial shareholding were references to substantial unitholding; and

(d)

references to a substantial shareholder were references to a substantial unitholder,and such person shall comply with those provisions accordingly.

(2)

Any person who fails to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine of $2,500 for every day or part thereof during which the offence continues after conviction.

Read in full context — Business Trusts Bill →