Singapore legislation
Clause 47
Clause 47
Winding up of registered business trust
(1)
Subject to section 48(1), the trustee-manager of a registered business trust shall ensure that the registered business trust is wound up in accordance with the trust deed of the registered business trust or an order referred to in section 48(2) in all cases of winding-up, including but not limited to the following situations:
the trust deed provides that the registered business trust is to be wound up at a specified time, in specified circumstances or on the happening of a specified event and —
the specified time, circumstance or event has arisen; and
the winding up of the registered business trust has been approved by a majority of the number of votes of unitholders of the registered business trust who, being entitled to do so, vote in person or, where proxies are allowed, by proxy present at a general meeting convened in accordance with the requirements under Division 1 of Part IX;
the unitholders of the registered business trust pass a special resolution directing the trustee-manager to wind up the registered business trust; or
the court makes an order directing the trustee-manager to wind up the registered business trust.
(2)
Where a registered business trust is to be wound up, the trustee-manager of the registered business trust shall —
give notice in writing of the proposed winding up to the Authority within 7 days after the passing of the resolution referred to in subsection (1)(a) or (b); and
within 10 days after the passing of the resolution referred to in subsection (1)(a) or (b), give notice of the resolution in one or more newspapers circulating in Singapore.
(3)
Upon the completion of the winding up of a registered business trust in accordance with subsection (1), whether proposed by the trustee-manager of the registered business trust or otherwise, the trustee-manager shall give notice in writing of the completed winding up to the Authority within 2 business days of the completion.
(4)
Any trustee-manager of a registered business trust which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.
(5)
Any trustee-manager of a registered business trust which contravenes subsection (2) or (3) 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 not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.