Singapore legislation
Clause 51
Clause 51
Voluntary deregistration by trustee-manager
(1)
The trustee-manager of a registered business trust may apply to the Authority for deregistration of the registered business trust with the Authority, if —
the deregistration of the registered business trust is approved by unitholders holding in the aggregate not less than three-fourths of the voting rights of all the unitholders of the registered business trust, who, being entitled to do so, vote in person or, where proxies are allowed, by proxy on a poll at a general meeting of which not less than 21 days’ written notice specifying the intention to propose the resolution to deregister the registered business trust has been duly given; and
the resolution has not been voted against by unitholders holding in the aggregate 10% or more of the voting rights of all the unitholders of the registered business trust who, being entitled to do so, vote in person or, where proxies are allowed, by proxy on a poll.
(2)
Where the Authority is satisfied that an application for deregistration of a registered business trust is in compliance with subsection (1) and the directors of the trustee-manager of the registered business trust have made a statutory declaration declaring that units in the business trust —
are no longer held by any person (other than a sophisticated investor within the meaning of section 282X(2) of the Securities and Futures Act (Cap. 289) or a person referred to in section 282W of that Act); or
are held by no more than 2 persons,the Authority may deregister the registered business trust and, upon such deregistration, the Authority shall give notice of the deregistration of the registered business trust in the Gazette.
(3)
The Authority shall notify the trustee-manager of a registered business trust of the deregistration of the registered business trust.