Singapore legislation
Clause 53
Clause 53
Annual general meeting
(1)
The trustee-manager of a registered business trust shall call a general meeting of the unitholders of the registered business trust known as the “annual general meeting” once in every calendar year and not more than 15 months after the holding of the last preceding annual general meeting, but so long as the unitholders of the registered business trust hold their first annual general meeting within 18 months of the registration of the registered business trust, the trustee-manager need not call an annual general meeting in the year of the registration of the registered business trust or in the following year.
(2)
Notwithstanding subsection (1), the Authority, on the application of the trustee-manager of a registered business trust, may, if for any special reason it thinks fit to do so, extend the period of 15 months or 18 months referred to in that subsection, notwithstanding that such period is so extended beyond the calendar year.
(3)
Subject to notice being given to all the unitholders of a registered business trust entitled to receive notice of the meeting, a general meeting may be held at any time and the unitholders of a registered business trust may resolve that any meeting held or summoned to be held shall be the annual general meeting of the unitholders of such registered business trust.
(4)
If default is made in holding an annual general meeting of the unitholders of a registered business trust —
the trustee-manager of the registered business trust 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; and
the court may, on the application of any unitholder of the registered business trust, order a general meeting to be called.