Singapore legislation
Clause 55
Clause 55
Calling of meetings
(1)
Two or more unitholders of a registered business trust may call a meeting of unitholders of the registered business trust if they ––
hold in the aggregate not less than 10% of the total voting rights of all the unitholders having at the date of calling of the meeting a right to vote at general meetings of the unitholders of the registered business trust; or
constitute not less than 5% in number of the unitholders of the registered business trust or such lesser number as is provided by the trust deed of the registered business trust.
(2)
The trustee-manager of a registered business trust shall call a meeting of the unitholders of the registered business trust or of a class of unitholders of the registered business trust, other than a meeting for the passing of a special resolution, by notice in writing of not less than 14 days or such longer period as is provided in the trust deed of the registered business trust.
(3)
A meeting shall, notwithstanding that it is called by notice shorter than is required by subsection (2), be deemed to be duly called if it is so agreed —
in the case of a meeting called as the annual general meeting, by all the unitholders entitled to attend and vote thereat; or
in the case of any other meeting, by a majority in number of the unitholders having a right to attend and vote thereat, being a majority which together holds not less than 95% of the total voting rights of all the unitholders at that meeting.
(4)
The trustee-manager of a registered business trust shall serve notice of every meeting on every unitholder of the registered business trust having a right to attend and vote thereat in the manner in which such notice is required to be served under the trust deed of the registered business trust.
(5)
Any trustee-manager of a registered business trust which contravenes subsection (2) or (4) 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.