Singapore legislation
Clause 6
Clause 6
Trustee-manager to be company and not to carry on any other business
(1)
No person other than a company (not being an exempt private company) shall act as the trustee-manager of a registered business trust.
(2)
The business of a registered business trust shall be managed and operated only by the trustee-manager of the registered business trust.
(3)
The trustee-manager of a registered business trust shall not carry on any business other than the management and operation of the registered business trust as its trustee-manager.
(4)
Any person who contravenes subsection (1), (2) or (3) 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.