Singapore legislation

Clause 35

of Civil Aviation Authority of Singapore Bill

Clause 35

Sale of successor company

(1)

As soon as practicable after the transfer date, the successor company may be sold in accordance with this section.

(2)

The Minister for Finance is authorised —

(a)

to negotiate, enter into and carry out on behalf of the Government any agreement for the sale of the successor company to a person (referred to in this section as the approved person);

(b)

to transfer his shares to an approved person in accordance with the terms of such agreement; and

(c)

to enter into and carry out agreements for the transfer of his shares to an approved person.

(3)

Any such negotiations conducted before the date of commencement of this section are validated to the extent of any invalidity.

(4)

Any amounts received for the sale of the successor company shall be paid into the Consolidated Fund, except that there may be deducted from those amounts, before payment into the Consolidated Fund, such amount as the Minister for Finance approves to meet the expenses reasonably incurred in connection with the sale of the successor company.

(5)

Part V shall not apply to the sale of the successor company under this section.

Read in full context — Civil Aviation Authority of Singapore Bill →