Singapore legislation
Clause 61
Clause 61
Effect of remedial directions
(1)
Any direction issued to a person under section 60 shall take effect notwithstanding the provisions of any other written law or anything contained in the memorandum or articles of association, trust deed or other constitution of the airport licensee.
(2)
Where any direction is issued under section 60(2)(a) or (b), notwithstanding the provisions of any other written law or anything contained in the memorandum or articles of association, trust deed or other constitution, of the airport licensee or the business trust, as the case may be —
no voting rights shall be exercisable in respect of the specified equity interest unless the Authority expressly permits such rights to be exercised;
no equity interest of the airport licensee, the entity or the business trust shall be issued or offered (whether by way of rights, bonus or otherwise) in respect of the specified equity interest unless the Authority expressly permits such issue or offer; and
except in a winding up of the airport licensee, the entity or the business trust, no payment shall be made by the airport licensee, the entity or the trustee-manager of the business trust of any amount (whether by way of dividends or otherwise) in respect of the specified equity interest unless the Authority expressly authorises such payment,until the transfer or disposal is effected in accordance with the direction or until the direction is revoked, as the case may be.