Singapore legislation
Clause 74
Clause 74
Special administration order provisions
(1)
Without prejudice to the generality of section 73, where financial assistance has been provided by the Government to an airport licensee for an airport for the purpose of maintaining the reliability of the supply of airport services and facilities relating to the airport, a special administration order may do one or more of the following:
in relation to all or any securities of a specified description that have been issued by the airport licensee, make provision for or in connection with or in consequence of the transfer of shares or securities in the airport licensee to any of the prescribed transferees, including the extinguishment of rights of any specified description to subscribe for, or otherwise acquire, securities of the airport licensee concerned or any of its subsidiaries;
make provision for or in connection with or in consequence of the transfer of property, rights or liabilities of the airport licensee to any of the prescribed transferees.
(2)
A special administration order as is described in subsection (1)(a) or (b) may contain any of the particular kinds of provisions as may be prescribed by the Minister by rules published in the Gazette.
(3)
If such a special administration order as is described in subsection (1)(a) or (b) is made, the Minister shall, within a period of 3 months after the making of the special administration order, by notification published in the Gazette, establish a scheme for determining the amount of any compensation payable by the relevant prescribed transferee —
to persons who held the shares or securities immediately before they were so transferred;
to persons whose rights of any specified description to subscribe for, or otherwise acquire, securities are extinguished; or
to the airport licensee whose property, rights or liabilities have been transferred,as the case may be.
(4)
Any scheme established under subsection (3) may make provision —
for the manner in which any compensation or consideration is to be assessed, including as to methods of calculation, valuation dates and matters to be taken into, or left out of, account in making valuations; and
for the assessment to be made by an independent valuer appointed by the Minister and as to the remuneration and expenses of such an independent valuer.
(5)
In this section, “prescribed transferee” means —
the Authority;
a company that is wholly-owned by the Government; or
a nominee of the Authority.