Singapore legislation
Clause 24
Clause 24
Restrictions on voluntary winding up, etc.
(1)
Despite the provisions of any other written law, where a railway assets operator is a company —
the company must not be wound up voluntarily without the consent of the Minister;
no application for a judicial management order under the Companies Act (Cap. 50) may be made by any person in relation to the company, unless that person has served on the Minister 14 days’ notice in writing of the person’s intention to make the application;
no application under section 210 or 211I of the Companies Act may be made by any person in relation to the company, unless that person has served on the Minister 14 days’ notice in writing of the person’s intention to make that application; and
no step may be taken by any person to enforce any security over the company’s property, unless that person has served on the Minister 14 days’ notice in writing of the person’s intention to take that step.
(2)
The Minister must be a party to —
any proceeding under the Companies Act relating to the winding up of the affairs of a company which is a railway assets operator;
any proceeding relating to the making of a judicial management order under the Companies Act in relation to a company which is a railway assets operator; or
any proceeding relating to the making of an order under section 210 or 211I of the Companies Act in relation to a company which is a railway assets operator.
(3)
A court must, when deciding any proceeding mentioned in subsection (2), take into consideration any representation made by the Minister in that proceeding.