Singapore legislation

Clause 40

Amendment of section 82

Section 82 of the principal Act is amended —

(a)

by deleting the words “a person or persons” in subsections (1) and (2) and substituting in each case the words “an accounting entity or accounting entities”;

(b)

by inserting, immediately after the words “Subject to subsections (7) and (8)” in subsection (3), the words “and section 82F”;

(c)

by deleting the words “a public accountant” in subsection (3) and substituting the words “an accounting entity”;

(d)

by deleting the words “any vacancy” in subsection (3) and substituting the words “any casual vacancy”;

(e)

by inserting, immediately after the words “to the trustee‑manager” in subsection (5)(b), the words “(not exceeding a reasonable length)”;

(f)

by deleting the words “another person” in subsection (7)(a) and (b) and substituting in each case the words “another accounting entity”;

(g)

by deleting the words “Any trustee‑manager” in subsection (8) and substituting the words “A trustee‑manager”;

(h)

by deleting the words “the Authority must” in subsection (8) and substituting the words “the Authority may”;

(i)

by deleting the word “person” in subsection (11)(a) and substituting the words “accounting entity”;

(j)

by deleting subsections (12) and (13);

(k)

by inserting, immediately after the words “appointed by the trustee‑manager of the registered business trust or by the Authority” in subsection (14)(b), the words “under this section or section 82F”; and

(l)

by deleting subsection (15) and substituting the following subsection:“(15) Any person who contravenes subsection (1), (5), (6), (8) or (11) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.”.

Read in full context — Business Trusts (Amendment) Bill →