Singapore legislation

Clause 63

Saving and transitional provisions

(1)

Despite section 16, section 46 of the principal Act as in force immediately before the date of commencement of section 16 continues to apply to or in relation to any application under section 46(1) of the principal Act made before that date.

(2)

Despite section 17, section 52 of the principal Act as in force immediately before the date of commencement of section 17 continues to apply to or in relation to any notice that the Authority published in the Gazette and sent to the trustee‑manager of a registered business trust by registered post, under section 52(2) of the principal Act, before that date.

(3)

Despite sections 20, 28, 32, 33, 34, 36, 37, 38, 42, 45 and 46 —

(a)

section 53 of the unamended Act continues to apply to or in relation to a trustee‑manager of a registered business trust in respect of the holding of a relevant annual general meeting;

(b)

section 74 of the unamended Act continues to apply to or in relation to a trustee‑manager of a registered business trust in respect of the lodgment of a return mentioned in that section, for a relevant annual general meeting;

(c)

section 75 of the unamended Act continues to apply to or in relation to the trustee‑manager of a registered business trust in respect of —

(i)

the keeping of accounting records and other records mentioned in section 75(1) of the unamended Act, as will enable true and fair accounts for any relevant period, and documents required to be attached to those accounts, to be prepared from time to time; and

(ii)

the devising and maintaining of a system of internal accounting controls mentioned in section 75(3) of the unamended Act, to permit the preparation of true and fair accounts for any relevant period;

(d)

section 76 of the unamended Act continues to apply to or in relation to a trustee‑manager of a registered business trust in respect of the laying before the unitholders of the registered business trust at their annual general meeting, a profit and loss account, balance sheet and cash flow statement for any relevant period, with the accompanying directors’ report, statement mentioned in section 76(18) of the unamended Act, and auditor’s report;

(e)

section 77 of the unamended Act continues to apply to or in relation to any requirement of the unamended Act relating to the form and content of accounts or to the form and content of the directors’ report required by section 76(11) of the unamended Act, in respect of accounts or any directors’ report, for any relevant period;

(f)

section 78 of the unamended Act continues to apply to or in relation to a trustee‑manager of a registered business trust in respect of the sending of a profit and loss account, balance sheet and cash flow statement, for any relevant period (and the documents that must be attached thereto or accompanied therewith), and the providing of a profit and loss account and balance sheet for any relevant period (together with a copy of the auditor’s report thereon);

(g)

section 79 of the unamended Act continues to apply to or in relation to a trustee‑manager of a registered business trust in respect of the provision of a summary financial statement derived from any annual accounts and directors’ report, for any relevant period;

(h)

section 80 of the unamended Act applies to or in relation to —

(i)

any director of a trustee‑manager of a registered business trust who fails to take all reasonable steps to secure compliance by the trustee‑manager with section 75, 76, 77, 78 or 79 of the unamended Act, as applied by sub‑paragraph (c), (d), (e), (f) or (g) (each called in this paragraph a relevant provision);

(ii)

any director who has by his or her own wilful act been the cause of any contravention by the trustee‑manager of any relevant provision; and

(iii)

any proceedings against a person for failure to take all reasonable steps to comply with, or to secure compliance with, any relevant provision;

(i)

section 84 of the unamended Act continues to apply to or in relation to an auditor of a registered business trust in respect of a report mentioned in that section, on accounts for any relevant period required to be laid before the unitholders in general meeting, and on accounting and other records of the registered business trust relating to those accounts;

(j)

section 86 of the unamended Act continues to apply to or in relation to the trustee‑manager of a registered business trust in respect of a written statement mentioned in section 86(1)(a) of the unamended Act, where the written statement is annexed to a profit and loss account for any relevant period; and

(k)

section 87 of the unamended Act continues to apply to or in relation to a trustee‑manager of a registered business trust in respect of the attaching of a statement mentioned in section 87(1) of the unamended Act, to a profit and loss account for any relevant period,as if sections 20, 28, 32, 33, 34, 36, 37, 38, 42, 45 and 46 had not been enacted.

(4)

Despite section 25, section 65 of the principal Act as in force immediately before the date of commencement of section 25 continues to apply to or in relation to any special resolution or any resolution passed by any class of unitholders of the registered business trust whether agreed to by all the unitholders of that class or not, passed or made before that date, as if section 25 had not been enacted.

(5)

Despite section 40(j), section 82(13) of the principal Act as in force immediately before the date of commencement of section 40(j) continues to apply to or in relation to an auditor of a registered business trust that gives written notice before that date to the trustee‑manager of the registered business trust that the auditor desires to resign, as if section 40(j) had not been enacted.

(6)

Section 41 does not apply to or in relation to any auditor of a registered business trust that gives written notice before the date of commencement of section 41 to the trustee‑manager of the registered business trust that the auditor desires to resign.

(7)

For a period of 2 years after the date of commencement of any provision of this Act, the Minister may, by regulations, prescribe such additional provisions of a saving or transitional nature consequent on the enactment of that provision as the Minister may consider necessary or expedient.

(8)

In this section —

Definition

“auditor’s report” means the auditor’s report mentioned in section 84 of the unamended Act;

Definition

“balance sheet” means the balance sheet mentioned in section 76(5)(a) of the unamended Act;

Definition

“cash flow statement” means the cash flow statement mentioned in section 76(5)(b) of the unamended Act;

Definition

“directors’ report” means the report mentioned in section 76(10) of the unamended Act;

Definition

“profit and loss account” means the profit and loss account of a registered business trust required to be laid before the unitholders of the registered business trust at their annual general meeting under section 76(1) of the unamended Act;

Definition

“relevant annual general meeting” means an annual general meeting of the unitholders of a registered business trust, at which the profit and loss account for any relevant period is, under the unamended Act, required to be laid before the unitholders of the registered business trust;

Definition

“relevant date” means the date of commencement of sections 20, 28, 32, 33, 34, 36, 37, 38, 42, 45 and 46;

Definition

“relevant period” means any period in respect of which any profit and loss account of a registered business trust is made up, which ends before the relevant date;

Definition

“summary financial statement” means a summary financial statement mentioned in section 79 of the unamended Act;

Definition

“unamended Act” means the principal Act as in force immediately before the relevant date.

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