Singapore legislation

Clause 8

Repeal and re-enactment of section 20

Section 20 of the principal Act is repealed and the following section substituted therefor:“Removal of trustee-manager by unitholders20.—

(1)

Despite any provision in the trust deed of a registered business trust, the trustee‑manager of a registered business trust may be removed as the trustee‑manager by the unitholders of the registered business trust only if both of the following conditions are satisfied:

(a)

a resolution to remove the trustee‑manager is approved by the unitholders holding in the aggregate a majority of the voting rights of all the unitholders of the registered business trust who, being entitled to do so, vote in person or where proxies are allowed, by proxy present at a meeting of the unitholders of the registered business trust;

(b)

the removal is in accordance with such procedures as the Authority may prescribe.(2) Any provision in the trust deed of a registered business trust is void insofar as it would have the effect —

(a)

of allowing the removal of a trustee‑manager of a registered business trust as the trustee‑manager by the unitholders of the registered business trust if a resolution to remove the trustee‑manager is approved by the unitholders holding in the aggregate less than a majority of the voting rights of all the unitholders of the registered business trust who, being entitled to do so, vote in person or where proxies are allowed, by proxy present at a meeting of the unitholders of the registered business trust;

(b)

of not allowing the removal of a trustee‑manager of a registered business trust as the trustee‑manager by the unitholders of the registered business trust even if a resolution to remove the trustee-manager is approved by the unitholders holding in the aggregate a majority of the voting rights of all the unitholders of the registered business trust who, being entitled to do so, vote in person or where proxies are allowed, by proxy present at a meeting of the unitholders of the registered business trust; or

(c)

of allowing the removal of a trustee‑manager of a registered business trust as the trustee‑manager by the unitholders of the registered business trust in accordance with any procedure other than as prescribed by the Authority for the purposes of subsection (1)(b).”.

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