Singapore legislation

Clause 42

of Energy Transition Measures and Other Amendments Bill

Clause 42

Amendment of section 63E

In the Gas Act, in section 63E —

(a)

in subsections (1) and (4), after “subsection (2)”, insert “, (2A)”;

(b)

in subsection (1)(a), (d) and (e), after “section 63B(3)”, insert “, (3A)”;

(c)

in subsection (1)(b)(i), after “the person”, insert “or any associate of the person”;

(d)

in subsection (1)(b)(ii), replace “person’s likely influence” with “likely influence of the person or any associate of the person”;

(e)

in subsections (1)(b)(iii) and (2), replace “a 30% controller” wherever it appears with “a 25% controller, a 30% controller, a 50% controller, a 75% controller”;

(f)

in subsection (1), after paragraph (b), insert —“(ba)in the case of a person who has obtained the Authority’s approval under section 63B(3A) or who has been exempted from section 63B(3A) under section 63D, and ceases to be a 50% controller or a 75% controller of the designated gas licensee, designated entity or trustee‑manager of the designated business trust, as the case may be —

(i)

the designated gas licensee or designated entity (as the case may be) is not conducting, or is no longer likely to conduct, its business prudently or to comply with the provisions of this Act because of the cessation; or

(ii)

the trustee‑manager of the designated business trust is not conducting, or is no longer likely to conduct, the business of the business trust prudently or to comply with the provisions of this Act because of the cessation;”; and

(g)

after subsection (2), insert —“(2A) Where the person has ceased to be a 50% controller or a 75% controller of a designated gas licensee, designated entity or designated business trust (as the case may be), the Authority may, by written notice —

(a)

direct the person to take any steps that are necessary, within the period specified by the Minister, to resume being a 50% controller or a 75% controller, as the case may be;

(b)

direct any transferee to whom the person had transferred its equity interests so as to cease to be a 50% controller or a 75% controller (called in this section and section 63F the relevant equity interests) to take any steps that are necessary, within the period specified by the Minister, to transfer all or any of those equity interests back to the person;

(c)

restrict the transfer or disposal of the relevant equity interests; or

(d)

make any other direction that the Minister considers appropriate.”.

Read in full context — Energy Transition Measures and Other Amendments Bill →