In forceAmended2020 Revised Edition

Contents

Bus Services Industry Act 2015 · 2020 Revised Edition · Part 4A · Control of Designated Entities

28K. Duty of designated entity or trustee-manager to report changes of equity and control of certain persons

Amended

Last amended by an amending law of 2024.

(1)

If a designated entity or, in the case of a designated entity that is a business trust, its trustee-manager, becomes aware that —

(a)

a person has, on or after the effective designation date, become a 5% controller, 25% controller, 50% controller or 75% controller of the designated entity;

(b)

a 25% controller, 50% controller or 75% controller of the designated entity has, on or after the effective designation date, ceased to be a 25% controller, 50% controller or 75% controller (as the case may be) of the designated entity;

(c)

a person has, on or after the effective designation date, become an indirect controller of the designated entity; or

(d)

in a case where the designated entity is a designated operating entity — a person has, on or after the effective designation date, acquired as a going concern, the designated operating entity’s business of providing any essential transport service (or any part of such business),the designated entity or trustee-manager (as the case may be) must inform the LTA in writing within 7 days after becoming aware of that fact.

(2)

Any person who contravenes subsection (1) shall be guilty of an offence.

Terms defined in this Act

25% controller
Defined · s 28B
“25% controller”, in relation to a designated entity, means a person who, alone or together with that person’s associates —(a)holds 25% or more, but less than 50%, of the total equity interests in that designated entity; or(b)is in a position to control 25% or more, but less than 50%, of the voting power in that designated entity;
Open s 28B
5% controller
Defined · s 28B
“5% controller”, in relation to a designated entity, means a person who, alone or together with that person’s associates —(a)holds 5% or more, but less than 25%, of the total equity interests in that designated entity; or(b)is in a position to control 5% or more, but less than 25%, of the voting power in that designated entity;
Open s 28B
50% controller
Defined · s 28B
“50% controller”, in relation to a designated entity, means a person who, alone or together with that person’s associates —(a)holds 50% or more, but less than 75%, of the total equity interests in that designated entity; or(b)is in a position to control 50% or more, but less than 75%, of the voting power in that designated entity;
Open s 28B
75% controller
Defined · s 28B
“75% controller”, in relation to a designated entity, means a person who, alone or together with that person’s associates —(a)holds 75% or more of the total equity interests in that designated entity; or(b)is in a position to control 75% or more of the voting power in that designated entity;
Open s 28B
business trust
Defined · s 2
“business trust” and “trustee-manager” have the meanings given by section 2 of the Business Trusts Act 2004;
Open s 2
designated entity
Defined · s 2
“designated entity” means a designated equity interest holder or a designated operating entity;
Open s 2
designated operating entity
Defined · s 2
“designated operating entity” means an entity that has been designated as a designated operating entity under section 28E;
Open s 2
effective designation date
Defined · s 2
“effective designation date”, in relation to a designated entity, means the date specified under section 28E(3) as the date on which the designation of that entity as a designated operating entity or designated equity interest holder (as the case may be) takes effect;
Open s 2
essential transport service
Defined · s 2
“essential transport service” means —(a)the service of operating any bus depot or bus interchange;(b)any bus service specified or described in the Schedule; or(c)any service specified or described in the Schedule which is necessary —(i)for the continuity of; or(ii)for supporting,the provision of any bus service mentioned in paragraph (b) or the operation of any bus depot or bus interchange;
Open s 2
indirect controller
Defined · s 28B
“indirect controller”, in relation to a designated entity, means any person, whether acting alone or together with any other person, and whether with or without holding equity interests or controlling the voting power in the designated entity —(a)whose directions, instructions or wishes —(i)the directors or other officers of the designated entity; or(ii)the trustee-manager (in the case of a designated entity that is a business trust),is accustomed or under an obligation, whether formal or informal, to act in accordance with; or(b)who is in a position to determine the policy of the designated entity,but does not include —(c)any person who is —(i)a director or other officer of the designated entity; or(ii)the trustee‑manager (in the case of a designated entity that is a business trust); or(d)any person whose directions, instructions or wishes —(i)the directors or other officers of the designated entity; or(ii)the trustee-manager (in the case of a designated entity that is a business trust),is accustomed to act in accordance with by reason only that the acting is on advice given by the person in that person’s professional capacity;
Open s 28B
LTA
Defined · s 2
“LTA” means the Land Transport Authority of Singapore constituted under the Land Transport Authority of Singapore Act 1995;
Open s 2
trustee-manager
Defined · s 2
“business trust” and “trustee-manager” have the meanings given by section 2 of the Business Trusts Act 2004;
Open s 2

Report

Read on from s 28L

Part 5

Step-In Arrangements

Read on from Part 5

Part 5A

Special Administration Orders and Other Orders for Designated Operating Entities

Read on from Part 5A

Part 6

Enforcement and Monitoring Compliance

Read on from Part 6

Part 7

Appeals

Read on from Part 7

Part 7A

Conduct of Individuals on Buses and at Bus Depots and Bus Interchanges

Read on from Part 7A

Part 8

Miscellaneous

Read on from Part 8