21. Appointment of temporary trustee‑manager by court

Terms defined in s 2

• Authority

  Authority

  Defined · s 2

  “Authority” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act 1970;

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• company

  company

  Defined · s 2

  “company” has the meaning given by section 4(1) of the Companies Act 1967;

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• registered business trust

  registered business trust

  Defined · s 2

  “registered business trust” means a business trust that is registered by the Authority under section 4(1);

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• resigning trustee‑manager

  resigning trustee‑manager

  Defined · s 2

  “resigning trustee‑manager” means the trustee‑manager of a registered business trust that, in accordance with this Act, proposes to resign, is removed or has resigned from the position of trustee‑manager of the registered business trust;

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• temporary trustee‑manager

  temporary trustee‑manager

  Defined · s 2

  “temporary trustee‑manager” means a company that has been appointed as the temporary trustee‑manager of a registered business trust under section 21;

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• trust property

  trust property

  Defined · s 2

  “trust property”, in relation to a business trust, means all property and rights of any kind whatsoever which are held on trust for the unitholders of the business trust, in accordance with the terms of the trust deed, including —(a)contributions of money or any other assets to the business trust;(b)property that forms part of the assets of the business trust under the provisions of this Act;(c)property arising in relation to any contract, agreement or arrangement entered into by or on behalf of the trustee in its capacity as trustee of the business trust;(d)property arising in relation to any claims or rights held by or on behalf of the trustee in its capacity as trustee of the business trust;(e)proceeds from money borrowed or raised by the trustee of the business trust for the purposes of the business trust;(f)property acquired, directly or indirectly, with the contributions or money mentioned in paragraph (a), (b), (c), (d) or (e) or with the proceeds thereof; and(g)profits, income and property derived, directly or indirectly, from contributions, money or property mentioned in paragraph (a), (b), (c), (d) or (e);

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• trustee‑manager

  trustee‑manager

  Defined · s 2

  “trustee‑manager”, in relation to a registered business trust, includes a replacement trustee‑manager and temporary trustee‑manager;

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• unitholder

  unitholder

  Defined · s 2

  “unitholder” means a person who holds units in a business trust;

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