3. Application for registration

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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• business trust

  business trust

  Defined · s 2

  “business trust” means —(a)a trust that is established in respect of any property and that has the following characteristics:(i)the purpose or effect, or purported purpose or effect, of the trust is to enable the unitholders (whether by acquiring any right, interest, title or benefit in the property or any part of the property or otherwise) to participate in or receive profits, income or other payments or returns arising from the management of the property or management or operation of a business;(ii)the unitholders of the trust do not have day‑to‑day control over the management of the property, whether or not they have the right to be consulted or to give directions in respect of such management;(iii)the property subject to the trust is managed as a whole by a trustee or by another person on behalf of the trustee;(iv)the contributions of the unitholders and the profits or income from which payments are to be made to them are pooled; and(v)either —(A)the units in the trust that are issued are exclusively or primarily non-redeemable; or(B)the trust invests only in real estate and real estate-related assets specified by the Authority in the Code on Collective Investment Schemes mentioned in section 284 of the Securities and Futures Act 2001 and is listed on an approved exchange; or(b)a class or description of trust that is declared by the Authority, by notice published in the Gazette, to be a business trust for the purposes of this Act,but does not include the types of trusts specified in the Schedule;

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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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