Clause 22

by deleting the word “A” in subsections (1) and (2) and substituting in each case the words “Subject to this section, a”;

by deleting the words “or persons” in subsection (1);

by inserting, immediately after subsection (2), the following subsections:“(2A) A unitholder of a registered business trust who is a relevant intermediary may appoint more than 2 proxies in relation to a meeting to exercise all or any of the unitholder’s rights to attend and to speak and vote at the meeting, but each proxy must be appointed to exercise the rights attached to a different unit or units held by the unitholder (which number and class of units must be specified).(2B) A proxy appointed under subsection (2A) has at a meeting the right to vote on a show of hands.”;

by inserting, immediately after the words “to appoint” in subsection (3), the words “a proxy or”; and

by inserting, immediately after subsection (7), the following subsection:“(8) In this section —“banking corporation” means a bank or merchant bank licensed under the Banking Act 1970;“relevant intermediary” means —

a banking corporation or a wholly owned subsidiary of a banking corporation, whose business includes the provision of nominee services and who holds units in that capacity;

a person holding a capital markets services licence to provide custodial services under the Securities and Futures Act 2001 and who holds units in that capacity; or

the Central Provident Fund Board established by the Central Provident Fund Act 1953, in respect of units purchased under the subsidiary legislation made under that Act providing for the making of investments from the contributions and interest standing to the credit of members of the Central Provident Fund, if the Central Provident Fund Board holds those units in the capacity of an intermediary pursuant to or in accordance with that subsidiary legislation; “wholly owned subsidiary” has the meaning given by section 5B of the Companies Act 1967.”.