In forceAmended2020 Revised Edition

Contents

Civil Aviation Authority of Singapore Act 2009 · 2020 Revised Edition · Part 5 · Control of Ownership and Management, Etc., of Airport Licensees and Designated Entities

65. Notice to Authority by 5% controller of Class 2 designated operating entity or designated equity interest holder

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Amended

Last amended by an amending law of 2024.

(1)

This section applies only in relation to a designated entity that is a Class 2 designated operating entity or a designated equity interest holder.

(2)

If a person becomes a 5% controller of a designated entity on or after the effective designation date as a result of an increase in the holding of equity interest, or in the voting power controlled, by that person or any associate of that person, that person must within 7 days after becoming the 5% controller give written notice to the Authority of that fact.

(3)

Any person who contravenes subsection (2) shall be guilty of an offence.

(4)

In any proceedings for a contravention of subsection (2), it is a defence for the accused to prove that the accused —

(a)

was not aware of the contravention when it occurred; and

(b)

notified the Authority of the contravention within a period of 14 days after becoming aware of the contravention.

(5)

In any proceedings for a contravention of subsection (2), it is also a defence for the accused to prove that, though the accused was aware of the contravention —

(a)

the contravention occurred as a result of an increase in the holding of equity interest, or in the voting power controlled, by any of the associates of the accused, in the designated entity;

(b)

the accused has no agreement or arrangement (whether oral or in writing and whether express or implied) with that associate with respect to the acquisition, holding or disposal of equity interests or other interests, or under which they act together in exercising their voting power, in relation to the designated entity; and

(c)

the accused notified the Authority of the contravention within a period of 7 days after the contravention.

(6)

Except as provided in subsections (4) and (5), it is not a defence in any proceedings for a contravention of subsection (2) to prove that the accused did not intend to or did not knowingly contravene subsection (2).

Terms defined in this Act

5% controller
Defined · s 56A
“5% controller” has the meaning given by section 56B;
Open s 56A
acquisition
Defined · s 56A
“acquisition” includes an agreement to acquire, but does not include —(a)an acquisition by will or by operation of law; or(b)an acquisition by way of enforcement of a loan security;
Open s 56A
agreement
Defined · s 2
“agreement” means any agreement, whether formal or informal and whether express or implied;
Open s 2
arrangement
Defined · s 56A
“arrangement” includes any formal or informal scheme, arrangement or understanding, and any trust whether express or implied;
Open s 56A
Authority
Defined · s 2
“Authority” means the Civil Aviation Authority of Singapore established under the Civil Aviation Authority of Singapore Act as in force immediately before 1 July 2009 and reconstituted by this Act;
Open s 2
Class 2 designated operating entity
Defined · s 56A
“Class 2 designated operating entity” means a designated operating entity that is neither an airport licensee nor a designated business trust;
Open s 56A
designated entity
Defined · s 56A
“designated entity” means a designated equity interest holder or a designated operating entity;
Open s 56A
designated equity interest holder
Defined · s 56A
“designated equity interest holder” means an entity that has been designated as a designated equity interest holder under section 64;
Open s 56A
effective designation date
Defined · s 56A
“effective designation date”, in relation to a designated entity, means the date specified under section 64(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 56A
equity interest
Defined · s 56A
“equity interest” —(a)in relation to a corporation — means a voting share in that corporation;(b)in relation to an entity other than a corporation — means any right or interest, whether legal or equitable, in that entity (by whatever name called) which gives the holder of that right or interest voting power in that entity; and(c)in relation to a business trust — means a unit in that business trust;
Open s 56A
increase
Defined · s 56A
“increase”, in relation to the holding of equity interests, includes an increase from a starting point of nil;
Open s 56A