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

67E. Remedial directions relating to section 66

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Amended

Last amended by an amending law of 2024.

(1)

Subsection (2), (3) or (4) applies if —

(a)

the Authority is satisfied that a person (called in this section a defaulter) —

(i)

has contravened section 66(1) or (3) or failed to comply with a condition imposed on that person under section 66(6); or

(ii)

has provided false or misleading information or documents in connection with an application for approval under section 66(1) or (3); or

(b)

the Authority would not have granted its approval under section 66(1) or (3) had it been aware, at the time of approval, of circumstances relevant to a defaulter’s application for such approval.

(2)

Where the defaulter is a 5% controller, 25% controller, 50% controller or 75% controller of the designated entity, the Authority may do any one or more of the following:

(a)

direct the defaulter to take such steps as are necessary, within the period specified by the Authority, to cease to be a 5% controller, 25% controller, 50% controller or 75% controller (as the case may be) of the designated entity;

(b)

direct the transfer or disposal of all or any of the equity interests in the designated entity held by the defaulter or any of the defaulter’s associates (called in this section and section 67F the section 67E(2) equity interests), within such time and subject to such conditions as the Authority considers appropriate;

(c)

restrict or prohibit the transfer or disposal of all or any of the section 67E(2) equity interests, subject to any conditions that the Authority considers appropriate;

(d)

make any other direction that the Authority considers appropriate.

(3)

Where, as a result of a person (called in this subsection the transferee) acquiring any equity interests from the defaulter who is a 25% controller, 50% controller or 75% controller of the designated entity (called in this section and section 67F the section 67E(3) equity interests), the defaulter ceases to be a 25% controller, 50% controller or 75% controller (as the case may be) of the designated entity, the Authority may do one or more of the following:

(a)

direct the transferee to take such steps as are necessary, within the period specified by the Authority, to cease to hold all or any of the section 67E(3) equity interests;

(b)

direct the defaulter to take such steps as are necessary within the period specified by the Authority, to resume being a 25% controller, 50% controller or 75% controller (as the case may be) of the designated entity;

(c)

direct the acquisition, transfer or disposal of all or any of the section 67E(3) equity interests within such time and subject to such conditions as the Authority considers appropriate;

(d)

restrict or prohibit the transfer or disposal of all or any of the section 67E(3) equity interests, subject to any conditions that the Authority considers appropriate;

(e)

make any other direction that the Authority considers appropriate.

(4)

Where the defaulter is an indirect controller of the designated entity, the Authority may do one or both of the following:

(a)

direct the defaulter, or direct the designated entity or, if the designated entity is a business trust, its trustee-manager, to take such steps as are necessary, within the period specified by the Authority, to cease to be such an indirect controller or to cause the defaulter to cease to be such an indirect controller;

(b)

make any other direction that the Authority considers appropriate.

Terms defined in this Act

25% controller
Defined · s 56A
“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 56A
5% controller
Defined · s 56A
“5% controller” has the meaning given by section 56B;
Open s 56A
50% controller
Defined · s 56A
“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 56A
75% controller
Defined · s 56A
“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 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
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
business trust
Defined · s 56A
“business trust” has the meaning given by section 2 of the Business Trusts Act 2004;
Open s 56A
designated entity
Defined · s 56A
“designated entity” means a designated equity interest holder or a designated operating entity;
Open s 56A
indirect controller
Defined · s 56A
“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 56A
trustee‑manager
Defined · s 56A
“trustee‑manager” has the meaning given by section 2 of the Business Trusts Act 2004;
Open s 56A