In forceAmended2020 Revised Edition

Contents

Maritime and Port Authority of Singapore Act 1996 · 2020 Revised Edition · Part 12A · Control of Designated Operating Entities and Designated Equity Interest Holders

86FD. Duty of designated entity or trustee-manager to report changes of equity and control of certain persons

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Amended

Last amended by an amending law of 2024.

(1)

If a designated entity or, in the case of a designated entity that is a business trust, its trustee-manager, becomes aware that —

(a)

a person has, on or after the effective designation date, become a 5% controller, 25% controller, 50% controller or 75% controller of the designated entity;

(b)

a 25% controller, 50% controller or 75% controller of the designated entity has, on or after the effective designation date, ceased to be a 25% controller, 50% controller or 75% controller (as the case may be) of the designated entity;

(c)

a person has, on or after the effective designation date, become an indirect controller of the designated entity; or

(d)

in a case where the designated entity is a designated operating entity — a person has, on or after the effective designation date, acquired as a going concern, the designated operating entity’s business of providing any essential transport service (or any part of such business),the designated entity or trustee-manager (as the case may be) must inform the Authority in writing within 7 days after becoming aware of that fact.

(2)

Any person who contravenes subsection (1) shall be guilty of an offence.

Terms defined in this Act

25% controller
Defined · s 86A
“25% controller”, in relation to a designated public licensee, designated business trust or designated equity interest holder, means a person who, alone or together with the person’s associates —(a)holds 25% or more, but less than 50%, of the total equity interests in; or(b)is in a position to control 25% or more, but less than 50%, of the voting power in,the designated public licensee, designated business trust or designated equity interest holder, as the case may be;
Open s 86A
5% controller
Defined · s 86A
“5% controller”, in relation to a designated public licensee, designated business trust or designated equity interest holder, means a person who, alone or together with the person’s associates —(a)holds 5% or more, but less than 25%, of the total equity interests in; or(b)is in a position to control 5% or more, but less than 25%, of the voting power in,the designated public licensee, designated business trust or designated equity interest holder, as the case may be;
Open s 86A
50% controller
Defined · s 86A
“50% controller”, in relation to a designated public licensee, designated business trust or designated equity interest holder, means a person who, alone or together with the person’s associates —(a)holds 50% or more, but less than 75%, of the total equity interests in; or(b)is in a position to control 50% or more, but less than 75%, of the voting power in,the designated public licensee, designated business trust or designated equity interest holder, as the case may be;
Open s 86A
75% controller
Defined · s 86A
“75% controller”, in relation to a designated public licensee, designated business trust or designated equity interest holder, means a person who, alone or together with the person’s associates —(a)holds 75% or more of the total equity interests in; or(b)is in a position to control 75% or more of the voting power in,the designated public licensee, designated business trust or designated equity interest holder, as the case may be;
Open s 86A
Authority
Defined · s 2
“Authority” means the Maritime and Port Authority of Singapore established under section 4;
Open s 2
business trust
Defined · s 86A
“business trust” has the meaning given by section 2 of the Business Trusts Act 2004;
Open s 86A
entity
Defined · s 86A
“entity” includes a corporation and a limited liability partnership;
Open s 86A
indirect controller
Defined · s 86A
“indirect controller”, in relation to a designated public licensee, designated business trust or designated equity interest holder, 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 public licensee, designated business trust or designated equity interest holder, as the case may be —(a)whose directions, instructions or wishes the directors or other officers of the designated public licensee, the trustee‑manager of the designated business trust, or the designated equity interest holder (as the case may be) 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 public licensee, designated business trust or designated equity interest holder, as the case may be,but does not include —(c)any person who is a director or other officer of the designated public licensee, the trustee‑manager of the designated business trust, or the designated equity interest holder, as the case may be; or(d)any person whose directions, instructions or wishes the directors or other officers of the designated public licensee, the trustee‑manager of the designated business trust, or the designated equity interest holder (as the case may be) 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 86A
trustee‑manager
Defined · s 86A
“trustee‑manager” has the meaning given by section 2 of the Business Trusts Act 2004;
Open s 86A