In forceAmended2020 Revised Edition

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Maritime and Port Authority of Singapore Act 1996 · 2020 Revised Edition · Part 13 · Control of Designated Licensees and Designated Operating Entities

89E. Transfer of property, etc., under special administration order made under this Part

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Amended

Last amended by an amending law of 2024.

(1)

Without limiting sections 89, 89A and 89B, a special administration order under this Part may provide for the following matters:

(a)

the transfer to one or more prescribed transferees (which may or may not be the appointed person) of the following (whichever is applicable):

(i)

the property, rights and liabilities of a relevant entity;

(ii)

in the case of a relevant entity that is a business trust — the property of the business trust, and the rights held and the liabilities incurred by the trustee-manager of the business trust in its capacity as trustee-manager of the business trust;

(b)

matters that are consequential or related to any such transfer.

(2)

If the Minister makes a special administration order providing for any matter mentioned in subsection (1), the Minister must, by notification in the Gazette, establish a scheme within the following period for determining the amount of any compensation payable by the prescribed transferee to the relevant entity or the trustee-manager or unitholders of the business trust (as the case may be) for the transfer of the property, rights and liabilities:

(a)

6 months after the date of the making of the special administration order;

(b)

any longer period after the date of the making of the special administration order, as agreed between the prescribed transferee and the relevant entity or trustee-manager.

(3)

A scheme established under subsection (2) may provide for —

(a)

the manner in which any compensation or consideration is to be assessed, including methods of calculation, valuation dates and matters to be taken into account or disregarded when making valuations;

(b)

the assessment to be made by an independent valuer appointed by the Minister; and

(c)

the remuneration and expenses of the independent valuer.

(4)

In this section, “prescribed transferee” means the Authority or a person nominated by the Minister.