Rapid Transit Systems Act 1995 · 2020 Revised Edition · Part 4A · Special Administration Orders and Schemes of Transfers, Etc., for Licensees and Designated Operating Entities
27H. Transfer of property, etc., under special administration order
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Without limiting sections 27B, 27C and 27D, a special administration order in relation to a relevant entity that is not a licensee may provide for the following matters:
licensee
“licensee” means a company which is licensed under this Act to operate any rapid transit system;
the transfer to one or more prescribed transferees (which may or may not be the appointed person) of the following (whichever is applicable):
the property, rights and liabilities of the relevant entity; or
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;
matters that are consequential or related to any such transfer.
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:
6 months after the date of the making of the special administration order;
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.
A scheme established under subsection (2) may provide for —
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;
the assessment to be made by an independent valuer appointed by the Minister; and
the remuneration and expenses of the independent valuer.
In this section, “prescribed transferee” means the Authority or a person nominated by the Minister.