Singapore legislation

Clause 56

of Securities and Futures (Amendment) Bill

Clause 56

Amendment of section 266

Section 266 of the principal Act is amended by inserting, immediately before subsection (2), the following subsection:“(1) A trustee for the holders of debentures shall —

(a)

at all times exercise due diligence and vigilance in carrying out its functions and duties, and in safeguarding the rights and interests of the holders of debentures;

(b)

ensure that it has the ability and powers to perform all of its duties as set out in the trust deed;

(c)

ensure that any trustee appointed for the holders of any collateral upon which the debentures are secured is subject to duties that are at least equivalent to those imposed under paragraphs (a) and (b); and

(d)

comply with such other requirements as may be prescribed by the Authority by regulations made under section 341, or as may be imposed by the Authority in respect of any particular offer or transaction relating to the debentures.”.

Read in full context — Securities and Futures (Amendment) Bill →