29ZD. Transfer of property, etc., under special administration order
Feedback & supportLast amended by an amending law of 2022.
Without affecting sections 29ZB and 29ZC, a special administration order may provide for the following matters:
the transfer to one or more transferees of —
where the cruise terminal licensee is not a trustee-manager of a business trust or a trustee of a trust — the property, rights and liabilities of the cruise terminal licensee;
where the cruise terminal licensee is a trustee-manager of a business trust — the trust property of the registered business trust, and the rights held and the liabilities incurred by the trustee-manager in the capacity of trustee-manager of the business trust; or
where the cruise terminal licensee is a trustee of a trust — the trust property of the trust, and the rights held and the liabilities incurred by the trustee in the capacity of trustee of the designated trust,as the case may be;
matters that are consequential or related to any such transfer.
If the Minister makes a special administration order providing for any matter referred to in subsection (1), the Minister must, within 6 months after the making of the order, by notification in the Gazette, establish a scheme for determining the amount of any compensation payable to the cruise terminal licensee for the transfer of its property, rights and liabilities.
licensee
“licensee” means a person who is granted a licence, or whose licence is renewed, under section 23(4)(a);
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.