Singapore legislation
Regulation 2
of Maritime and Port Authority of Singapore (Disregarded Interests) Regulations 2018
Regulation 2
Disregarded interests
Subregulation 1
The following interests are disregarded for the purposes of section 86B(1) of the Act:
an equity interest held by a person as a bare trustee;
an equity interest held by a person by way of security for a loan granted by the person in the ordinary course of the person’s business of lending money; (c)an equity interest held by the Government or by the Minister for Finance in his or her corporate capacity;
an interest of a company in its own share if that interest is purchased or otherwise acquired in accordance with sections 76B to 76G of the Companies Act (Cap. 50);
an equity interest held by a person by reason of the person holding the office of director.
Subregulation 2
In addition to paragraph (1), where the security for the loan mentioned in paragraph (1)(b) is enforced and a person becomes the owner of an equity interest, that person’s interest in the equity interest is also to be disregarded for the purposes of section 86B(1) of the Act for —
a period of 90 days beginning on the day on which the security is enforced; or
such longer period as the Authority may, by written notice, give to the person.