Business Trusts Act 2004(No. 30 of 2004)
Table of Contents
Long Title
Enacting Formula
Part I PRELIMINARY
1 Short title and commencement
2 Interpretation
Part II REGISTRATION OF BUSINESS TRUSTS
3 Application for registration
4 Registration of business trusts
5 Register and notification of change in particulars
Part III TRUSTEE-MANAGER
Division 1 — Responsibilities and powers
6 Trustee-manager to be company and not to carry on any other business
7 Secretary
8 Trustee-manager to operate registered business trust and power to appoint agents
9 Use of information and advice
10 Duties of trustee-manager
11 Duties of directors, officers and agents of trustee-manager
12 Disclosure of interests in transactions
13 Disclosure of directors’ interests
14 Composition of board
15 Audit committees
16 Acquisition of interest in registered business trust by trustee-manager
17 Liquidator of trustee-manager entitled to exercise indemnity rights
Division 2 — Change of trustee-manager
18 Changes to take effect upon date of appointment
19 Resignation of trustee-manager
20 Removal of trustee-manager by unitholders
21 Appointment of temporary trustee-manager by court
22 Temporary trustee-manager to take steps for appointment of new trustee-manager
Division 3 — Consequences of change of trustee-manager
23 Resigning trustee-manager to hand over books and provide reasonable assistance
24 Rights, obligations and liabilities of resigning trustee-manager
25 Effect of change of trustee-manager on documents, etc., to which resigning trustee-manager is a party
Division 4 — Written directions
26 Power of Authority to issue directions to trustee-manager or temporary trustee-manager
Division 5 — Indemnification
27 Provisions indemnifying officers of trustee-manager and auditors of registered business trust
Part IV TRUST DEED
28 Contents of trust deed
29 Liability of trustee-managers
30 Trust deed to be legally enforceable
31 Change of trust deed
Part V Unitholders
32 Limitation of liability of unitholders
33 Distributions to unitholders
34 Creditors of unitholders to have no rights to obtain possession of trust property
35 Rights of unitholders to distribution
36 Approval of unitholders required for issue of units by trustee-manager
37 Duty of substantial unitholders to notify securities exchange
38 Duty of substantial unitholders to notify trustee-manager of registered business trust
39 Duty of substantial shareholder of trustee-manager to notify securities exchange
Part VI CIVIL LIABILITY
40 Civil liability of trustee-managers to unitholders
41 Remedies in cases of oppression or injustice
42 Derivative or representative actions
43 Evidence of shareholders’ approval not decisive — court approval to discontinue action under section 42
Part VII WINDING UP OF REGISTERED BUSINESS TRUST
44 Winding up under provision of trust deed
45 Winding up at direction of unitholders
46 Winding up ordered by court
47 Winding up of registered business trust
48 Court may make other orders for winding up
49 Unclaimed money to be paid to Official Receiver
50 Responsibility for fraudulent trading
Part VIII DEREGISTRATION
51 Voluntary deregistration by trustee-manager
52 Power of Authority to deregister defunct business trust
Part IX MANAGEMENT AND ADMINISTRATION
Division 1 — Meetings and proceedings
53 Annual general meeting
54 Convening of extraordinary general meeting on requisition
55 Calling of meetings
56 Provision in trust deed as to right to demand poll
57 Quorum, chairman, voting, etc., at meetings
58 Voting rights in respect of units in registered business trusts
59 Unitholder’s rights at meetings
60 Proxies
61 Power of court to order meeting
62 Circulation of unitholders’ resolutions, etc.
63 Special resolutions
64 Resolutions requiring special notice
65 Registration and copies of certain resolutions
66 Resolutions at adjourned meetings
67 Minutes of proceedings
68 Inspection of minute books
Division 2 — Registers
69 Register of unitholders
70 Place at which register is kept
71 Consequences of default by agent
72 Power of court to rectify register
73 Limitation of liability of trustee, etc., registered as holder of units
Division 3 — Annual return
74 Annual returns and information
Part X ACCOUNTS, AUDIT AND DISCLOSURE
Division 1 — Accounts
75 Accounting records and systems of control
76 Accounts and directors’ report
77 Relief from requirements as to form and content of accounts and reports
78 Unitholders of registered business trust entitled to balance sheet, etc.
79 Provision of summary financial statement to unitholders
80 Penalty
Division 2 — Audit
81 Auditors
82 Appointment of auditor
83 Auditors’ remuneration
84 Powers and duties of auditors as to reports on accounts
85 Auditors and other persons to enjoy qualified privilege in certain circumstances
Division 3 — Disclosure
86 Certification by chief executive officer and board of directors of trustee-manager
87 Disclosure of policies and practices
Part XI APPEALS
88 Appeals to Minister
89 Appeal Advisory Committees
90 Disclosure of information
91 Regulations for purposes of this Part
Part XII MISCELLANEOUS
92 Electronic transmission of notices of meetings
93 Electronic transmission of documents
94 Trustees Act not to apply to registered business trusts
95 Non-applicability of rules relating to perpetuities, accumulations and inalienability of property to registered business trusts
96 Opportunity to be heard
97 Appointment of assistants
98 Codes, guidelines, etc., issued by Authority
99 Translation of instruments
100 Right of Authority and unitholders to apply to court for order
101 Power of court to make certain orders
102 Court may compel compliance
103 Power of Minister to appoint inspector
104 Injunctions
105 Power of court to grant relief
106 Jurisdiction of court
107 Duty not to furnish false information to Authority
108 False and misleading statement
109 Offences by bodies corporate, etc.
110 General penalties
111 Composition of offences
112 General exemption
113 Amendment of Schedule
114 Regulations
115 Consequential amendments to Monetary Authority of Singapore Act