Trustees Act (Amendment of First Schedule) Order 1998

Status:

Published in Subsidiary Legislation Supplement
on 23 Jan 1998

No. S 44

Trustees Act

(Chapter 337)

Trustees Act (Amendment of First Schedule) Order 1998

In exercise of the powers conferred by section 4(4) of the Trustees Act, the Minister for Law hereby makes the following Order:

Citation and commencement

1. This Order may be cited as the Trustees Act (Amendment of First Schedule) Order 1998 and shall come into operation on 23rd January 1998.

Amendment of First Schedule

2. The First Schedule to the Trustees Act is amended —

(a)

by deleting paragraph 4 of Part II and substituting the following paragraph:

“4. In any land or building (not being a building under construction) in Singapore of the following tenure:

(a)	freehold, including a grant in perpetuity; or
(b)	leasehold (other than a mining lease) with an unexpired term of not less than 30 years at the time of such investment.”;

(b)

by deleting paragraph 2 of Part IV; and

(c)

by deleting paragraph 2 of Part V and substituting the following paragraph:

“2. In relation to the investments specified in paragraph 4 of Part II, proper advice for the purposes of section 5(2) means advice given by an appraiser who is —

(a)	licensed under the Auctioneer Licences Act (Cap. 16) to value or appraise land; and
(b)	instructed and employed independently of any owner of the land or building,

on the following:

(i)	the value of the land or building at the time of the investment; and
(ii)	the gross rental at which the land or building may reasonably be expected to be let from year to year.”.

Made this 21st day of January 1998.

GOH KIM LEONG

Permanent Secretary,
Ministry of Law,
Singapore.

[LAW 06/011/029; AG/LEG/SL/337/97/1 Vol. 1]

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