Companies (Exemption) Notification 2002

Status:

Published in Subsidiary Legislation Supplement
on 14 Feb 2002

No. S 88

Companies Act

(Chapter 50)

Companies (Exemption) Notification 2002

In exercise of the powers conferred by section 119(1) of the Companies Act, the Minister for Finance hereby makes the following Notification:

Citation and commencement

1. This Notification may be cited as the Companies (Exemption) Notification 2002 and shall be deemed to have come into operation on 8th February 2002.

Definitions

2. In this Notification, unless the context otherwise requires —

“approved stock exchange” means a stock exchange in Singapore approved under the Securities Industry Act (Cap. 289);

“holder” means a holder of an interest in the relevant unit trust;

“management company” means State Street Global Advisors Singapore Limited;

“participating dealer” means a person who has entered into an agreement with the management company of the relevant unit trust to effect the issue of interests to, and redemption of interests from, holders;

“relevant unit trust” means the unit trust scheme to be constituted as streetTRACKS Straits Times Index Fund under a deed made between the management company and the trustee;

“trustee” means DBS Trustee Limited.

Exemption

3. The Minister hereby exempts the management company and the trustee, in relation to the deed constituting the relevant unit trust, from section 111 (1)(b)(iii) of the Act, subject to the following conditions:

(a)	the deed shall contain a covenant binding the management company that the management company shall, on the application of a participating dealer, redeem interests in the relevant unit trust from the participating dealer in accordance with the provisions of the deed;
(b)	the interests in the relevant unit trust shall, within 14 days after the statement in relation to the relevant unit trust is registered by the Registrar, be listed for quotation on an approved stock exchange;
(c)	the deed shall contain a covenant binding the management company that, if at any time, the interests in the relevant unit trust cease to be listed for quotation on all approved stock exchanges on which the interests have been listed, for a continuous period of 30 days, the management company shall, within 14 days from the end of such period, commence accepting applications from holders to redeem interests in accordance with the provisions of the deed; and
(d)	the covenant referred to in sub-paragraph (c) may provide that, in the event that the interests in the relevant unit trust are re-listed on an approved stock exchange, the management company may, upon giving reasonable notice to the holders, revert to only accepting applications to redeem interests from a participating dealer.

Made this 8th day of February 2002.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[F14.13.026 Vol. 2; AG/LEG/SL/50/2002/1 Vol. 1]

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