On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 18/04/2013.
4.
—(1) The Authority may, upon an application lodged with it by the proposed trustee-manager of a business trust in accordance with section 3, register the business trust.
(2) The Authority may refuse an application to register a business trust if —
(a)
the Authority is not satisfied that the application lodged has complied with section 3;
(b)
the Authority is not satisfied that the proposed trustee-manager of the business trust is a company and not an exempt private company;
(c)
the Authority is not satisfied that the proposed trustee-manager does not carry on any business other than the business of management and operation of the business trust in respect of which the application has been lodged;
(d)
the Authority is not satisfied that the proposed trustee-manager has —
(i)
complied with sections 14(1), 15(1), 28(1) and 30(1) (as modified by subsection (6) or pursuant to subsection (7)); and
(ii)
satisfied any other criteria as the Authority may prescribe;
(e)
the proposed trustee-manager or any of its substantial shareholders is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;
(f)
a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the proposed trustee-manager or any of its substantial shareholders;
(g)
the proposed trustee-manager or any of its substantial shareholders has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with its creditors, being a compromise or scheme of arrangement that is still in operation;
(h)
execution against the proposed trustee-manager or any of its substantial shareholders in respect of a judgment debt has been returned unsatisfied in whole or in part;
(i)
the proposed trustee-manager or any of its substantial shareholders or officers —
(i)
has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it or he acted fraudulently or dishonestly; or
(ii)
has been convicted of an offence under this Act; or
(j)
the Authority is of the opinion that it would be contrary to the public interest to register the business trust.
(3) Subject to subsection (4), the Authority shall not refuse an application to register a business trust under subsection (1) without giving the proposed trustee-manager of the business trust an opportunity to be heard.
(4) The Authority may refuse an application to register a business trust on any of the following grounds without giving the proposed trustee-manager of the business trust an opportunity to be heard:
(a)
the proposed trustee-manager is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;
(b)
a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the proposed trustee-manager;
(c)
the proposed trustee-manager has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly.
(5) The proposed trustee-manager of any business trust who is aggrieved by the refusal of the Authority to register the business trust under subsection (2) may, within 30 days after he is notified of the decision, appeal to the Minister whose decision shall be final.
(6) For the purpose of determining whether subsection (2) is satisfied in relation to the business trust —
(a)
references in Division 1 of Part III and Part IV to a registered business trust shall be read as including a reference to the business trust referred to in subsection (1); and
(b)
references in Division 1 of Part III and Part IV to the trustee-manager of the registered business trust shall be read as including a reference to the proposed trustee-manager of the business trust.
(7) The Authority may prescribe such other modifications to the provisions of Division 1 of Part III and Part IV as may be necessary for their proper application to a proposed trustee-manager of a business trust that has not yet been registered under this Act.