§ 31 — Transfer of property, etc., under special administration order

31.—(1) Without limiting sections 29 and 30, a special administration order may provide for the following matters:(a)

the transfer to one or more prescribed transferees of —(i)

the property, rights and liabilities of a designated entity;

(ii)

in the case of a designated entity that is a business trust — the property of the business trust, and the rights held and the liabilities incurred by the trustee‑manager of the business trust in its capacity as trustee‑manager of the business trust; or

(iii)

in the case of a designated entity that is a trust other than a business trust — the property of the trust, and the rights held and the liabilities incurred by the trustee of the trust in his or her capacity as trustee of the trust,

to one or more prescribed transferees;

(b)

matters that are consequential or related to any such transfer.

(2) If the Minister makes a special administration order providing for any matter mentioned in subsection (1), the Minister must, within the period specified in subsection (4), by notification in the Gazette, establish a scheme for determining the amount of any compensation payable by the prescribed transferee to the designated entity, the trustee‑manager of the business, or the trustee of the trust (as the case may be) for the transfer of the property, rights and liabilities.

(3) A scheme established under subsection (2) may provide for —(a)

the manner in which any compensation or consideration is to be assessed, including methods of calculation, valuation dates and matters to be taken into account or disregarded when making valuations;

(b)

the assessment to be made by an independent valuer appointed by the Minister; and

(c)

the remuneration and expenses of the independent valuer.

(4) Subject to subsection (5), the period specified for the purposes of subsection (2) is —(a)

within 6 months after the date of the making of the special administration order; or

(b)

if an application for reconsideration of the making of the special administration order has been made under section 38(1) and the Minister makes an order under section 38(3)(b) or (c) —(i)

if no appeal is made against the order made under section 38(3)(b) or (c) — within 6 months after the date on which the order under section 38(3)(b) or (c) is made; or

(ii)

if an appeal is made against the order made under section 38(3)(b) or (c) and the Reviewing Tribunal dismisses the appeal under section 43(3)(a) — within 6 months after the date on which the Reviewing Tribunal dismisses the appeal.

(5) The period specified in subsection (4) may be extended by agreement of the prescribed transferee and the designated entity, the trustee‑manager of the business trust, or the trustee of the trust, as the case may be.

(6) In this section, “prescribed transferee” means —(a)

the competent authority;

(b)

an appointed authority; or

(c)

a person nominated by the Minister.

—(1) Without limiting sections 29 and 30, a special administration order may provide for the following matters:(a)

the transfer to one or more prescribed transferees of —(i)

the property, rights and liabilities of a designated entity;

(ii)

in the case of a designated entity that is a business trust — the property of the business trust, and the rights held and the liabilities incurred by the trustee‑manager of the business trust in its capacity as trustee‑manager of the business trust; or

(iii)

in the case of a designated entity that is a trust other than a business trust — the property of the trust, and the rights held and the liabilities incurred by the trustee of the trust in his or her capacity as trustee of the trust,

to one or more prescribed transferees;

(b)

matters that are consequential or related to any such transfer.

(2) If the Minister makes a special administration order providing for any matter mentioned in subsection (1), the Minister must, within the period specified in subsection (4), by notification in the Gazette, establish a scheme for determining the amount of any compensation payable by the prescribed transferee to the designated entity, the trustee‑manager of the business, or the trustee of the trust (as the case may be) for the transfer of the property, rights and liabilities.

(3) A scheme established under subsection (2) may provide for —(a)

the manner in which any compensation or consideration is to be assessed, including methods of calculation, valuation dates and matters to be taken into account or disregarded when making valuations;

(b)

the assessment to be made by an independent valuer appointed by the Minister; and

(c)

the remuneration and expenses of the independent valuer.

(4) Subject to subsection (5), the period specified for the purposes of subsection (2) is —(a)

within 6 months after the date of the making of the special administration order; or

(b)

if an application for reconsideration of the making of the special administration order has been made under section 38(1) and the Minister makes an order under section 38(3)(b) or (c) —(i)

if no appeal is made against the order made under section 38(3)(b) or (c) — within 6 months after the date on which the order under section 38(3)(b) or (c) is made; or

(ii)

if an appeal is made against the order made under section 38(3)(b) or (c) and the Reviewing Tribunal dismisses the appeal under section 43(3)(a) — within 6 months after the date on which the Reviewing Tribunal dismisses the appeal.

(5) The period specified in subsection (4) may be extended by agreement of the prescribed transferee and the designated entity, the trustee‑manager of the business trust, or the trustee of the trust, as the case may be.

(6) In this section, “prescribed transferee” means —(a)

the competent authority;

(b)

an appointed authority; or

(c)

a person nominated by the Minister.