s 20 Restrictions on acquisition of essential operating assets
20.—(1) A person must not acquire, on or after 22 January 2016, any essential operating asset for regular route services, or an interest in such an essential operating asset (whether or not the acquisition is by way of the enforcement of a loan security), unless —(a) the person is a public bus operator holding a Class 1 bus service licence authorised to operate those regular route services; or (b) the LTA consents in writing to that acquisition. (2) Any acquisition, or a purported acquisition of any essential operating asset for all or part of any regular route services, or of an interest in such an essential operating asset, in contravention of subsection (1) is void. (3) In this section, “essential operating asset”, in relation to any regular route service in a public bus services contract, means any bus, plant, equipment, machinery or other property which —(a) is used or intended to be used (and whether or not it is also used for other purposes) by a public bus operator holding a Class 1 bus service licence to provide the regular route services under that public bus services contract; (b) makes up part of the public bus system and is essential to the continuity of the regular route services under that public bus services contract; or (c) is designated an essential operating asset by or under that public bus services contract.