s 75C Transfer of property, etc., of relevant entity under special administration order
75C.—(1) Without limiting sections 73, 74 and 75, a special administration order in relation to a relevant entity may provide for the following matters:(a) the transfer to one or more prescribed transferees (which may or may not be the appointed person) of the following (whichever is applicable):(i) the property, rights and liabilities of the relevant entity; or (ii) in the case of a relevant 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; (b) matters that are consequential or related to any such transfer. (2) Without limiting subsection (1) and sections 73, 74 and 75, where financial assistance has been provided by the Government to an airport licensee or a designated business trust for the purpose of —(a) in the case of an airport licensee — maintaining the security and reliability of the provision of airport services and facilities relating to any airport for which it is licensed; or (b) in the case of a designated business trust — maintaining the security and reliability of the business, undertaking or activities of the designated business trust relating to any airport (or part thereof) for which the business trust is established, a special administration order may provide for the following matters: (c) the transfer of shares, securities or units in the airport licensee or designated business trust to any of the prescribed transferees (which may or may not be the appointed person); (d) matters that are consequential or related to any such transfer, including the extinguishment of rights of any specified description to subscribe for, or otherwise acquire, securities of the airport licensee or any of its subsidiaries. (3) An order providing for any matter mentioned in subsection (1) or (2) may contain any of the prescribed kinds of provisions. (4) If the Minister makes a special administration order providing for any transfer mentioned in subsection (1) or (2), the Minister must, by notification in the Gazette, establish a scheme within the period specified in subsection (5) for determining the amount of any compensation payable by the prescribed transferee to any of the following (whichever is applicable):(a) persons who held shares, securities or units immediately before they were transferred; (b) persons whose rights of any specified description to subscribe for, or otherwise acquire, shares, securities or units were extinguished; (c) the airport licensee, the trustee-manager or unitholders of the designated business trust, or the Class 2 designated operating entity. (5) For the purposes of subsection (4), the period within which the Minister must establish the scheme mentioned in that subsection is —(a) 6 months after the date of the making of the special administration order; or (b) any longer period after the date of the making of the special administration order, as agreed between the prescribed transferee and the relevant entity or trustee-manager. (6) A scheme established under subsection (4) 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. (7) In this section, “prescribed transferee” means the Authority or a person nominated by the Minister.[Act 20 of 2024 wef 01/04/2025]