Business Trusts (Amendment) Bill

Explore the details of bill number 22/2022.

Summary written by AI (learn more)

The Business Trusts (Amendment) Bill aims to enhance the framework surrounding registered business trusts in Singapore by implementing several key amendments. The main points of the bill include:

Introduction of new definitions related to accounting entities and standards, enhancing clarity on financial reporting requirements for registered business trusts.
Amendments to corporate governance provisions, including the ability for unitholders to remove trustees with a simple majority vote and stricter disclosure requirements for conflicts of interest.
Establishment of a register of controllers for business trusts, mandating trustee-managers to maintain updated records of significant controllers to promote transparency.
Provisions allowing resolutions to be passed by written means for unlisted registered business trusts, alongside clearer regulations for the application of fines and compliance for financial statements.
Updates to existing sections to align with amendments from the Companies Act, ensuring consistency in regulatory practices affecting business trusts.

Original PDF

Timeline

Bill introduced

The bill is formally presented in Parliament for consideration.

4 years ago

First reading

The bill's title and key objectives are read out, but no debate occurs at this stage.

4 years ago

Second reading

Members of Parliament debate the bill's general principles and overall merits.

4 years ago

Select committee

The bill is examined in detail by a select committee, which may suggest amendments.

4 years ago

Third reading

Members of Parliament debate the final version of the bill, including any amendments made.

4 years ago

Voting

The bill is voted on by the Members of Parliament and, if it receives the required majority, it becomes law. Do note that an exact vote may not be counted; the 'ayes' can simply be louder than the 'noes'.

4 years ago

Bill passed

The bill is passed and becomes law.

4 years ago

Business Trusts (Amendment) Bill

Explore the details of bill number 22/2022.

Summary written by AI (learn more)

The Business Trusts (Amendment) Bill aims to enhance the framework surrounding registered business trusts in Singapore by implementing several key amendments. The main points of the bill include:

Introduction of new definitions related to accounting entities and standards, enhancing clarity on financial reporting requirements for registered business trusts.
Amendments to corporate governance provisions, including the ability for unitholders to remove trustees with a simple majority vote and stricter disclosure requirements for conflicts of interest.
Establishment of a register of controllers for business trusts, mandating trustee-managers to maintain updated records of significant controllers to promote transparency.
Provisions allowing resolutions to be passed by written means for unlisted registered business trusts, alongside clearer regulations for the application of fines and compliance for financial statements.
Updates to existing sections to align with amendments from the Companies Act, ensuring consistency in regulatory practices affecting business trusts.

Original PDF

Timeline

Bill introduced

The bill is formally presented in Parliament for consideration.

4 years ago

First reading

The bill's title and key objectives are read out, but no debate occurs at this stage.

4 years ago

Second reading

Members of Parliament debate the bill's general principles and overall merits.

4 years ago

Select committee

The bill is examined in detail by a select committee, which may suggest amendments.

4 years ago

Third reading

Members of Parliament debate the final version of the bill, including any amendments made.

4 years ago

Voting

4 years ago

Bill passed

The bill is passed and becomes law.

4 years ago