2.—(1) The following interests are disregarded for the purposes of section 86B(1) of the Act:| (a) | an equity interest held by a person as a bare trustee; | | (b) | an equity interest held by a person by way of security for a loan granted by the person in the ordinary course of the person’s business of lending money; | | (c) | an equity interest held by the Government or by the Minister for Finance in his or her corporate capacity; | | (d) | an interest of a company in its own share if that interest is purchased or otherwise acquired in accordance with sections 76B to 76G of the Companies Act (Cap. 50); | | (e) | an equity interest held by a person by reason of the person holding the office of director. |
(2) In addition to paragraph (1), where the security for the loan mentioned in paragraph (1)(b) is enforced and a person becomes the owner of an equity interest, that person’s interest in the equity interest is also to be disregarded for the purposes of section 86B(1) of the Act for —| (a) | a period of 90 days beginning on the day on which the security is enforced; or | | (b) | such longer period as the Authority may, by written notice, give to the person. |
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