Singapore legislation
Section 11
Section 11
Restriction on cessation of business or surrender of licence
(1)
A licensed trust company must not, without the sanction of the court and for so long as any trust in respect of which the licensed trust company is a trustee remains in whole or in part unadministered —
(a)
cease to carry on its trust business; or
(b)
surrender its trust business licence to the Authority.
(2)
Any licensed trust company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.