Singapore legislation
Section 14
Section 14
Removal of officer of licensed trust company
(1)
Where the Authority is satisfied that an officer of a licensed trust company —
has wilfully contravened or wilfully caused the licensed trust company to contravene this Act;
has, without reasonable excuse, failed to enforce compliance with this Act;
has failed to discharge the duties or functions of the officer’s office;
is an undischarged bankrupt, whether in Singapore or elsewhere;
has had execution against the officer in respect of a judgment debt returned unsatisfied in whole or in part;
has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with the officer’s creditors, being a compromise or scheme of arrangement that is still in operation; or
has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that the officer had acted fraudulently or dishonestly,the Authority may, if it thinks it necessary in the interest of the public or of the protected parties of the licensed trust company, by written notice direct that licensed trust company to remove the officer from office or employment, and that licensed trust company must comply with the notice despite the provisions of section 152 of the Companies Act 1967.
(2)
Without affecting any other matter that the Authority may consider relevant, the Authority must, in determining whether an officer of a licensed trust company has failed to discharge the duties or functions of his or her office for the purposes of subsection (1)(c), have regard to such criteria as may be prescribed or as may be specified in written directions.
(3)
The Authority must not direct a licensed trust company to remove an officer from office or employment under subsection (1) without giving that licensed trust company an opportunity to be heard, except in the following circumstances:
the officer is an undischarged bankrupt, whether in Singapore or elsewhere;
the officer has been convicted, whether in Singapore or elsewhere, of an offence —
involving fraud or dishonesty or the conviction for which involved a finding that the officer had acted fraudulently or dishonestly; and
punishable with imprisonment for a term of 3 months or more.
(4)
Where the Authority directs a licensed trust company to remove an officer from office or employment under subsection (1), the Authority need not give that officer an opportunity to be heard.
(5)
No civil or criminal liability is incurred by —
a licensed trust company; or
any person acting on behalf of the licensed trust company,in respect of anything done or omitted to be done with reasonable care and in good faith in the discharge or purported discharge of its obligations under this section.
(6)
Any licensed trust company which fails to comply with a notice issued by the Authority under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.