Singapore legislation

Section 17

of Trust Companies Act 2005

Section 17

Application for approval of Authority to become controller of licensed trust company

(1)

An application for the approval of the Authority as required under section 16(1) must be made to the Authority in such form and manner as the Authority may require and the Authority may grant such approval to the applicant therefor if the Authority is satisfied that —

(a)

the applicant is a fit and proper person; and

(b)

having regard to the applicant’s likely influence, the licensed trust company is likely to continue to conduct its business prudently and comply with the provisions of this Act and directions made under this Act.

(2)

Any approval under this section may be granted to any person subject to such conditions as the Authority may determine, including but not limited to any condition —

(a)

restricting the person’s disposal or further acquisition of shares or voting power in the licensed trust company; or

(b)

restricting the person’s exercise of voting power in the licensed trust company.

(3)

Any condition imposed under subsection (2) has effect despite any provision of the Companies Act 1967 or anything contained in the memorandum or articles of association of the licensed trust company.

Read in full context — Trust Companies Act 2005 →