Singapore legislation
Section 18
Section 18
Objection to existing control
(1)
The Authority may serve a written notice of objection on any person mentioned in section 16 if the Authority is satisfied that —
any condition of approval imposed on the person under section 17(2) has not been complied with;
the person is not or ceases to be a fit and proper person;
having regard to the likely influence of the person, the licensed trust company is not able to or is no longer likely to conduct its business prudently or to comply with the provisions of this Act or any direction made under this Act;
the person has provided false or misleading information or documents in connection with an application under section 17; or
the Authority would not have granted its approval under section 17 had it been aware, at that time, of circumstances relevant to the person’s application for such approval.
(2)
The Authority must not serve a notice of objection on any person without giving the person an opportunity to be heard, except in the following circumstances:
the person is in the course of being wound up or otherwise dissolved, or in the case of an individual, in the course of bankruptcy proceedings, whether in Singapore or elsewhere;
a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the person;
the person has been convicted, whether in Singapore or elsewhere, of any offence involving fraud or dishonesty or the conviction for which involved a finding that the person had acted fraudulently or dishonestly.
(3)
Any person served with a notice of objection under this section must comply with the requirements of the notice.