Singapore legislation
Section 21
Section 21
Shareholding or control in other corporations
(1)
A licensed trust company must not, without obtaining the prior approval of the Authority, acquire or hold more than —
(a)
20% of the total number of issued shares; or
(b)
20% of the voting power,in a corporation, unless it acquires or holds such shares or voting power in the course of acting as a trustee.
(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 $50,000.