Singapore legislation
Section 21E
Section 21E
Duration of control
(1)
The Authority must cease to be in control of the relevant business of a licensed trust company when the Authority is satisfied that —
the reasons for the Authority’s assumption of control of the relevant business have ceased to exist; or
it is no longer necessary in the interests of the public or the section of the public mentioned in section 21C(1)(c)(i) or for the protection of the protected parties of the licensed trust company.
(2)
A statutory manager is deemed to have assumed control of the relevant business of a licensed trust company on the date of the statutory manager’s appointment as a statutory manager.
(3)
The appointment of a statutory manager in relation to the relevant business of a licensed trust company may be revoked by the Authority at any time —
if the Authority is satisfied that —
the reasons for the appointment have ceased to exist; or
it is no longer necessary in the interests of the public or the section of the public mentioned in section 21C(1)(c)(i) or for the protection of the protected parties of the licensed trust company; or
on any other ground,and upon the revocation, the statutory manager ceases to be in control of the relevant business of the licensed trust company.
(4)
The Authority must, as soon as practicable, publish in the Gazette the date, and any other particulars that the Authority thinks fit, of —
the Authority’s assumption of control of the relevant business of a licensed trust company;
the cessation of the Authority’s control of the relevant business of a licensed trust company;
the appointment of a statutory manager in relation to the relevant business of a licensed trust company; and
the revocation of a statutory manager’s appointment in relation to the relevant business of a licensed trust company.