Singapore legislation
Section 30
Section 30
Lodgment of annual accounts, etc.
(1)
A licensed trust company must, in respect of each financial year —
prepare a true and fair profit and loss account and a balance sheet in relation to its business made up to the last day of the financial year; and
lodge the profit and loss account and balance sheet with the Authority within 5 months, or any extension thereof permitted by the Authority under subsection (2), after the end of the financial year, together with an auditor’s report on that profit and loss account and balance sheet.
(2)
Where an application for an extension of the period of 5 months specified in subsection (1) has been made by a licensed trust company to the Authority and the Authority is satisfied that there is a special reason for requiring the extension, the Authority may extend that period by not more than 4 months, subject to such conditions or restrictions as the Authority may think fit to impose.
(3)
A licensed trust company must submit to the Authority, at such intervals and in such manner as the Authority may specify, consolidated statements or information relating to the trusts that are administered by the licensed trust company or for which it provides trust administration services.
(4)
Any licensed trust company which contravenes subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $500 for every day or part of a day that the lodgment is late, subject to a maximum fine of $50,000.
(5)
Any licensed trust company which contravenes any condition or restriction imposed under subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.