Singapore legislation

Section 64

of Trust Companies Act 2005

Section 64

Offences by bodies corporate

(1)

Where an offence under this Act committed by a body corporate is proved —

(a)

to have been committed with the consent or connivance of an officer; or

(b)

to be attributable to any neglect on the officer’s part,the officer as well as the body corporate shall be guilty of the offence and shall be liable to be proceeded against and punished accordingly.

(2)

Where the affairs of the body corporate are managed by its members, subsection (1) applies in relation to the acts and defaults of a member in connection with the member’s functions of management as if the member were a director of the body corporate.

(3)

In this section, “officer”, in relation to a body corporate, means a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body, and includes a person purporting to act in any such capacity.

(4)

Regulations may provide for the application of any provision of this section, with such modifications as the Authority considers appropriate, to a body corporate formed or recognised under the law of a territory outside Singapore.