Singapore legislation

Clause 10

of Trust Companies Bill

Clause 10

Lapsing, revocation and suspension of licence

(1)

The trust business licence of a licensed trust company shall lapse —

(a)

if the licensed trust company is wound up or otherwise dissolved, whether in Singapore or elsewhere; or

(b)

in the event of such other occurrence or in such other circumstances as may be prescribed.

(2)

The Authority may revoke or suspend the trust business licence of a licensed trust company in respect to all or any of the trust business services that are provided by the licensed trust company if —

(a)

there exists a ground on which the Authority may refuse an application under section 5(3);

(b)

the licensed trust company fails or ceases to carry on any trust business;

(c)

the Authority has reason to believe that the licensed trust company, or any of its officers or employees, has not performed its or his duties efficiently, honestly or fairly; (d)the licensed trust company has contravened or is contravening —

(i)

any condition or restriction attached to its trust business licence;

(ii)

any direction issued to it by the Authority under this Act; or

(iii)

any provision of this Act; (e)any information or document that is furnished by the licensed trust company to the Authority is false or misleading; or

(f)

the interests of the public or of the protected parties of the licensed trust company are in any way prejudiced.

(3)

The Authority shall not revoke or suspend the trust business licence of a licensed trust company under subsection (2) without giving the licensed trust company an opportunity to be heard, except in the following circumstances:

(a)

the licensed trust company is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;

(b)

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 licensed trust company; or

(c)

the licensed trust company has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly.

Read in full context — Trust Companies Bill →