Singapore legislation
Clause 11
Clause 11
Restriction on cessation of business or surrender of licence
(1)
No licensed trust company shall, without the sanction of the court and for so long as any trust in respect of which the licensed trust company is a trustee remains in whole or in part unadministered —
(a)
cease to carry on its trust business; or
(b)
surrender its trust business licence to the Authority.
(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 $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.