Singapore legislation
Clause 12
Clause 12
General provisions as to winding up
(1)
The persons who may petition under the Companies Act (Cap. 50) for the winding up of the affairs of a licensed trust company, or for the continuance of the winding up of the affairs of a licensed trust company subject to the supervision of the court, shall include the Authority.
(2)
The Authority may, in accordance with the provisions of the Companies Act, present a petition for the winding up of a licensed trust company if the licensed trust company has contravened any provision of this Act.
(3)
The Authority shall be a party to any proceedings under the Companies Act relating to the winding up of the affairs of a licensed trust company.
(4)
The liquidator in any winding up referred to in subsection (3) shall give to the Authority such information as it may, from time to time, require about the affairs of the licensed trust company.
(5)
Any liquidator who contravenes subsection (4) shall be guilty of an offence.