Singapore legislation

Clause 29

Appointment of auditors

(1)

A licensed trust company shall appoint an auditor to audit its accounts and where, for any reason, the auditor ceases to act for such licensed trust company, the licensed trust company shall, as soon as practicable thereafter, appoint another auditor.

(2)

Notwithstanding any other provision of this Act or any other written law, the Authority may, if it is not satisfied with the performance of duties by an auditor appointed by a licensed trust company —

(a)

at any time direct the licensed trust company to remove the auditor; and

(b)

direct the licensed trust company, as soon as practicable thereafter, to appoint another auditor,and the licensed trust company shall comply with such direction.

(3)

Any licensed trust company which contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.

Read in full context — Trust Companies Bill →