Singapore legislation
Clause 6
Clause 6
Licence fee
(1)
Every licensed trust company shall pay to the Authority such licence fee as may be prescribed.
(2)
Any licence fee paid to the Authority under this Act shall not be refunded or remitted if —
(a)
the licence is revoked or suspended or lapses during the period to which the licence fee relates; or
(b)
the licensed trust company ceases to carry on trust business during the period to which the licence fee relates.
(3)
Notwithstanding subsection (2), the Authority may, where it considers appropriate, refund or remit the whole or part of any licence fee paid to it.