Singapore legislation
Clause 7
Clause 7
Power of Authority to impose conditions or restrictions
(1)
The Authority may grant a trust business licence subject to such conditions or restrictions as it thinks fit.
(2)
The Authority may, at any time, by notice in writing to a licensed trust company, vary or revoke any condition or restriction or attach such further condition or restriction as it thinks fit.
(3)
Any licensed trust company which contravenes any condition or restriction attached to its trust business licence shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.