Singapore legislation

Clause 9

of Trust Companies Bill

Clause 9

Notification of change of particulars

(1)

Where —

(a)

a licensed trust company ceases to carry on any trust business;

(b)

any person has ceased to be a resident manager or a controller of a licensed trust company;

(c)

any civil or criminal proceedings have been instituted against a licensed trust company or any officer thereof;

(d)

any change occurs in the name of a licensed trust company or the address of the principal place of business at which the licensed trust company carries on its trust business;

(e)

a licensed trust company has ceased to fulfil the minimum financial or other requirements prescribed by the Authority; or

(f)

any change occurs in relation to such other matters as may be prescribed,the licensed trust company shall, not later than 14 days after the occurrence of the event, furnish particulars of the event to the Authority in the prescribed form and manner.

(2)

Where a licensed trust company ceases to carry on any trust business, it shall surrender to the Authority within 14 days of the date of the cessation of its trust business the trust business licence that has been granted to it.

(3)

Any licensed trust company which contravenes subsection (1) or (2) shall be guilty of an offence.

Read in full context — Trust Companies Bill →