Clause 40

Section 43J of the principal Act is amended by inserting, immediately after subsection (2), the following subsections:“(3) The Minister or such person as he may appoint may approve a trustee company as an approved trustee company for the purposes of this section.(4) Any approval under subsection (3) shall be for a period not exceeding 10 years as the Minister or the person appointed by the Minister may specify, and shall be subject to such conditions as the Minister may impose.(5) No trustee company shall be approved under subsection (3) on or after 1st April 2016.(6) A trustee company that is an approved trustee company immediately before 1st April 2011 shall remain as an approved trustee company until 31st March 2021, unless its approval is revoked earlier.(7) The trustee company referred to in subsection (6) shall remain as an approved trustee company subject to such conditions as the Minister may impose.”.