Trust Companies Act 2005 · 2020 Revised Edition · Part 2 · Licensing of Trust Companies
13. Approval of resident manager and director of licensed trust company
Feedback & supportA licensed trust company must not appoint a person as —
licensed trust company
“licensed trust company” means a corporation holding a trust business licence;
its resident manager; or
its director where, upon appointment, the person —
resides or is to reside in Singapore, whether or not he or she is directly responsible for its business in Singapore or any part of such business; or
is directly responsible for its business in Singapore or any part of such business, whether he or she resides in Singapore or elsewhere,unless it has obtained the approval of the Authority.
Where a licensed trust company has obtained the approval of the Authority to appoint a person as its resident manager or director under subsection (1), the person may be re‑appointed as resident manager or director (as the case may be) of the licensed trust company immediately upon the expiry of the earlier term without the approval of the Authority.
Without affecting any other matter that the Authority may consider relevant, the Authority may, in determining whether to grant its approval under subsection (1), have regard to such requirements as may be prescribed or as may be specified in written directions.
written directions
“written directions” means written directions issued by the Authority under section 76.
The Authority must not refuse an application for approval under subsection (1) without giving the licensed trust company an opportunity to be heard, except where the person proposed to be appointed —
is an undischarged bankrupt, whether in Singapore or elsewhere; or
has been convicted, whether in Singapore or elsewhere, of an offence —
involving fraud or dishonesty or the conviction for which involved a finding that he or she had acted fraudulently or dishonestly; and
punishable with imprisonment for a term of 3 months or more.
Where the Authority refuses an application for approval under subsection (1), the Authority need not give the person who was proposed to be appointed an opportunity to be heard.
Any licensed trust company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.