In force2020 Revised EditionCurrent version · 2020 Revised EditionSee versions on Singapore Statutes Online(opens the publisher’s site)
Trust Companies Act 2005 · 2020 Revised Edition · Part 3 · Control of Shareholdings and Voting Powers
21. Shareholding or control in other corporations
Feedback & support(1)
A licensed trust company must not, without obtaining the prior approval of the Authority, acquire or hold more than —
licensed trust company
Defined · s 2
“licensed trust company” means a corporation holding a trust business licence;
(a)
20% of the total number of issued shares; or
(b)
20% of the voting power,in a corporation, unless it acquires or holds such shares or voting power in the course of acting as a trustee.
(2)
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.