Trust Companies Act 2005 · 2020 Revised Edition · Part 3A · Control Over Licensed Trust Company
21E. Duration of control
Feedback & supportLast amended by an amending law of 2013.
The Authority must cease to be in control of the relevant business of a licensed trust company when the Authority is satisfied that —
the reasons for the Authority’s assumption of control of the relevant business have ceased to exist; or
it is no longer necessary in the interests of the public or the section of the public mentioned in section 21C(1)(c)(i) or for the protection of the protected parties of the licensed trust company.
A statutory manager is deemed to have assumed control of the relevant business of a licensed trust company on the date of the statutory manager’s appointment as a statutory manager.
statutory manager
“statutory manager” means a statutory manager appointed under section 21C.
The appointment of a statutory manager in relation to the relevant business of a licensed trust company may be revoked by the Authority at any time —
relevant business
“relevant business” means any business of a licensed trust company —(a)which the Authority has assumed control of under section 21C; or(b)in relation to which a statutory adviser or a statutory manager has been appointed under section 21C;
if the Authority is satisfied that —
the reasons for the appointment have ceased to exist; or
it is no longer necessary in the interests of the public or the section of the public mentioned in section 21C(1)(c)(i) or for the protection of the protected parties of the licensed trust company; or
on any other ground,and upon the revocation, the statutory manager ceases to be in control of the relevant business of the licensed trust company.
The Authority must, as soon as practicable, publish in the Gazette the date, and any other particulars that the Authority thinks fit, of —
the Authority’s assumption of control of the relevant business of a licensed trust company;
the cessation of the Authority’s control of the relevant business of a licensed trust company;
the appointment of a statutory manager in relation to the relevant business of a licensed trust company; and
the revocation of a statutory manager’s appointment in relation to the relevant business of a licensed trust company.