Trust Companies Act 2005 · 2020 Revised Edition · Part 2 · Licensing of Trust Companies
7. Power of Authority to impose conditions or restrictions
Feedback & supportThe Authority may grant a trust business licence subject to such conditions or restrictions as it thinks fit.
The Authority may, at any time, by written notice to a licensed trust company, vary or revoke any condition or restriction or attach such further condition or restriction as it thinks fit.
licensed trust company
“licensed trust company” means a corporation holding a trust business licence;
Any licensed trust company which contravenes any condition or restriction attached to its trust business licence shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
trust business licence
“trust business licence” means a licence granted by the Authority under section 5 that authorises the holder of the licence to carry on trust business;