Singapore legislation
Regulation 6
Regulation 6
Lapsing of licence
For the purposes of section 10(1)(b) of the Act, where the Authority has not revoked a licence under section 10(2)(b) of the Act, the licence shall lapse where —
(a)
the licensed trust company has not commenced trust business within 6 months (or such longer period as the Authority may allow) from the date of the grant of the licence; or
(b)
the licensed trust company —
(i)
has ceased to carry on its trust business;
(ii)
has not resumed any trust business for a continuous period of 14 days from the date of cessation of its trust business; and
(iii)
has not notified the Authority of such cessation of its trust business at any time during the period of 14 days from the date of the cessation.