Application by company to be registered as a trust company
3. Any public company incorporated in Singapore may apply to the Registrar to be registered as a trust company provided that —
(a)
the objects of the company are restricted to some or all of the objects set out in section 8;
(b)
the authorised capital of the company is not less than $500,000 divided into shares of not less than $10 each;
(c)
at least one-half of the amount of every share issued by the company remains unpaid and is not liable to be called up, except in the event of and for the purpose of the winding up or dissolution of the company;
(d)
the board of directors has been duly appointed in accordance with the articles of association of the company;
(e)
at least $150,000 of the authorised capital has been bona fide paid up;
(f)
the company has deposited with the Accountant-General securities to be approved by the Minister to the value of $100,000; and
(g)
the company is able to meet its obligations, apart from its liability to its shareholders, without taking into account the securities so deposited with the Accountant-General.