Trust Companies Act

(CHAPTER 336)

(Original Enactment: Ordinance 31 of 1926)

REVISED EDITION 1985

(30th March 1987)

An Act for the registration and regulation of trust companies.

[26th November 1926]

Short title

1. This Act may be cited as the Trust Companies Act.

Interpretation

2. In this Act, unless the context otherwise requires —

“court” means the High Court or any judge thereof in all cases where proceedings are taken in the High Court and means the District Court in all cases where proceedings are taken in a District Court;

“Registrar” means the Registrar or other officer performing under the Companies Act [Cap. 50] the duty of registration of companies;

“trust company” means a company registered as a trust company under this Act.

Registration of trust companies

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.

Issue of certificate

4.—(1) On receipt of an application under section 3, the Registrar shall make such inquiry as he thinks necessary, and if satisfied that all the requirements of that section have been complied with, shall register the company applying for registration in the register prescribed by section 6 and issue to it a certificate that the company is registered as a trust company, and thereupon the company shall be invested with all the powers, privileges and immunities and shall be subject to all the liabilities imposed by this Act.

(2) Notice of the issue of such certificate shall be published by the Registrar in the Gazette for 4 consecutive weeks next following the issue.

(3) If the Registrar is not satisfied that all the requirements of section 3 have been complied with, he shall refuse to register the company as a trust company:

Provided that the company may appeal from such refusal to the Minister, whose decision shall be final.

Registration of a company incorporated in Malaysia as a trust company

5.—(1) Any public company incorporated in Malaysia and registered in Singapore under Division 2 of Part XI of the Companies Act [Cap. 50], which obtains from the Registrar a declaration that he is satisfied —

(a)	that it is registered as a trust company in Malaysia under any law for the time being in force there relating to the registration of trust companies; and
(b)	that in accordance with such law it has deposited with the Accountant-General of Malaysia securities to the value of at least $100,000 to be held by that Accountant-General for the same purposes as are set out in section 7(1),

shall be deemed to have complied with all the requirements of section 3 and shall be entitled to apply to the Registrar for and obtain registration as a trust company in Singapore in accordance with section 4, and may thereupon carry on all the business of a trust company in Singapore in accordance with the provisions of this Act so long as it remains registered as a trust company in Malaysia and retains such deposit with the Accountant-General of Malaysia:

Provided that where the Registrar is of opinion that by reason of the amount of gross liability of any such company in Singapore additional security should be furnished by that company, he may order the company to make a deposit with the Accountant-General of Singapore in the manner and subject to the right of appeal provided by section 7(2), and upon such deposit being made it shall be subject to the provisions of this Act relating to deposits.

(2) Any certificate issued to such a company under section 4 shall state that the company is incorporated in Malaysia and shall specify with whom the company has made any required deposit of securities.

(3) This section shall have effect only if and so long as reciprocal provisions are contained in the law of Malaysia relating to trust companies.

6. There shall be kept in the office of the Registrar a register, to be called the Register of Trust Companies in which shall be entered the names of all trust companies registered under this Act, together with such other particulars as the Registrar may think necessary.

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