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.