Trust Companies Act 2005 - Singapore Statutes Online

REPUBLIC OF SINGAPORE

GOVERNMENT GAZETTE

ACTS SUPPLEMENT

Published by Authority

NO. 31]

Friday, October 7

[2005

The following Act was passed by Parliament on 18th February 2005 and assented to by the President on 28th February 2005:—

Trust Companies Act 2005

(No. 11 of 2005)

I assent.

S R NATHAN,

President.

28th February 2005.

Date of Commencement: 1st February 2006

An Act to repeal and re-enact with amendments the Trust Companies Act (Chapter 336 of the 1985 Revised Edition) so as to provide for the licensing and regulation of trust companies and for matters connected therewith, and to make consequential amendments to certain other written laws.

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

PART I

PRELIMINARY

Short title and commencement

1. This Act may be cited as the Trust Companies Act 2005 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Interpretation

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

“advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 130A of the Legal Profession Act (Cap. 161);

“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap. 186);

“book” includes any record, register, account, deed, writing and information, however compiled, recorded or stored, whether in written or printed form or on microfilm or in any other electronic form or otherwise;

“controller”, in relation to a licensed trust company, means a 20% controller, a 50% controller or an indirect controller as defined in section 16(3);

“corporation” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);

“director” has the same meaning as in section 4(1) of the Companies Act;

“exempt person” means a person who is exempt under section 15 from holding a licence for the carrying on of any trust business;

“futures contract” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289);

“licensed trust company” means a corporation holding a trust business licence;

“officer” has the same meaning as in section 4(1) of the Companies Act;

“parent supervisory authority”, in relation to a licensed trust company incorporated outside Singapore, means the supervisory authority which is responsible, under the laws of the country or territory where the licensed trust company is incorporated, formed or established, for supervising the licensed trust company;

“protected party”, in relation to a trust company, means a trust for which the trust company provides trust business services and includes the settlor and beneficiary under the trust;

“related corporation” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);

“resident manager” means an individual resident in Singapore who, under the immediate authority of the directors of a licensed trust company, is responsible for the conduct of the trust business of the licensed trust company;

“securities” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289);

“substantial shareholder” has the same meaning as in Division 4 of Part IV of the Companies Act;

“trust business” means any business specified in the First Schedule;

“trust business licence” means a licence granted by the Authority under section 5 that authorises the holder thereof to carry on trust business;

“trust business service” means any service in respect of any business specified in the First Schedule;

“written directions” means written directions issued by the Authority under section 76.

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