Trust Companies Act

(CHAPTER 336)

(Original Enactment: Act 11 of 2005)

REVISED EDITION 2006

(31st July 2006)

An Act to provide for the licensing and regulation of trust companies and for matters connected therewith.

[1st February 2006]

PART I

PRELIMINARY

Short title

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

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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