Trust Companies Act 2005

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3 Restriction on carrying on trust business

4 Application for trust business licence

5 Grant of trust business licence

7 Power of Authority to impose conditions or restrictions

8 False statements in relation to application for grant of licence

9 Notification of change of particulars

10 Lapsing, revocation and suspension of licence

11 Restriction on cessation of business or surrender of licence

12 General provisions as to winding up

13 Approval of resident manager and director of licensed trust company

14 Removal of officer of licensed trust company

16 Control of shareholdings and voting power in licensed trust company

17 Application for approval of Authority to become controller of licensed trust company

18 Objection to existing control

19 Licensed trust company to provide to Authority information relating to controllers, etc.

20 Offences, penalties and defences

21 Shareholding or control in other corporations

21A Interpretation of this Part

21B Information of insolvency, etc.

21C Action by Authority if licensed trust company unable to meet obligations, etc.

21D Effect of assumption of control under section 21C

21E Duration of control

21F Responsibilities of officers, member, etc., of licensed trust company

21G Remuneration and expenses of Authority and others in certain cases

21H Interpretation of this Part

21I Voluntary transfer of business

21J Approval of transfer

22 Licensed trust company may act as executor

23 Licensed trust company may be authorised to apply for probate or administration

24 Procedure as to probate applications

25 Licensed trust company not to provide security

26 Guardianship of person prohibited

27 Priority to orders of protected parties

28 Keeping of books and providing of returns

29 Appointment of auditors

30 Lodgment of annual accounts, etc.

31 Reports by auditor to Authority in certain cases

32 Power of Authority to appoint auditor

33 Offence to destroy, conceal, alter, etc., books

34 Safeguarding of books

35 Restriction on auditor’s and employee’s right to communicate certain matters

36 Additional powers of Authority in respect of auditors

38 Self-incrimination

39 Savings for advocates and solicitors

40 Inspection by Authority

41 Investigation by Authority

42 Power to order production of books

43 Application for warrant to seize books not produced

44 Powers where books are produced or seized

45 Powers where books not produced

46 Offences under this Division

47 Inspection in Singapore by parent supervisory authority

48 Confidentiality of inspection and investigation reports

51 Appeals to Minister

52 Appeal Advisory Committees

53 Disclosure of information

54 Regulations for purposes of this Part

55 Registration of trust company as shareholder, etc., not notice of trust

58 Licensed trust company may act as agent

59 Trust funds to be kept separate

60 Unclaimed money to be paid into court

61 Falsification of records by officer, auditor, employee or agent of licensed trust company

62 Duty not to provide false information to Authority

63 Jurisdiction of court

64 Offences by bodies corporate

65 Offences by officers

67 Penalty for corporations

68 Proceedings with consent of Public Prosecutor

69 Composition of offences

70 Power to make regulations giving effect to treaty, etc., relating to trust business

71 Opportunity to be heard

72 Power to reprimand for misconduct

73 Appointment of assistants

74 Codes, guidelines, etc., by Authority

75 Power of Authority to publish information

76 Power of Authority to issue written directions

77 Power of court to make certain orders

79 Service of documents

81 Amendment of Schedules

FIRST SCHEDULE

Sections 2 and 81

Trust business

The following businesses constitute trust business for the purposes of this Act:

(a)	the provision of services with respect to the creation of an express trust;
(b)	acting as trustee in relation to an express trust;
(c)	arranging for any person to act as trustee in respect of an express trust;
(d)	the provision of trust administration services in relation to an express trust.

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