Trust Companies Act 2005
Table of Contents
Long Title
Part 1 PRELIMINARY
1 Short title
2 Interpretation
Part 2 LICENSING OF TRUST COMPANIES
3 Restriction on carrying on trust business
4 Application for trust business licence
5 Grant of trust business licence
6 Licence fee
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
15 Exempt persons
Part 3 CONTROL OF SHAREHOLDINGS AND VOTING POWERS
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
Part 3A CONTROL OVER LICENSED TRUST COMPANY
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
Part 3B VOLUNTARY TRANSFER OF BUSINESS
21H Interpretation of this Part
21I Voluntary transfer of business
21J Approval of transfer
Part 4 PROBATE AND ADMINISTRATION
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
Part 5 CONDUCT OF BUSINESS
27 Priority to orders of protected parties
Part 6 BOOKS, ACCOUNTS AND AUDIT
Division 1 — Books and accounts
28 Keeping of books and providing of returns
Division 2 — Audit
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
37 Defamation
Part 7 SUPERVISION AND INVESTIGATION
Division 1 — General
38 Self-incrimination
39 Savings for advocates and solicitors
Division 2 — Inspection powers of Authority
40 Inspection by Authority
Division 3 — Investigative powers of 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
Part 8 DISCLOSURE OF INFORMATION
47 Inspection in Singapore by parent supervisory authority
48 Confidentiality of inspection and investigation reports
49 Confidentiality
Part 9 APPEALS
50 Appeals
51 Appeals to Minister
52 Appeal Advisory Committees
53 Disclosure of information
54 Regulations for purposes of this Part
Part 10 MISCELLANEOUS
55 Registration of trust company as shareholder, etc., not notice of trust
56 Trusteeship
57 Joint tenancy
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
66 General penalty
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
78 Injunctions
79 Service of documents
80 Exemption
81 Amendment of Schedules
82 Regulations
Legislative History
Abbreviations
Comparative Table