Trust Companies Act 2005(No. 11 of 2005)
Table of Contents
Long Title
Enacting Formula
Part I PRELIMINARY
1 Short title and commencement
2 Interpretation
Part II 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 III CONTROL OF vOTING POWERS AND SHAREHOLDINGS
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 furnish to Authority information relating to controllers, etc.
20 Offences, penalties and defences
21 Shareholding or control in other corporations
Part IV 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 furnish security
26 Guardianship of person prohibited
Part V CONDUCT OF BUSINESS
27 Priority to orders of protected parties
Part VI BOOKS, ACCOUNTS AND AUDIT
Division 1 — Books and accounts
28 Keeping of books and furnishing 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 VII 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 VIII DISCLOSURE OF INFORMATION
47 Inspection in Singapore by parent supervisory authority
48 Confidentiality of inspection and investigation reports
49 Confidentiality
Part IX APPEALS
50 Appeals
51 Appeals to Minister
52 Appeal Advisory Committees
53 Disclosure of information
54 Regulations for purposes of this Part
Part X 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 furnish 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 Attorney-General
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
83 Repeal
84 Consequential amendments to other written laws
85 Transitional and savings provisions