7.—(1) Where a licensed trust company ceases to carry on trust business, the licensed trust company shall lodge with the Authority a notice in Form 2 and, together with the Form, return its licence to the Authority within 14 days from the date of cessation of its trust business.
(2) Where a licensed trust company has not commenced trust business within 6 months (or such longer period as the Authority may allow) of being granted a licence, the licensed trust company shall immediately return its licence to the Authority for cancellation.
(3) Where the Authority varies any condition or restriction imposed on a licence granted to a licensed trust company or imposes further conditions or restrictions on such licence, the licensed trust company shall immediately return the licence to the Authority for cancellation and the Authority shall issue a new licence to the licensed trust company.