Lapsing of licence
6.  For the purposes of section 10(1)(b) of the Act, where the Authority has not revoked a licence under section 10(2)(b) of the Act, the licence shall lapse where —
(a)the licensed trust company has not commenced trust business within 6 months (or such longer period as the Authority may allow) from the date of the grant of the licence; or
(b)the licensed trust company —
(i)has ceased to carry on its trust business;
(ii)has not resumed any trust business for a continuous period of 14 days from the date of cessation of its trust business; and
(iii)has not notified the Authority of such cessation of its trust business at any time during the period of 14 days from the date of the cessation.