Singapore Statutes Online - 11 - Trust Companies Act 2005

Trust Companies Act 2005
(No. 11 of 2005)

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

FIRST SCHEDULE Trust Business

SECOND SCHEDULE Specified Persons

THIRD SCHEDULE Purposes for Which and Persons to Whom Protected Information May be Disclosed

FOURTH SCHEDULE Specified Provisions

FIFTH SCHEDULE Consequential Amendments to Other Written Laws

An Act to repeal and re-enact with amendments the Trust Companies Act (Chapter 336 of the 1985 Revised Edition) so as to provide for the licensing and regulation of trust companies and for matters connected therewith, and to make consequential amendments to certain other written laws.