On 21/05/2013,
you requested for the version in force on 21/05/2013
incorporating all amendments published on or before 21/05/2013.
The closest version currently available is that of 04/10/2005.
PART IX
APPEALS
50. Any applicant or licensed trust company which is aggrieved by —
(a)
the refusal of the Authority to grant a trust business licence;
(b)
the revocation or suspension of a trust business licence by the Authority;
(c)
the refusal of the Authority to grant an approval to a licensed trust company to appoint a person as its director or resident manager; or
(d)
the direction of the Authority to a licensed trust company to remove an officer from office or employment,
may, within 30 days after it is notified of the decision of the Authority, appeal to the Minister whose decision shall be final.
51.
—(1) Where an appeal is made to the Minister under this Act, the Minister may confirm, vary or reverse the decision of the Authority on appeal, or give such directions in the matter as he thinks fit, and the decision of the Minister shall be final.
(2) Where an appeal is made to the Minister under this Act, the Minister shall, within 28 days of his receipt of the appeal, constitute an Appeal Advisory Committee comprising not less than 3 members of the Appeal Advisory Panel and refer that appeal to the Appeal Advisory Committee.
(3) The Appeal Advisory Committee shall submit to the Minister a written report on the appeal referred to it under subsection (2), and may make such recommendations as it thinks fit.
(4) The Minister shall consider the report submitted under subsection (3) in making his decision under this section but he shall not be bound by the recommendations in the report.
52.
—(1) For the purpose of enabling Appeal Advisory Committees to be constituted under section 51, the Minister shall appoint a panel (referred to in this Part as the Appeal Advisory Panel) comprising such members from the financial services industry, and the public and private sectors, as the Minister may appoint.
(2) A member of the Appeal Advisory Panel shall be appointed for a term of not more than 2 years and shall be eligible for re-appointment.
(3) An Appeal Advisory Committee shall have the power, in the exercise of its functions, to inquire into any matter or thing relating to any trust business or any licensed trust company and may, for this purpose, summon any person to give evidence on oath or affirmation or produce any document or material necessary for the purpose of the inquiry.
(4) For the purposes of this Act, every member of an Appeal Advisory Committee —
(a)
shall be deemed to be a public servant for the purposes of the Penal Code (Cap. 224); and
(b)
in case of any suit or legal proceedings brought against him for any act done or omitted to be done in the execution of his duty under the provisions of this Act, shall have the like protection and privileges as are by law given to a Judge in the execution of his office.
(5) Every Appeal Advisory Committee shall have regard to —
(a)
the interest of the public;
(b)
the interest of the protected parties of licensed trust companies; and
(c)
the safeguarding of sources of information.
(6) Subject to the provisions of this Part, an Appeal Advisory Committee may regulate its own procedure and shall not be bound by the rules of evidence.
53. Nothing in this Act shall require the Minister or any public servant to disclose any information which he considers to be against the interest of the public to disclose.
54.
—(1) The Minister may make regulations for the purposes and provisions of this Part and for the due administration thereof.
(2) Without prejudice to the generality of subsection (1), the Minister may make regulations for or with respect to —
(a)
the appointment of members to, and procedures of, the Appeal Advisory Panel and Appeal Advisory Committees;
(b)
the form and manner in which an appeal to the Minister under this Act shall be made;
(c)
the fees to be paid in respect of any appeal made to the Minister under this Act, including the refund or remission, whether in whole or in part, of such fees;
(d)
the remuneration of the members of the Appeal Advisory Panel and Appeal Advisory Committees; and
(e)
all matters and things which by this Part are required or permitted to be prescribed or which are necessary or expedient to be prescribed to give effect to any provision of this Part.