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Contents

Long Title

Part I PRELIMINARY

Part II LICENSING OF TRUST COMPANIES

Part III CONTROL OF SHAREHOLDINGS AND VOTING POWERS

Part IIIA CONTROL OVER LICENSED TRUST COMPANY

Part IIIB VOLUNTARY TRANSFER OF BUSINESS

Part IV PROBATE AND ADMINISTRATION

Part V CONDUCT OF BUSINESS

Part VI BOOKS, ACCOUNTS AND AUDIT

Division 1 — Books and accounts

Division 2 — Audit

Part VII SUPERVISION AND INVESTIGATION

Division 1 — General

Division 2 — Inspection powers of Authority

Division 3 — Investigative powers of Authority

Part VIII DISCLOSURE OF INFORMATION

Part IX APPEALS

Part X MISCELLANEOUS

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

Legislative Source Key

Legislative History

Comparative Table

 
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On 18/04/2014, you requested the version in force on 18/04/2014 incorporating all amendments published on or before 18/04/2014. The closest version currently available is that of 18/04/2013.
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PART X
MISCELLANEOUS
Registration of trust company as shareholder, etc., not notice of trust
55.
—(1)  Neither the application by a licensed trust company for registration as a member or shareholder in the books of any company or corporation nor the entry of the name of a licensed trust company in the books of any company or corporation shall constitute a notice of trust.
(2)  No company or corporation shall be entitled to object to the entering of the name of a licensed trust company in its books by reason only that the licensed trust company may be or is a trustee.
(3)  In dealings with property, the fact that the person or one of the persons dealt with is a licensed trust company shall not of itself constitute a notice of trust.
[Trust Companies (repealed), s. 35]
Trusteeship
56.
—(1)  Subject to subsection (2), in all cases in which the court or any person or persons has or have power to appoint a trustee, whether as an original or a new or an additional trustee, to perform any legal trust or duty, a licensed trust company may be appointed in the same manner as if the licensed trust company were a private individual.
(2)  No licensed trust company shall be appointed in any case in which the instrument creating the trust, or the power authorising the appointment, forbids the appointment of a company.
[Trust Companies (repealed), s. 12]
Joint tenancy
57.  A licensed trust company, acting in a fiduciary capacity, shall be capable of acquiring and holding any property in joint tenancy in the same manner as if it were a private individual.
[Trust Companies (repealed), s. 13]
Licensed trust company may act as agent
58.
—(1)  Subject to subsection (2), a licensed trust company may act under any deed or instrument by which the licensed trust company is appointed agent or attorney for any person, and all the powers conferred upon the licensed trust company by any such deed or instrument may be exercised by such officer of the licensed trust company as the licensed trust company may appoint for that purpose.
(2)  Nothing in this section shall be deemed to authorise any person to confer upon a licensed trust company any power which may not lawfully be delegated by him.
[Trust Companies (repealed), s. 14]
Trust funds to be kept separate
59.
—(1)  Every licensed trust company shall ensure that all moneys, property and securities received or held by the licensed trust company in a fiduciary capacity are always kept distinct and in separate accounts from its own moneys, property and securities and marked in its books for each particular trust, so that they may be distinguished from any other assets shown in the registers and other books of account kept by it and so that the trust moneys do not form part of, or are not mixed with, its general assets.
(2)  Every licensed trust company shall ensure that all investments made by it as trustee shall be designated so that the trusts to which the investments belong may be readily identified at any time.
(3)  Any licensed trust company which contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.
[Trust Companies (repealed), s. 16]
Unclaimed money to be paid into court
60.
—(1)  All moneys and assets which remain in the hands of a licensed trust company, as trustee of a trust constituted in Singapore, and unclaimed by the person entitled to them for a period of 6 years after the time when they became payable to that person (except where payment has been restrained by order of a court of competent jurisdiction), together with such interest, if any, as has been received by the licensed trust company in respect thereof, less any commission or other charges properly chargeable by the licensed trust company, shall be paid by the licensed trust company into court —
(a)
under and in accordance with section 62 of the Trustees Act (Cap. 337); and
(b)
within such time or at such intervals as may be prescribed.
(2)  It shall not be necessary for a licensed trust company to obtain the concurrence or consent of any person to make payment into court in accordance with subsection (1).
[Trust Companies (repealed), s. 36]
Falsification of records by officer, auditor, employee or agent of licensed trust company
61.  Any officer, auditor, employee or agent of any licensed trust company who —
(a)
wilfully makes, or causes to be made, a false entry in any book of the licensed trust company;
(b)
wilfully omits to make, or causes to be omitted, an entry in any such book; or
(c)
wilfully alters, extracts, conceals or destroys, or causes to be altered, extracted, concealed or destroyed, an entry in any such book,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both.
[SFA, s. 328]
Duty not to furnish false information to Authority
62.
—(1)  Any person who furnishes the Authority with any information under this Act shall use due care to ensure that the information is not false or misleading in any material particular.
(2)  Subsection (1) shall apply only to a requirement in relation to which no other provision of this Act creates an offence in connection with the furnishing of information.
(3)  Any person who signs any document lodged with the Authority shall use due care to ensure that the document is not false or misleading in any material particular.
(4)  Any person who contravenes subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 or to imprisonment for a term not exceeding 2 years or to both.
[SFA, s. 329]
Jurisdiction of court
63.  Notwithstanding any provision to the contrary in the Criminal Procedure Code (Cap. 68), a District Court shall have jurisdiction to try any offence under this Act and shall have power to impose the full penalty or punishment in respect of the offence.
[SFA, s. 327]
Offences by bodies corporate
64.
—(1)  Where an offence under this Act committed by a body corporate is proved —
(a)
to have been committed with the consent or connivance of an officer; or
(b)
to be attributable to any neglect on his part,
the officer as well as the body corporate shall be guilty of the offence and shall be liable to be proceeded against and punished accordingly.
(2)  Where the affairs of the body corporate are managed by its members, subsection (1) shall apply in relation to the acts and defaults of a member in connection with his functions of management as if he were a director of the body corporate.
(3)  In this section, “officer”, in relation to a body corporate, means a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body, and includes a person purporting to act in any such capacity.
(4)  Regulations may provide for the application of any provision of this section, with such modifications as the Authority considers appropriate, to a body corporate formed or recognised under the law of a territory outside Singapore.
[SFA, s. 331]
Offences by officers
65.
—(1)  Any person, being an officer of a licensed trust company, who fails to take all reasonable steps to secure —
(a)
compliance with any provision of this Act; or
(b)
the accuracy and correctness of any statement submitted under this Act,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both.
(2)  In any proceedings against an officer under subsection (1), it shall be a defence for the officer to prove that he had reasonable grounds for believing that another person was charged with the duty of securing compliance with the requirements of this Act, or with the duty of ensuring that those statements were accurate, as the case may be, and that that person was competent, and in a position, to discharge that duty.
(3)  An officer shall not be sentenced to imprisonment for any offence under subsection (1) unless, in the opinion of the court, he committed the offence wilfully.
[SFA, s. 332]
General penalty
66.  Any person who is guilty of an offence under this Act for which no penalty is expressly provided shall be liable on conviction to a fine not exceeding $12,500.
[Banking, s. 81; FAA, s. 87; SFA, s. 335]
Penalty for corporations
67.
—(1)  Subject to subsections (2) and (3), where a corporation or body corporate is convicted of an offence under this Act, the penalty that the court may impose is a fine not exceeding 2 times the maximum amount that the court could, but for this subsection, impose as a fine for that offence.
(2)  Subsection (1) shall not apply to —
(a)
offences under section 7(3), 11(2), 13(6), 14(6), 21(2), 28(7) or (8), 29(3), 30(4) or (5), 47(6), 48(5)(b) or 49(6)(b); and
(b)
offences under any subsidiary legislation made under this Act where it is expressly provided in the subsidiary legislation that subsection (1) shall not apply to those offences.
(3)  Where an individual is convicted of an offence under this Act by virtue of section 64, he shall be liable to the fine or imprisonment or both as prescribed for that offence and subsection (1) shall not apply.
[FAA, s. 88]
Proceedings with consent of Public Prosecutor
68.  Proceedings for an offence under this Act may be taken only with the consent of the Public Prosecutor.
[15/2010 wef 02/01/2011]
[SFA, s. 336]
Composition of offences
69.
—(1)  The Authority may, in its discretion, compound any offence under this Act which is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence.
(1A)  The Authority may, in its discretion, compound any offence under this Act (including an offence under a provision which has been repealed) which —
(a)
was compoundable under this section at the time the offence was committed; but
(b)
has ceased to be so compoundable,
by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence at the time it was committed.
(2)  On payment of the sum of money referred to in subsection (1) or (1A), no further proceedings shall be taken against that person in respect of the offence.
(3)  The Authority may make regulations to prescribe the offences which may be compounded.
(4)  All sums collected by the Authority under subsection (1) or (1A) shall be paid into the Consolidated Fund.
Power to make regulations giving effect to treaty, etc., relating to trust business
70.
—(1)  Without prejudice to the generality of section 82(1), the Authority may make regulations prescribing the matters necessary or expedient to give effect in Singapore to the provisions of any treaty, convention, arrangement, memorandum of understanding, exchange of letters or other similar instrument relating to trust business, to which Singapore or the Authority is a party.
(2)  Without prejudice to the generality of subsection (1), such regulations may provide for —
(a)
exemptions from any requirement relating to —
(i)
the licensing or approval of any person; or
(ii)
the lodgment or registration of any document,
under this Act;
(b)
exemptions from any other requirement in this Act;
(c)
the application of this Act with such modifications as may be necessary;
(d)
the revocation or withdrawal of any exemption granted; and
(e)
the variation of any condition or restriction imposed in connection with the granting of any exemption under this Act.
[FAA, s. 103; SFA, s. 338]
Opportunity to be heard
71.  Where this Act provides for a person to be given an opportunity to be heard by the Authority, the Authority may prescribe the manner in which the person shall be given an opportunity to be heard.
[SFA, s. 316]
Power to reprimand for misconduct
72.
—(1)  Where the Authority is satisfied that a relevant person is guilty of misconduct, the Authority may, if it thinks it necessary in the interest of the public or of the protection of the protected parties of licensed trust companies, reprimand the relevant person.
(2)  In this section —
“misconduct” means —
(a)
the contravention of —
(i)
any provision of this Act;
(ii)
any condition or restriction of a licence or an exemption granted under this Act;
(iii)
any written direction issued by the Authority under this Act; or
(iv)
any code, guideline, policy statement or practice note issued or published under section 74;
(b)
the failure by an officer of a licensed trust company or an exempt person to discharge any duty or function of his office; or
(c)
the commission of an offence under section 64 or 65(1);
“officer” —
(a)
in relation to a body corporate, means a director, chief executive, manager, resident manager, secretary or other similar officer of the body corporate, and includes a person purporting to act in any such capacity; or
(b)
in relation to an unincorporated association (other than a partnership), means the president, the secretary, a member of the committee of the association or a person holding a position analogous to that of president, secretary or member of a committee, and includes a person purporting to act in any such capacity;
“relevant person” means any licensed trust company or exempt person, or any employee, officer or partner of such licensed trust company or exempt person.
[FAA, s. 97]
Appointment of assistants
73.
—(1)  Subject to subsection (2), the Authority may appoint any person to exercise any of its powers or perform any of its functions or duties under this Act, either generally or in any particular case, except the power to make subsidiary legislation.
(2)  The Authority may, by notification published in the Gazette, appoint one or more of its officers to exercise the power to grant an exemption to any person (not being an exemption granted to a class of persons) under any of the provisions of this Act as specified in the Fourth Schedule, or to revoke any such exemption.
(3)  Any person appointed by the Authority under subsection (1) shall be deemed to be a public servant for the purposes of the Penal Code (Cap. 224).
[SFA, s. 320]
Codes, guidelines, etc., by Authority
74.
—(1)  The Authority may issue, in such manner as it considers appropriate, such codes, guidelines, policy statements, practice notes and no-action letters as it considers appropriate for providing guidance —
(a)
in furtherance of its regulatory objectives;
(b)
in relation to any matter relating to any of the functions of the Authority under any provision of this Act; or
(c)
in relation to the operation of any provision of this Act.
(2)  The Authority may publish any such code, guideline, policy statement, practice note or no-action letter in such manner as it thinks fit.
(3)  The Authority may revoke, vary, revise or amend the whole or any part of any code, guideline, policy statement, practice note or no-action letter issued under this section in such manner as it thinks fit.
(4)  Where amendments are made under subsection (3) —
(a)
the other provisions of this section shall apply, with the necessary modifications, to such amendments as they apply to the code, guideline, policy statement, practice note or no-action letter; and
(b)
any reference in this Act or any other written law to the code, guideline, policy statement, practice note or no-action letter however expressed shall, unless the context otherwise requires, be a reference to the code, guideline, policy statement, practice note or no-action letter as so amended.
(5)  Any failure of a person to comply with any provision of a code, guideline, policy statement or practice note issued under this section that applies to him shall not of itself render that person liable to criminal proceedings but any such failure may, in any proceedings whether civil or criminal, be relied upon by any party to the proceedings as tending to establish or to negate any liability which is in question in the proceedings.
(6)  The issue by the Authority of a no-action letter shall not of itself prevent the institution of any criminal proceedings against any person for a contravention of any provision of this Act.
(7)  Any code, guideline, policy statement or practice note issued under this section —
(a)
may be of general or specific application; and
(b)
may specify that different provisions thereof apply to different circumstances or provide for different cases or classes of cases.
(8)  It shall not be necessary to publish any code, guideline, policy statement, practice note or no-action letter issued under this section in the Gazette.
(9)  In this section, “no-action letter” means a letter written by the Authority to an applicant for such a letter to the effect that, if the facts are as represented by the applicant, the Authority will not institute proceedings against the applicant in respect of a particular state of affairs or particular conduct.
[SFA, s. 321]
Power of Authority to publish information
75.
—(1)  The Authority may, where it thinks it necessary or expedient in the interest of the public, a section of the public or the protected parties of licensed trust companies, publish in such form and manner as it thinks fit —
(a)
any information relating to —
(i)
any licensed trust company;
(ii)
any exempt person; or
(iii)
any other person or class of persons granted an exemption under section 80; or
(b)
any other information which the Authority has acquired in the exercise of its functions or the performance of its duties under this Act.
(2)  Without prejudice to the generality of subsection (1), the Authority may publish information relating to —
(a)
the lapsing, revocation or suspension of the approval, licence or exemption granted to any person referred to in subsection (1);
(b)
the removal of an officer of any person referred to in subsection (1);
(c)
the composition of any offence —
(i)
under this Act committed by any person; or
(ii)
under any other law (whether of Singapore or any territory or country outside Singapore) involving a person referred to in subsection (1);
(d)
any civil or criminal proceedings brought —
(i)
under this Act against any person and the outcome of such proceedings, including any settlement, whether in or out of court; or
(ii)
under any other law, whether of Singapore or any territory or country outside Singapore, against any person referred to in subsection (1) and the outcome of such proceedings, including any settlement, whether in or out of court;
(e)
any disciplinary proceedings brought by the Authority against any person referred to in subsection (1) and the outcome of such proceedings; and
(f)
any other action as may have been taken by the Minister or the Authority against any person referred to in subsection (1).
[SFA, s. 322]
Power of Authority to issue written directions
76.
—(1)  The Authority may, if it thinks it necessary or expedient in the interest of the public or the protected parties of licensed trust companies, issue written directions, either of a general or specific nature, to —
(a)
any licensed trust company;
(b)
any exempt person;
(c)
any officer of a licensed trust company or an exempt person; or
(d)
any class of the persons referred to in paragraphs (a), (b) or (c),
to comply with such requirements as the Authority may specify in the written directions.
(2)  Without prejudice to the generality of subsection (1), any written direction may be issued with respect to —
(a)
the standards to be maintained by the licensed trust company or exempt person concerned in the conduct of its or his business;
(b)
the type and frequency of submission of financial returns and other information to be submitted to the Authority; and
(c)
the qualifications, experience and training of the officers of the licensed trust company or exempt person,
and the person to whom such direction is issued shall comply with the direction.
(3)  Any person who contravenes any direction issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine of $5,000 for every day or part thereof during which the offence continues after conviction.
(4)  It shall not be necessary to publish any direction issued under subsection (1) in the Gazette.
(5)  The Authority may at any time vary, rescind or revoke any written direction under subsection (1).
[FAA, s. 58]
Power of court to make certain orders
77.
—(1)  Where on the application of the Authority, it appears to the court that a person —
(a)
has committed an offence under this Act;
(b)
has contravened any condition or restriction of a trust business licence; or
(c)
is about to do an act that, if done, would be such an offence or contravention,
the court may, without prejudice to any order it would be entitled to make otherwise than under this section, make one or more of the following orders:
(i)
in the case of a persistent or continuing breach of this Act or of any condition or restriction of a licence, an order restraining a person from carrying on all or any of the trust business or from holding himself out as so carrying on all or any of the trust business or so acting;
(ii)
for the purpose of securing compliance with any other order under this section, an order directing a person to do or refrain from doing a specified act;
(iii)
any ancillary order deemed to be necessary or desirable in consequence of the making of any of these orders.
(2)  The court may, before making an order under subsection (1), direct that notice of the application be given to such person as the court thinks fit or that notice of the application be published in such manner as it thinks fit, or both.
(3)  Any person who, without reasonable excuse, contravenes an order made under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
(4)  Subsection (3) shall not affect the powers of the court in relation to the punishment for contempt of court.
(5)  The court may, on the application of an affected person or of its own motion, rescind, vary or discharge an order made by the court under this section or suspend the operation of such an order.
[Business Trusts Act, s. 101; SFA, s. 325]
Injunctions
78.
—(1)  Where a person has engaged, is engaging or is likely to engage in any conduct that constitutes or would constitute a contravention of this Act, the court may, on the application of the Authority, grant an injunction restraining the person from engaging in the conduct and, if the court is of the opinion that it is desirable to do so, requiring that person to do any act or thing.
(2)  Where a person has refused or failed, is refusing or failing, or is likely to refuse or fail, to do an act or thing that he is required by this Act to do, the court may, on the application of the Authority, make an order requiring the person to do that act or thing.
(3)  Where an application is made to the court for an injunction under subsection (1) or an order under subsection (2), the court may, if the court is of the opinion that it is desirable to do so, before considering the application, grant an interim injunction restraining a person from engaging in conduct of the kind referred to in subsection (1) or make an interim order requiring a person to do any act or thing, pending the determination of the application.
(4)  Where the court has granted an injunction or interim injunction or made an order or interim order under this section, the court may, on application by the Authority or by any person affected by the injunction, order, interim injunction or interim order, rescind or vary the injunction, order, interim injunction or interim order.
(5)  An injunction, order, interim injunction or interim order granted or made under this section may be expressed to operate for a period specified in the injunction, order, interim injunction or interim order or until the injunction, order, interim injunction or interim order is rescinded.
(6)  Any person who contravenes an injunction, order, interim injunction or interim order that is granted or made by the court under this section that is applicable to him shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
(7)  Where an application is made to the court for the grant of an injunction under subsection (1), the power of the court to grant the injunction may be exercised —
(a)
if the court is satisfied that the person has engaged in conduct of that kind referred to in that subsection, whether or not it appears to the court that the person intends to engage again, or to continue to engage, in conduct of that kind; or
(b)
if it appears to the court that, in the event that an injunction is not granted, it is likely that the person will engage in conduct of that kind referred to in that subsection, whether or not the person has previously engaged in conduct of that kind and whether or not there is an imminent danger of substantial damage to any person if the first-mentioned person engages in conduct of that kind.
(8)  Where an application is made to the court for the making of an order under subsection (2), the power of the court to make the order may be exercised —
(a)
if the court is satisfied that the person has refused or failed to do that act or thing referred to in that subsection, whether or not it appears to the court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act or thing; or
(b)
if it appears to the court that, in the event that an order is not made, it is likely the person will refuse or fail to do that act or thing referred to in that subsection, whether or not the person has previously refused or failed to do that act or thing and whether or not there is an imminent danger of substantial damage to any person if the first-mentioned person refuses or fails to do that act or thing.
(9)  Where the Authority makes an application to the court for the grant of an injunction or interim injunction or for the making of an order or interim order under this section, the court shall not require the Authority or any other person, as a condition of granting the injunction, order, interim injunction or interim order, to give any undertaking as to damages.
(10)  Subsection (6) shall not affect the powers of the court in relation to the punishment for contempt of court.
[SFA, s. 326]
Service of documents
79.
—(1)  Any notice or direction to be given or served by the Authority on a person shall for all purposes be regarded as duly given or served if it has been delivered or sent by post or facsimile transmission to such person at his last known address.
(2)  In the case of a corporation, the last known address referred to in subsection (1) shall be —
(a)
if it is a company incorporated in Singapore, the address of its registered office in Singapore; or
(b)
if it is a foreign company, the address of its registered office in Singapore or the registered address of its agent or, if it does not maintain a place of business in Singapore, its registered office in the place of its incorporation.
Exemption
80.
—(1)  The Authority may, by regulations, exempt any person or any class thereof, from all or any of the provisions of this Act, subject to such conditions or restrictions as may be prescribed.
(2)  The Authority may, on the application of any person, by notice in writing exempt the person from all or any of the provisions of this Act or the requirements specified in any written direction made by the Authority under this Act if the Authority considers it appropriate to do so in the circumstances of the case.
(3)  An exemption granted under subsection (2) —
(a)
may be granted subject to such conditions or restrictions as the Authority may specify by notice in writing;
(b)
need not be published in the Gazette; and
(c)
may be withdrawn at any time by the Authority.
(4)  Any person who contravenes any condition or restriction imposed under subsection (1) or (3)(a) shall be guilty of an offence.
[SFA, s. 337; FAA, s. 100]
Amendment of Schedules
81.
—(1)  The Minister may, by order published in the Gazette, amend, add to or vary any of Schedules.
(2)  The Minister may, in any order made under subsection (1), make such incidental, consequential or supplementary provisions to the Act as may be necessary or expedient.
(3)  Any order made under subsection (1) shall be presented to Parliament as soon as possible after publication in the Gazette.
[SFA, s. 340]
Regulations
82.
—(1)  The Authority may make regulations for carrying out the purposes and provisions of this Act and for the due administration thereof.
(2)  Without prejudice to the generality of subsection (1), the Authority may make regulations for or with respect to —
(a)
applications for the grant of licences under this Act and matters incidental thereto;
(b)
the minimum financial and other requirements that an applicant must fulfil for it to be issued a licence under this Act;
(c)
the activities of, and standards to be maintained by, a licensed trust company, an exempt person or any person who is granted an exemption under section 80, including the manner, method and place of conducting trust business;
(d)
the particulars to be recorded in, or in respect of, books kept by a licensed trust company; and
(e)
the requirements and restrictions relating to the granting of any unsecured advance, unsecured loan or unsecured credit facility by a licensed trust company.
(3)  Except as otherwise expressly provided in this Act, the regulations made under this Act —
(a)
may be of general or specific application;
(b)
may provide that a contravention of any specified provision thereof shall be an offence; and
(c)
may provide for penalties not exceeding a fine of $25,000 or imprisonment for a term not exceeding 12 months or both for each offence.
[SFA, s. 341]
Transitional and savings provisions
83.  The Minister may, within 2 years of the date of commencement of this Act, prescribe such transitional and savings provisions as he may consider necessary or expedient.
[85