On 24/05/2013,
you requested for the version in force on 24/05/2013
incorporating all amendments published on or before 24/05/2013.
The closest version currently available is that of 31/07/2006.
16.
—(1) No person shall become —
(a)
a 20% controller;
(b)
a 50% controller; or
(c)
an indirect controller,
of a licensed trust company incorporated in Singapore without obtaining the prior approval of the Authority in accordance with section 17.
(2) Where any person becomes a controller of a licensed trust company that is incorporated outside Singapore, the licensed trust company shall notify the Authority in writing as soon as practicable after the acquisition of the control.
(3) In this section —
“20% controller” means a person who, alone or together with his associates —
(a)
holds 20% or more but less than 50% of the total number of issued shares in the licensed trust company; or
(b)
is in a position to control voting power of 20% or more but less than 50% in the licensed trust company;
“50% controller” means a person who, alone or together with his associates —
(a)
holds 50% or more of the total number of issued shares in the licensed trust company; or
(b)
is in a position to control voting power of 50% or more in the licensed trust company;
“indirect controller” means any person, whether acting alone or together with any other person and whether with or without holding shares or controlling voting power in a licensed trust company —
(a)
in accordance with whose directions, instructions or wishes the directors of the licensed trust company are accustomed or under an obligation, whether formal or informal, to act; or
(b)
who is in a position to determine the policy of the licensed trust company,
but does not include any person —
(i)
who is a director or other officer of the licensed trust company whose appointment has been approved by the Authority; or
(ii)
in accordance with whose directions, instructions or wishes the directors of the licensed trust company are accustomed to act by reason only that they act on advice given by him in his professional capacity.
(4) For the purposes of subsection (3) —
(a)
a person holds a share if —
(i)
he is deemed to have an interest in that share under section 7(6) to (10) of the Companies Act (Cap. 50); or
(ii)
he otherwise has a legal or an equitable interest in that share except for such interest as is to be disregarded under section 7(6) to (10) of the Companies Act;
(b)
a reference to the control of a percentage of the voting power in a licensed trust company is a reference to the control, whether direct or indirect, of that percentage of the total number of votes that might be cast in a general meeting of the licensed trust company; and
(c)
a person, A, is an associate of another person, B, if —
(i)
A is the spouse or a parent, remoter lineal ancestor or step-parent or a son, daughter, remoter issue, step-son or step-daughter or a brother or sister, of B;
(ii)
A is a corporation whose directors are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of B, or where B is a corporation, of the directors of B;
(iii)
B is a corporation whose directors are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of A, or where A is a corporation, of the directors of A;
(iv)
A is a person who is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of B;
(v)
B is a person who is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of A;
(vi)
A is a related corporation of B;
(vii)
A is a corporation in which B, alone or together with other associates of B as described in sub-paragraphs (ii) to (vi), is in a position to control not less than 20% of the voting power in A;
(viii)
B is a corporation in which A, alone or together with other associates of A as described in sub-paragraphs (ii) to (vi), is in a position to control not less than 20% of the voting power in B; or
(ix)
A is a person with whom B has an agreement or arrangement, whether oral or in writing and whether express or implied, to act together with respect to the acquisition, holding or disposal of shares or other interests in, or with respect to the exercise of their voting power in relation to, the licensed trust company.
[Banking, s. 15B; Broadcasting, s. 36]