On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
The closest version currently available is that of 18/04/2013.
14.
—(1) Where the Authority is satisfied that an officer of a licensed trust company —
(a)
has wilfully contravened or wilfully caused the licensed trust company to contravene this Act;
(b)
has, without reasonable excuse, failed to enforce compliance with this Act;
(c)
has failed to discharge the duties or functions of his office;
(d)
is an undischarged bankrupt, whether in Singapore or elsewhere;
(e)
has had execution against him in respect of a judgment debt returned unsatisfied in whole or in part;
(f)
has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with his creditors, being a compromise or scheme of arrangement that is still in operation; or
(g)
has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that he had acted fraudulently or dishonestly,
the Authority may, if it thinks it necessary in the interest of the public or of the protected parties of the licensed trust company, by notice in writing direct that licensed trust company to remove the officer from office or employment, and that licensed trust company shall comply with such notice notwithstanding the provisions of section 152 of the Companies Act (Cap. 50).
(2) Without prejudice to any other matter that the Authority may consider relevant, the Authority shall, in determining whether an officer of a licensed trust company has failed to discharge the duties or functions of his office for the purposes of subsection (1)(c), have regard to such criteria as may be prescribed or as may be specified in written directions.
(3) The Authority shall not direct a licensed trust company to remove an officer from office or employment under subsection (1) without giving that licensed trust company an opportunity to be heard, except in the following circumstances:
(a)
the officer is an undischarged bankrupt, whether in Singapore or elsewhere;
(b)
the officer has been convicted, whether in Singapore or elsewhere, of an offence —
(i)
involving fraud or dishonesty or the conviction for which involved a finding that he had acted fraudulently or dishonestly; and
(ii)
punishable with imprisonment for a term of 3 months or more.
(4) Where the Authority directs a licensed trust company to remove an officer from office or employment under subsection (1), the Authority need not give that officer an opportunity to be heard.
(5) No criminal or civil liability shall be incurred by —
(a)
a licensed trust company; or
(b)
any person acting on behalf of the licensed trust company,
in respect of anything done or omitted to be done with reasonable care and in good faith in the discharge or purported discharge of its obligations under this section.
(6) Any licensed trust company which fails to comply with a notice issued by the Authority under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
[SFA, s. 97]