Page:Trust Companies Act 2005.pdf/8

8 :(2) No licensed trust company shall, without the prior approval of the Authority, establish a place of business outside Singapore to carry on any business which, if carried on in Singapore, would constitute trust business.


 * (3) Subsection (1) shall not apply to any person specified in the Second Schedule.


 * (4) Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $7,500 for every day or part thereof during which the offence continues after conviction.

Application for trust business licence


 * 4.—(1) An application for a trust business licence shall—


 * (a) be made to the Authority in such form and manner as the Authority may require; and


 * (b) be accompanied by the prescribed application fee, which shall be non-refundable and which shall be paid in the manner specified by the Authority.


 * (2) The Authority may require an application to furnish it with such information or documents as it considered necessary in relation to the application.

Grant of trust business licence


 * 5.—(1) The Authority shall not grant a trust business licence to an applicant therefor unless the applicant is —


 * (a) a company incorporated under the Companies Act (Cap. 50); or


 * (b) a foreign company registered under Division 2 of Part XI of the Companies Act.


 * (2) A trust business licence shall only be granted if the applicant meets such minimum financial and other requirements as the Authority may prescribe.


 * (3) Subject to regulations made under this Act, where an application is made for the grant of a trust business licence, the Authority may refuse the application if —