Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 15 July 2010 - onwards
  Version 2 of 2    

97. Revocation of authorisation other than on application of holder.

(1) The Minister may revoke an authorisation only if the Minister has reasonable grounds to be satisfied of any of the following:

(a) the holder of the authorisation has not commenced to carry on business as a trust or company service provider within 12 months after the date on which the authorisation was granted;

(b) the holder of the authorisation has not carried on such a business within the immediately preceding 6 months;

(c) the authorisation was obtained by means of a false or misleading representation;

(d) any of the following persons is not a fit and proper person:

(i) the holder of the authorisation;

(ii) in a case where the holder of the authorisation is a body corporate, a partnership or an individual carrying on business as a trust or company service provider as a partner in a partnership, any principal officer of the body corporate or partnership (as the case may be);

(iii) any person who is a beneficial owner of the business concerned;

(e) the holder of the authorisation