s 98 Approval of trustee and management company
(1) No person shall act or be appointed to act as trustee or as a management company in relation to a unit trust scheme or prescribed investment scheme without obtaining the prior approval of the Commission to act as trustee or as a management company. (2) The Commission may, subject to such terms and conditions as it thinks fit, approve— (a) a company to act as a management company of a unit trust scheme or a prescribed investment scheme; and (b) a person who is eligible to be appointed or to act as trustee under section 99, to act as trustee of a unit trust scheme or a prescribed investment scheme. (3) The Commission may, at any time, by reason of a breach of a term or condition subject to which the approval was granted under this Division or by reason of a contravention of this Act or any securities law, revoke such approval. (4) Without prejudice to subsection (1), the Commission may impose such other terms and conditions as it thinks fit while the approval is in force, but if the terms and conditions proposed to be imposed are likely to prejudice the interests of the management company or trustee, as the case may be, the Commission shall give the management company or trustee an opportunity to be heard. (5) An application for an approval under subsection (2) shall be made to the Commission in accordance with such procedure or other requirement as may be specified by the Commission. (6) A trustee or a management company who contravenes subsection (1) shall be guilty of an offence.