Section 5. Registration of company incorporated in Singapore as a trust company.
(1) Any public company incorporated in Singapore and registered in Malaysia under Division 2 of Part XI of the Companies Act 1965, which obtains from the Registrar a declaration that he is satisfied-
(a) that it is registered as a trust company in Singapore under any law for the time being in force in Singapore relating to the registration of trust companies; and
(b) that, in accordance with that law, it has deposited with the Accountant General, Singapore, securities to the value of at least one hundred thousand ringgit,
shall be entitled to apply to the Registrar for and obtain registration as a trust company in Malaysia in accordance with section 4 and may thereupon carry on the business of a trust company in Malaysia in accordance with this Act so long as it remains registered as a trust company in Singapore and maintains a deposit as aforesaid:
Provided that where the Registrar is of opinion that, by reason of the amount of the gross liabilities of any such company in Malaysia, additional security ought to be furnished by that company, he may order the company to make a deposit with the Accountant General in the manner and subject to the appeal provided by section 7 (2) and, upon such deposit being made, the same shall be subject to all the provisions of this Act relating to deposits.
(2) This section shall have effect only if and so long as reciprocal provisions are contained in the law of Singapore relating to trust companies.