Singapore legislation
Section 34
Section 34
Deposit to be lodged in respect of dealer’s licence
(1)
Except in the case of a dealer who is a member company, the Authority shall not grant or renew a dealer’s licence unless there is lodged with the Authority, at the time of the application for the licence, a deposit in the sum of $100,000 (or such greater sum as the Minister may by order determine) in respect of the licence.
(2)
A deposit required by subsection (1) shall be in cash or in such other form as the Authority may in any particular case allow.
(3)
A deposit lodged under subsection (1) shall be applied by the Authority subject to and in accordance with the regulations made under this Act.