Singapore legislation
Section 183
Section 183
Levy to meet liabilities
Amended by2/20092/20092/2009
(1)
If at any time a fidelity fund is not sufficient to satisfy the liabilities that are then ascertained of an approved exchange in relation thereto, the approved exchange —
(a)
may impose on every member a levy of such amount as it thinks fit; or
(b)
if ordered by the Authority, must impose a levy of such amount which must in the aggregate be equivalent to the amount so specified in the order.
Amended by2/2009
(2)
The amount of the levy must be paid within the time and in the manner specified by the approved exchange either generally or in relation to any particular case.
Amended by2/2009
(3)
No member of an approved exchange may be required to pay by way of levy under this section more than $300,000 in the aggregate in any particular case.
Amended by2/2009