Singapore legislation
Clause 50
Clause 50
Provisions if fund exceeds one million dollars
(1)
In the event of a fidelity fund amounting to a sum exceeding one million dollars (or such greater sum as the Minister may, by order, determine) —
every stock broker who has made twenty annual contributions to the fund, and in respect of whom no payment from the fund has been made or (if any such payment has been made) the fund has been fully reimbursed, shall, subject to subsection (2) of this section, be freed and discharged from further annual contributions to the fund;
on the retirement from business of any such stock broker the committee may in its discretion pay to him the total amount of annual contributions made by him to the fund or such proportion thereof as is for the time being determined by the committee either generally or in relation to the particular stock broker, either with or without simple interest thereon at a rate not exceeding three per centum per annum; and
on the death of any such stock broker without any payment having been made to him under paragraph (b) of this subsection the committee may in its discretion make such a payment either to his legal personal representative or to his widow or any dependent or dependents.
(2)
Any determination of the committee under paragraph (b) of subsection (1) of this section shall be in writing and may be in respect of all or any class of stock brokers or any particular stock broker.
(3)
The committee may by notice in writing published in the Gazette —
suspend the operation of paragraph (b) or (c) of subsection (1) of this section; or
revoke any such suspension,but where the operation of one of the said paragraphs is for the time being suspended the committee shall not suspend the operation of the other.
(4)
If a fidelity fund is reduced below the sum of three quarters of a million or such other sum as the Minister may, by order, determine the committee may decide that a stock broker who has been freed and discharged from payment under subsection (1) of this section shall again be required, to such extent as it thinks fit, to pay annual contributions under section 49 of this Act.