Singapore legislation

Clause 59

of Securities Industry Bill

Clause 59

Form of order of Court establishing claim

(1)

Where in any proceedings brought to establish a claim the Court is satisfied that the defalcation on which the claim is founded was actually committed and that otherwise the claimant has a valid claim the Court shall by order —

(a)

declare the fact and the date of the defalcation and the amount of the claim; and

(b)

direct that the committee concerned allow the claim as so declared and deal with the same in accordance with the provisions of this Part.

(2)

The Judges of the Court may make rules for or with respect to practice and procedure generally upon proceedings under this Part.

(3)

In any such proceedings all questions of costs shall be in the discretion of the Court.

Clause 59 — Securities Industry Bill | laws.sg