Singapore legislation

Clause 10

of Securities Industry (Amendment) Bill

Clause 10

Amendment of section 73

Subsections (3) and (4) of section 73 of the principal Act are hereby deleted and the following substituted therefor: —“(3) Upon the dissolution of the Stock Exchange of Malaysia Members’ Fidelity Guarantee Fund (in this section referred to as “the Fund”) maintained pursuant to the articles of association of a stock exchange, known as the Stock Exchange of Malaysia and Singapore, the amount in the Fund that, under the terms of the dissolution, is paid to the Singapore members of the Fund shall be transferred to and become part of the fidelity fund of a stock exchange established under section 61.(4) Nothing in this section shall affect the liability of the Fund to meet, in the manner and to the extent provided by the articles of association of the Stock Exchange of Malaysia and Singapore, claims against the Fund arising before the date of dissolution.”.