Singapore legislation
Clause 7
Clause 7
Amendment of section 55
Section 55 of the principal Act is hereby amended —
(a)
by inserting immediately after the word “shall” appearing in the second line thereof the words “subject to subsection (2)”;
(b)
by renumbering the section as subsection (1); and
(c)
by inserting immediately thereafter the following new subsection: —“(2) No demand shall be made under this section unless the balance of moneys in a trust account of the stockbroker, member firm or member company has been withdrawn to such an extent that the stockbroker, member firm or member company cannot meet his or its obligations under paragraph (a) or (c) of section 38.”.