Singapore legislation
Clause 18
Clause 18
Security to be lodged in respect of dealer’s licence
(1)
Except in the case of a dealer who is a stockbroker, the Registrar shall not grant or renew a dealer’s licence unless there is lodged with the Accountant-General a security in the sum of one hundred thousand dollars in respect of the licence.
(2)
A security required by subsection (1) shall be by cash deposit or by such other method as the Accountant-General may in any particular case allow.
(3)
A security lodged under subsection (1) shall be applied by the Accountant-General subject to and in accordance with the regulations made under this Act.