Singapore legislation

Clause 63

Payments out of fund

Subject to this Part, there shall from time to time be paid out of the fidelity fund of a stock exchange as required and in such order as the committee deems proper —

(a)

the amount of all claims, including costs, allowed by the committee or established against the stock exchange under this Part;

(b)

all legal and other expenses incurred in investigating or defending claims made under this Part or incurred in relation to the fund or in the exercise by the committee of the rights, powers and authorities vested in it by this Part in relation to the fund;

(c)

all premiums payable in respect of contracts of insurance or indemnity entered into by the committee under section 81;

(d)

the expenses incurred or involved in the administration of the fund including the salaries and wages of persons employed by the committee in relation thereto; and

(e)

all other moneys payable out of the fund in accordance with the provisions of this Act.

Read in full context — Securities Industry Bill →