Singapore legislation
Clause 67
Clause 67
Provisions if fund exceeds one million dollars
(1)
In the event of a fidelity fund amounting to a sum exceeding one million dollars (or such greater sum as the Minister may, by order, determine) —
every stockbroker who has made twenty annual contributions to the fund, and in respect of whom no payment from the fund has been made or (if any such payment has been made) the fund has been fully reimbursed, shall, subject to subsection (2), be freed and discharged from further annual contributions to the fund;
on the retirement from business of any such stock broker the committee may in its discretion pay to him the total amount of annual contributions made by him to the fund or such proportion thereof as is for the time being determined by the committee either generally or in relation to the particular stockbroker, either with or without simple interest thereon at a rate not exceeding three per centum per annum; and
on the death of any such stockbroker without any payment having been made to him under paragraph (b) the committee may in its discretion make such a payment either to his legal personal representative or to his widow or any dependant or dependants.
(2)
Any determination of the committee under paragraph (b) of subsection (1) shall be in writing and may be in respect of all or any class of stockbrokers or any particular stockbroker.
(3)
The committee may suspend the operation of paragraph (b) or (c) of subsection (1) but where the operation of one of the said paragraphs is for the time being suspended the committee shall not suspend the operation of the other.