Singapore legislation
Clause 23
Clause 23
Repeal and re-enactment of sections 67 and 68
Sections 67 and 68 of the principal Act are hereby repealed and the following substituted therefor: —“Fidelity fund to consist of an amount of two million dollars67.—
The fidelity fund of a stock exchange shall consist of an amount of not less than two million dollars, or such other sum as may by order be determined by the Minister from time to time, to be paid to the credit of the fund on the establishment of a stock exchange under this Act.(2) The fidelity fund shall be increased by an annual payment into the fund of a sum that is equal to ten per cent or more of the net income of a stock exchange for any one financial year.Provisions if fund is reduced below two million dollars
68. If the fidelity fund is reduced below the sum of two million dollars or such other sum as the Minister may, by order, determine, the committee shall take steps to make up the deficiency —
by transferring an amount that is equal to the deficiency from other funds of a stock exchange to the fidelity fund; or
in the event that there are insufficient funds to transfer under paragraph (a), by determining the amount which each member company shall contribute to the fund.”.