Clause 42

by deleting paragraph 1 and substituting the following paragraph:“1. An association of underwriters, in order to comply with section 20(4), shall make a deposit of a value of $500,000 with the Authority.”;

by deleting paragraph 3 and substituting the following paragraph:“3. The Authority shall retain any deposit under this Schedule until it is satisfied that insurance business is not being carried on in Singapore by any members of the association, and it shall then transfer the deposit to the association except such part (if any) that it determines should be kept available for meeting claims against members of the association in respect of Singapore policies.”; and

by deleting the words “Subsections (2), (3), (6) and (7) of section 7” in paragraph 4 and substituting the words “Section 7(2), (3) and (6)”.