Singapore legislation

Clause 83

of Securities Industry Bill

Clause 83

Levy to meet liabilities

(1)

If at any time a fidelity fund is not sufficient to satisfy the liabilities that are then ascertained of the securities exchange in relation thereto, the committee may impose on every member company a levy of such amount as it thinks fit or, if ordered by the Minister, shall impose a levy of such sum which shall in the aggregate be equivalent to the amount so specified in the order.

(2)

The amount of such levy shall be paid within the time and in the manner specified by the committee either generally or in relation to any particular case.

(3)

No member company shall be required to pay by way of levy under this section more than $300,000 in the aggregate.

Clause 83 — Securities Industry Bill | laws.sg