Singapore legislation
Clause 7
Clause 7
Repeal and re-enactment of section 34
Section 34 of the principal Act is repealed and the following section substituted therefor:“Deposit to be lodged in respect of dealer’s licence34.—
(1)
Except in the case of a dealer who is a member company, the Authority shall not grant or renew a dealer’s licence unless there is lodged with the Authority, at the time of the application for the licence and in such manner as the Authority may determine, an amount of $100,000 or such other amount as the Authority may by regulations prescribe in respect of that licence.(2) Without limiting the generality of subsection (1), the Authority may prescribe different amounts of deposits in respect of different classes of dealer’s licences.”.