Singapore legislation
Clause 8
Clause 8
Amendment of section 24
Section 24 of the principal Act is amended —
by deleting subsection (2) and substituting the following subsection:“(2) Precious metals and securities purchased by a member and the proceeds from the sale of such precious metals and securities and any moneys in any fixed deposit account maintained by a member with a bank, under any scheme in accordance with any regulations made under section 77 which allow the member to withdraw his moneys in the Fund, for the purposes of investment and which the member is obliged to repay into the Fund shall not be attached, sequestered, levied upon for or in respect of any debt or claim or be subject to any right of set-off by the bank for any debt owing by the member to the bank.”; and
by deleting the words “or proceeds” in the 1st line and in the penultimate line of subsection (3) and substituting in each case the words “, proceeds or moneys”.