Clause 7

by deleting subsections (2) and (3) and substituting the following subsections:“(2) The following investments made by a member under any scheme in accordance with any regulations made under section 77(1)(n) 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 any bank for any debt owing by the member to the bank:

precious metals, insurance policies and securities purchased by the member;

the proceeds from the sale of such precious metals and securities and the benefits of such insurance policies; and

any moneys in any fixed deposit account maintained by the member with a bank.(3) Such precious metals, insurance policies, securities, proceeds, benefits or moneys shall not pass to the Official Assignee on the bankruptcy of such member, and if such member is adjudicated a bankrupt or is declared insolvent by a court, such precious metals, insurance policies, securities, proceeds, benefits or moneys shall be deemed not to form part of the property of the member.”; and

by inserting, immediately after subsection (6), the following subsection:“(7) In this section, “insurance policies” includes investment-linked insurance policies.”.