Clause 88

by deleting paragraphs (a) and (c) of subsection (6) and substituting the following paragraphs:“(a)the person making the offer (being an entity), the responsible person or the collective investment scheme itself, is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;

the person making the offer (being an individual) is an undischarged bankrupt, whether in Singapore or elsewhere;

a receiver, a receiver and manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the person making the offer (being an entity), the responsible person or the collective investment scheme.”; and

by deleting subsection (7) and substituting the following subsection:“(7) The responsible person for a collective investment scheme may, within 30 days after he is notified that the Authority has refused to authorise that scheme under subsection (1), appeal to the Minister whose decision shall be final.”.