Singapore legislation
Clause 7
Clause 7
Amendment of section 35
Section 35 of the Bankruptcy Act is amended by deleting subsection (1) and substituting the following subsections:“(1) A person appointed as a trustee under section 33 —
must not commence acting as such trustee until the person has given security in accordance with subsection (1A); and
where the trustee’s security has been forfeited under section 39(8), must not continue acting as such trustee until the person has given fresh security in accordance with subsection (1A).(1A) The trustee must give security in the prescribed manner and to the satisfaction of the Official Assignee that the trustee will faithfully perform the trustee’s duties and duly observe all the requirements imposed on the trustee by this Act, the rules or any other written law with respect to the performance of the trustee’s duties.”.