Clause 14

by deleting subsection (2) and substituting the following subsection:“(2) The minimum amount of liquid assets to be maintained by every finance company shall be determined from time to time by the Authority and shall be expressed in the form of a percentage or percentages which those assets shall bear to the liabilities of each finance company on account of deposits and other liabilities, either jointly or separately.”; and

by deleting subsection (4) and substituting the following subsection:“(4) For the purposes of this section, “liquid assets” means —

notes and coins that are legal tender in Singapore;

Government securities;

Government securities held under overnight repurchase agreements with banks in Singapore, approved primary and registered dealers in Government securities and the Post Office Savings Bank of Singapore established under the Post Office Savings Bank of Singapore Act [Cap. 237];

bills of exchange denominated in Singapore dollars accepted or endorsed by at least two banks in Singapore, which arise from genuine trade transactions and are payable within 3 months; and

such other assets as the Authority may from time to time specify by a notice in writing.”.