Singapore legislation
Clause 8
Clause 8
Savings and transitional provisions
(1)
Every person who, immediately before the date of commencement of section 6 of this Act, is carrying on the business of —
purchasing from the Authority Government securities on behalf of another person in pursuance of any public invitation under section 30 of the principal Act; or
offering to redeem any Government securities on behalf of another person,or both shall be deemed to be appointed as a primary dealer under the principal Act as amended by this Act, subject to such requirements to which it was subject immediately before that date as if the requirement were a condition or restriction imposed under the principal Act as amended by this Act.
(2)
For a period of 2 years after the date of commencement of this section, the Authority may, with the approval of the Minister, by regulations, prescribe such other additional provisions of a savings or transitional nature consequent on the amendments to the principal Act by this Act, as it may consider necessary or expedient.