Securities Industry (Amendment) Bill

This Act may be cited as the Securities Industry (Amendment) Act, 1973 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Section 2 of the Securities Industry Act, 1973 (hereinafter in this Act referred to as the “principal Act”) is hereby amended by inserting immediately after the definition of “member firm” the following new definition: —“ “Minister” means the Minister for Finance;”.

Section 8 of the principal Act is hereby amended by deleting the words “three months” appearing in the first line of paragraph (a) thereof and substituting therefor the expression “six months (or such further period as the Minister may specify)”.

Subsection (1) of section 19 of the principal Act is hereby amended by inserting immediately after the word “dollars” appearing in the fourth line thereof the expression “(or such greater sum as the Minister may by order determine)”.

Subsection (3) of section 25 of the principal Act is hereby amended by deleting the words “or dealt in” appearing in the third and fourth lines thereof.

Section 35 of the principal Act is hereby amended by deleting the words “who is a stockbroker” appearing in the second line thereof.

Section 55 of the principal Act is hereby amended —

Section 63 of the principal Act is hereby amended by deleting the expression “or in the case of a fidelity fund of a stock exchange to which section 98 applies into a bank in Malaysia or Singapore to the credit of a separate account” appearing in the fourth, fifth and sixth lines thereof.

Subsection (1) of section 67 of the principal Act is hereby amended by deleting the words “three hundred” appearing in the seventh line thereof and substituting therefor the words “one thousand”.

Subsections (3) and (4) of section 73 of the principal Act are hereby deleted and the following substituted therefor: —“(3) Upon the dissolution of the Stock Exchange of Malaysia Members’ Fidelity Guarantee Fund (in this section referred to as “the Fund”) maintained pursuant to the articles of association of a stock exchange, known as the Stock Exchange of Malaysia and Singapore, the amount in the Fund that, under the terms of the dissolution, is paid to the Singapore members of the Fund shall be transferred to and become part of the fidelity fund of a stock exchange established under section 61.(4) Nothing in this section shall affect the liability of the Fund to meet, in the manner and to the extent provided by the articles of association of the Stock Exchange of Malaysia and Singapore, claims against the Fund arising before the date of dissolution.”.

Section 98 of the principal Act is hereby repealed.