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Securities Industry (Amendment) Bill

Bill No. 47/1973

Read the first time on 25th July 1973.

An Act to amend the Securities Industry Act, 1973 (No. 17 of 1973).

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows: —

Short title and commencement

1. 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.

Amendment of section 2

2. 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;”.

Amendment of section 8

3. 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)”.

Amendment of section 19

4. 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)”.

Amendment of section 25

5. 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.

Amendment of section 35

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

Amendment of section 55

7. Section 55 of the principal Act is hereby amended —

(a)

by inserting immediately after the word “shall” appearing in the second line thereof the words “subject to subsection (2)”;

(b)

by renumbering the section as subsection (1); and

(c)

by inserting immediately thereafter the following new subsection: —

“(2) No demand shall be made under this section unless the balance of moneys in a trust account of the stockbroker, member firm or member company has been withdrawn to such an extent that the stockbroker, member firm or member company cannot meet his or its obligations under paragraph (a) or (c) of section 38.”.

Amendment of section 63

8. 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.

Amendment of section 67

9. 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”.

Amendment of section 73

10. 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.”.

Repeal of section 98

11. Section 98 of the principal Act is hereby repealed.