Whole Section

  • 2.10 Special Reserve Fund for General Clearing Members Incorporated Outside Singapore

    • 2.10.1

      In addition to the minimum capital and financial requirements in Rule 2.08, every General Clearing Member incorporated outside Singapore shall maintain a special reserve fund to which a sum of not less than 30% of the audited net profits of each year shall be transferred out of the net profits after due provision has been made for taxation, so long as the net head office funds is less than S$15,000,000.

      Amended on 27 March 200627 March 2006.

    • 2.10.2

      The special reserve fund for the time being set aside pursuant to this Rule 2.10 shall not be available for the declaration of dividends without the prior written approval of the Clearing House.

      Amended on 27 March 200627 March 2006.