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5.5.1

A General Clearing Member shall maintain a reserve fund to which a sum of not less than 30% of the audited net profits of each year shall be transferred out of its net profits after due provision has been made for taxation, so long as:—

(1) where it is incorporated in Singapore, the base capital less unappropriated profits in its latest audited accounts; or
(2) where it is incorporated outside Singapore, its net head office funds, is less than S$15,000,000.

Amended on 1 July 20081 July 2008.