Whole Section

  • 5.5 Reserve Fund Requirement

    • 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.

    • 5.5.2

      The reserve fund shall not be available for declaration of dividends without the prior approval of CDP.