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Power of committee to enter into contracts of insurance

Securities Industry Act

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—(1) A securities exchange may in its discretion enter into any contract with any person or body of persons, corporate or unincorporate, carrying on fidelity insurance business in Singapore whereby the securities exchange will be insured or indemnified to the extent and in the manner provided by such contract against liability in respect of claims under this Part.(2) Any such contract may be entered into in relation to member companies generally, or in relation to any particular member company or member companies named therein, or in relation to member companies generally with the exclusion of any particular member company or member companies named therein.(3) No action shall lie against a securities exchange or against any member or employee of a securities exchange or the committee or against any member of a management sub-committee for injury alleged to have been suffered by any member company by reason of the publication in good faith of a statement that any contract entered into under this section does or does not apply with respect to it.

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