Securities Act (Overseas Employee Share Purchase Schemes) Exemption Notice 2002

11 Condition of exemption for savings scheme securities that funds held in separate bank account

• The exemption in clause 6 from section 33(2) is subject to the further condition that the subscriptions received from the savings scheme securities are held in a bank account that holds only those subscriptions until the specified securities are allotted or the subscriptions are disposed of in accordance with the employee share purchase scheme, whichever is the earlier.

  Clause 11: amended, on 28 March 2003, by clause 6 of the Securities Act (Overseas Employee Share Purchase Schemes) Exemption Amendment Notice (No 2) 2003 (SR 2003/65).