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On 31/07/2014, you requested the version in force on 31/07/2014 incorporating all amendments published on or before 31/07/2014. The closest version currently available is that of 18/04/2013.
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Security
10.
—(1)  Every licensee which carries on remittance business shall maintain with the Authority security of the value of $100,000, or such other amount as may be prescribed, in respect of its place of business, for the due performance of its obligations to those persons who will deposit or have deposited moneys with the licensee for remittance purposes.
[25/2005]
(2)  Where a licensee carries on remittance business at more than one place of business, the licensee shall maintain with the Authority such amount of additional security as may be prescribed in respect of each additional place of business.
[25/2005]
(3)  The security referred to in subsection (1) or (2) shall be —
(a)
in the form of a cash deposit;
(b)
in the form of a bank guarantee specified by the Authority; or
(c)
in such other form as the Authority may, in any particular case, allow.
[25/2005]
(4)  All moneys deposited by a licensee which carries on remittance business under this section shall be treated as a single security and may be applied by the Authority, in respect of that licensee, for the purposes of subsection (5).
[25/2005]
(5)  Where a licensee which carries on remittance business has surrendered its licence or its licence has lapsed or expired or has been revoked, it shall be lawful for the Authority to enforce the security referred to in subsection (1) or (2) to the extent required to pay any sums outstanding and claimed by the customers of the licensee who had given money to the licensee for remittance purposes; and if the security is insufficient to cover all sums claimed by such customers, the Authority may pay part of the sums claimed by such customers.
[25/2005]
(6)  For the avoidance of doubt, where the security referred to in subsection (1) or (2) is provided in the form of a bank guarantee, it shall be lawful for the Authority to call on the bank guarantee for the purposes of subsection (5) notwithstanding that a closure certificate required under section 19 has not been submitted to the Authority.
[25/2005]
(7)  Where a licensee which carries on remittance business has surrendered its licence or its licence has lapsed or expired or has been revoked, the Authority shall, upon being satisfied that there is no outstanding claim by any customer of the licensee and upon receiving the closure certificate required under section 19, release the security or the remainder thereof, as the case may be, to the licensee.
[25/2005]
(8)  Any security furnished by a licensee which carries on remittance business under this section shall not be liable to be attached, sequestered or levied upon for or in respect of any debt or claim whatsoever, and if the licensee is declared insolvent or is wound up by an order of the court, the security shall be deemed not to form part of the property of the licensee.
[25/2005]
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