8. (1) Without limiting section 7 and subject to subsection (4), where the
Regulatory Code prescribes a minimum capital resource requirement with respect to
a category or sub-category of licence, a licensee holding a licence in such category or
sub-category shall ensure that at all times its capital resources are maintained in an
amount not less than the prescribed minimum.
(2) If the Commission considers it appropriate, having regard to the nature
and extent of the investment business carried on, or proposed to be carried on, by a
licensee, the Commission may direct the licensee,
(a) in the case of a licensee to whom subsection (1) applies, to increase
its capital resources to an amount higher than the prescribed
minimum applicable to the licensee; or
(b) in the case of a licensee to whom subsection (1) does not apply, to
maintain its capital resources in an amount not less than the amount
specified in the direction.
(3) A direction issued under subsection (2) shall specify a reasonable period
for compliance with the direction.
(4) Notwithstanding subsection (1), where the Commission issues a direction
resources are maintained in an amount not less than the amount specified in the
direction.
(5) If the capital resources of a licensee fall below the amount that it is
required to maintain under subsection (1) or (4), it shall forthwith notify the
Commission in writing.
9. (1) Subject to subsection (2), every share in a corporate licensee issued after
the commencement date shall be fully paid for in cash on issue.
(2) A share in a corporate licensee may be issued for a consideration other
than cash
(a) where permitted by the Regulatory Code; or
(b) where authorised by the Commission in writing, on the application
of the licensee.