Singapore legislation
Section 11
Section 11
Authority to be discharged by action on instructions
(1)
The Authority shall not be liable for conversion or for participation in any breach of fiduciary duty where the Authority has, in respect of book‑entry Treasury Bills maintained in the accounts of the Authority —
effected pledges or made entries regarding the book‑entry Treasury Bills; or (b)transferred or delivered the book-entry Treasury Bills,according to the instructions of the depositor notwithstanding that the depositor had no right to dispose of or take any other action in respect of the book‑entry Treasury Bills.
(2)
The Authority shall be fully discharged of its obligations under this Act by the transfer or delivery of book‑entry Treasury Bills upon the instructions of the depositor.