Singapore legislation
Section 11
Section 11
Transfer of securities and coupons
(1)
Except with the permission of the Authority, a security registered in Singapore shall not be transferred, and a security not so registered shall not be transferred in Singapore, unless, in either case, the following requirements are fulfilled:
neither the transferor nor the person, if any, for whom he is a nominee is resident outside the scheduled territories;
the transferor delivers to the transferee at or before the time of the transfer the prescribed declarations as to his residence and that of the person, if any, for whom he is a nominee;
neither the transferee nor the person, if any, for whom he is to be a nominee is resident outside the scheduled territories; (d)except where the security is registered in Singapore otherwise than in a subsidiary register, the Authority is satisfied that the requirements of paragraph (c) are fulfilled.
(2)
Notwithstanding subsection (1) —
neither the transferee nor his agent shall be deemed to have committed an offence by reason only that the requirements of subsection (1)(a) were not fulfilled unless the transferee or, as the case may be, his agent, knew or had reason to believe that those requirements were not fulfilled; and
neither the transferor nor his agent shall be deemed to have committed an offence by reason only that any of the requirements of subsection (1)(c) and (d) have not been fulfilled unless, in the case of a non-fulfilment of the requirements of subsection (1)(c), the transferor or, as the case may be, his agent, knew or had reason to believe that those requirements were not fulfilled.
(3)
Except with the permission of the Authority, a security not registered in Singapore shall not be transferred outside Singapore if either the transferor or the transferee, or the person, if any, for whom the transferor or transferee is or is to be a nominee, is resident in Singapore.
(4)
Except with the permission of the Authority —
no coupon shall be transferred in Singapore if either the transferee or the person, if any, for whom he is to be a nominee is resident outside the scheduled territories; and
no person shall in Singapore do any act which involves, is in association with or is preparatory to the transfer of any coupon outside Singapore if either the transferor or transferee, or the person, if any, for whom the transferor or transferee is or is to be a nominee, is resident in Singapore.