Singapore legislation
Section 17
Section 17
Deposit of certificates of title
(1)
This section and section 18 shall apply to any security except —
a security which is registered in Singapore otherwise than in a subsidiary register, and on which none of the dividends or interest is payable on presentment of a coupon; and
any such other securities as may be prescribed.
(2)
It shall be the duty of every person by whom or to whose order (whether directly or indirectly) a certificate of title is held in Singapore, and of every person resident in Singapore by whom or to whose order (whether directly or indirectly) a certificate of title is held outside Singapore, to cause the certificate of title to be kept at all times, except with the permission of the Authority, in the custody of an authorised depositary.
(3)
Nothing in this Part shall prohibit the doing of anything for the purpose of complying with the requirements of subsection (2).
(4)
Except with the permission of the Authority, an authorised depositary shall not part with any certificate of title or coupon required under this section to be in the custody of an authorised depositary.
(5)
Subsection (4) shall not prohibit an authorised depositary —
from parting with a certificate of title or coupon to or to the order of another authorised depositary, where the person from whom the other authorised depositary is to receive instructions in relation thereto is to be the same as the person from whom he receives instructions;
from parting with a certificate of title, for the purpose of obtaining payment of capital moneys payable on the security, to the person entrusted with payment thereof; or
from parting with a coupon in the ordinary course for collection.
(6)
Except with the permission of the Authority, no capital moneys, interest or dividends shall be paid in Singapore on any security except to or to the order of an authorised depositary having the custody of the certificate of title to that security.
(7)
Subsection (6) shall not be taken as restricting the manner in which any sums lawfully paid on account of the capital moneys, interest or dividends may be dealt with by the person receiving them.
(8)
Except with the permission of the Authority, an authorised depositary shall not do any act whereby he recognises or gives effect to the substitution of one person for another as the person from whom he receives instructions in relation to a certificate of title or coupon, unless there is produced to him the prescribed evidence that he is not by so doing giving effect to any transaction which is prohibited by this Act.
(9)
Where a certificate of title which under this section should, for the time being, be in the custody of an authorised depositary is not in the custody of an authorised depositary, then, except with the permission of the Authority, no person shall in Singapore buy, sell, transfer, or do anything which affects his rights or powers in relation to the security, or do any act which involves, is in association with or is preparatory to any such transaction outside Singapore.
(10)
Except with the permission of the Authority, no person in Singapore shall, in the case of a certificate of title with coupons (whether attached or on separate coupon sheets), detach any of the coupons otherwise than in the ordinary course for collection.
(11)
In this section and section 18 —
Definition
“certificate of title” means a certificate of title to a security;
Definition
“coupon” means a coupon representing dividends or interest on a security;
Definition
“security” means a security to which those sections apply.