Singapore legislation

Section 27

of Exchange Control Act 1953

Section 27

Duty not to delay sale or importation of goods

(1)

Where —

(a)

any permission or consent has been granted under this Act, or under any corresponding provision of the law in force in any territory comprised in the scheduled territories, subject to a condition providing that, or on the faith of an application stating an intention that, any goods should be sold outside the scheduled territories;

(b)

any statement or declaration has been made under any provision of this Act or any such corresponding provision as aforesaid that any goods are to be sold outside the scheduled territories; or

(c)

any currency has been obtained in, or by any person resident in, the scheduled territories on the faith of an application stating an intention that any goods should be sold outside the scheduled territories,then, except with the permission of the Authority, no person who is entitled to sell or procure the sale of those goods shall in Singapore do, or refrain from doing, any act with intent to secure or shall do any act which involves, is in association with or is preparatory to any transaction securing —

(d)

that the sale is delayed to an extent which is unreasonable having regard to the ordinary course of trade; or

(e)

that, on the sale, any payment made for the goods is not made in the manner indicated by the condition, statement or declaration, as the case may be.

(2)

Where —

(a)

any permission or consent has been granted under this Act, or under any corresponding provisions of the law in force in any territory comprised in the scheduled territories, subject to a condition providing that, or on the faith of an application stating an intention that, any goods should be imported from outside the scheduled territories into any part of the scheduled territories; or

(b)

any currency has been obtained in, or by any person resident in, the scheduled territories on the faith of an application stating an intention that any goods should be so imported,then, except with the permission of the Authority, no person who is entitled to procure the importation of those goods shall in Singapore do, or refrain from doing, any act with intent to secure that the importation thereof is delayed to an extent which is unreasonable having regard to the ordinary course of trade.

(3)

Where in any such case as is specified in subsection (1)(a), (b) or (c) or (2)(a) or (b) —

(a)

the goods have not been sold or imported as indicated by the condition, statement or declaration within the time thereby indicated or, if no time is thereby indicated, a reasonable time, or (in either case) within such further time as may be allowed by the Authority; or

(b)

it appears to the Authority that the goods cannot be sold or imported as indicated by the condition, statement or declaration,the Authority may give to any person who appears to it to be in a position to give effect thereto such directions as appear to it to be expedient as to the manner in which the goods are to be dealt with.

(4)

Without prejudice to the generality of subsection (3), the power conferred thereby on the Authority to give directions shall extend to the giving of directions that the goods shall be assigned to the Authority or to a person specified in the directions.

(5)

The powers conferred by subsections (3) and (4) in relation to any goods shall extend to the giving of directions with respect to any goods produced or manufactured therefrom, and, where goods to be sold outside the scheduled territories or to be imported were to be produced or manufactured from other goods, to the giving of directions with respect to those other goods and any goods produced or manufactured from those other goods.