Singapore legislation
Section 4
Section 4
Surrender of gold and foreign currency
(1)
Every person in Singapore who is entitled to sell, or to procure the sale of, any gold, or any foreign currency to which this section applies, and is not an authorised dealer, shall offer it, or cause it to be offered, for sale to an authorised dealer, unless the Authority consents to his retention and use thereof or he disposes thereof to any other person with the permission of the Authority.
(2)
The foreign currency to which this section applies is such foreign currency (referred to in this Act as specified currency) as may from time to time be specified by order of the Authority.
(3)
If a person who has obtained the consent of the Authority to his retention and use of any gold or specified currency, and has stated in an application for the consent that he requires it for a particular purpose, no longer requires the gold or currency for that purpose, subsection (1) shall thereupon apply to him in relation to that gold or currency as if the Authority had revoked its consent to his retention and use thereof.
(4)
A person who acquires any gold or specified currency from an authorised dealer shall be treated for the purposes of this section as if —
the Authority had consented to the retention and use by him of that gold or currency (subject, however, to any conditions notified to him in accordance with section 3(3)); and
any statement made by him in an application for that gold or currency as to the purpose for which he requires it had been made by him in an application for the Authority’s consent to his retention and use thereof.
(5)
Where a person has become bound under this section to offer or cause to be offered any gold or specified currency for sale to an authorised dealer, he shall not be deemed to comply with that obligation by any offer made or caused to be made by him, if the offer is an offer to sell at a price exceeding that authorised by the Authority, or without payment of any usual and proper charges of the authorised dealer, or otherwise on any unusual terms.
(6)
Where a person has become bound under this section to offer or cause to be offered any gold or specified currency for sale to an authorised dealer and has not complied with that obligation, the Authority may direct that that gold or currency shall vest in the Authority, and it shall vest in the Authority accordingly free from any mortgage, pledge or charge.
(7)
The Authority may deal with any gold or specified currency vested in the Authority under subsection (6) as it thinks fit, but the Authority shall pay to the person who would but for the direction be entitled to the gold or currency such sum as he would have received therefor if he had sold it to an authorised dealer in pursuance of an offer made under this section at the time when the vesting occurred.
(8)
In any proceedings in respect of a failure to comply with this section, it shall be presumed, until the contrary is shown, that the gold or currency in question has not been offered for sale to an authorised dealer.