Singapore legislation

Section 40

of Exchange Control Act 1953

Section 40

Branches

(1)

The Authority may by order or direction provide that, for such of the purposes of this Act as may be specified in the order or direction —

(a)

any transaction with or by a branch of any business, whether carried on by a body corporate or otherwise, shall be treated in all respects as if the branch were a body corporate resident where the branch is situated;

(b)

the making of any book entry or other statement recording a debit against a branch of any business in favour of any other branch of that business, shall be treated as a payment to that other branch; and

(c)

any property held by or on behalf of the person carrying on the business shall be deemed to be held by such of the branches of the business as may be determined in accordance with the order or direction.

(2)

Any order or direction under subsection (1)(c) which makes, for any of the purposes of Part 4, such provision as is mentioned in subsection (1)(c) may contain provisions declaring the circumstances in which a branch is to be treated as nominee for any other branch.

(3)

Any reference in subsection (1) or (unless the contrary intention appears) in any order or direction made thereunder to a branch of a business shall be deemed to include a reference to the head office of that business.

(4)

This section shall apply in relation to any body of persons (whether corporate or unincorporated) carrying on any activity, whether for the purpose of profit or not, as they apply in relation to a business.

Read in full context — Exchange Control Act 1953 →