Singapore legislation
Section 136
Section 136
Transfers and pledges effected by other means
(1)
Despite section 135, a transfer or pledge of book‑entry MAS securities, or any interest therein, which is maintained by the Authority in an account may be effected by any means that would be effective to effect a transfer or pledge of book‑entry MAS securities, or any interest therein, if the securities were issued by the Authority in the form of engraved or printed certificates.
(2)
The Authority is deemed not to be —
a bailee for the purposes of notification of pledges of book‑entry MAS securities not effected in accordance with section 135; and
a person in possession of book‑entry MAS securities for the purposes of acknowledgment of transfers of such securities not effected in accordance with section 135.
(3)
Where book‑entry MAS securities are recorded on the books of a depositary institution for account of the pledgor or transferor thereof and such securities are on deposit with the Authority in an account, that depositary institution is, for the purposes of effecting delivery of the securities to a purchaser or pledgee, is deemed to be —
the bailee to which notification of the pledge of the securities may be given; or
the person in possession from which acknowledgment of the holding of the securities may be obtained.
(4)
The Authority must not accept any notice or advice of a transfer or pledge of any book‑entry MAS securities not effected in accordance with section 135 and any such notice or advice is void.
(5)
The Authority may continue to deal with its depositor in accordance with this Part despite any transfer or pledge not effected in accordance with section 135.