Singapore legislation
Section 59
Section 59
Purposes for which money may be withdrawn from trust account
(1)
A dealer who withdraws any moneys from a trust account except for the purpose of making a payment —
(a)
to the person entitled thereto;
(b)
defraying brokerage and other proper charges; or
(c)
that is otherwise authorised by law,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding one year or to both.
(2)
A dealer who with intent to defraud, withdraws money from a trust account shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 3 years or to both.