Singapore legislation
Section 19
Section 19
Transfers and pledges effected by Authority under book‑entry clearing system
(1)
A transfer or pledge of book‑entry Government securities to the Authority or to the Government or to any transferee or pledgee eligible to maintain an appropriate account in its name with the Authority is effected, despite any written law to the contrary, by the Authority making an appropriate entry in its records of the securities transferred or pledged.
(2)
The making of an entry in the records of the Authority under subsection (1) —
has the effect of delivery of the book‑entry Government security as if the security had been issued in the form of an engraved or printed certificate;
has the effect of a taking of delivery by the transferee or pledgee;
constitutes the transferee or pledgee a holder; and
if a pledge, has the effect of vesting a security interest in favour of the pledgee.
(3)
A transfer or pledge of a book‑entry Government security effected in accordance with this section has priority over any transfer or pledge involving, or any interest in, the security effected or created in any other manner before, on or after the date of the transfer or pledge in accordance with this section.