Singapore legislation
Section 81SI
Section 81SI
Depository or nominee deemed to be bare trustee
(1)
The Depository or its nominee is deemed to hold the book‑entry securities deposited with it as a bare trustee for the collective benefit of depositors.
(2)
Subject to subsections (3) and (4), a depositor does not have any right to specific book‑entry securities deposited with the Depository or its nominee but is entitled to a pro rata share computed on the basis of the book‑entry securities credited to one or more accounts in the depositor’s name.
(3)
A depository agent is deemed to hold book‑entry securities deposited in its name with the Depository or its nominee, on behalf of any sub‑account holder, as a bare trustee.
(4)
A sub‑account holder does not have any right to specific book‑entry securities deposited with the Depository or its nominee but is entitled to a pro rata share computed on the basis of the book‑entry securities credited to one or more accounts maintained by the sub‑account holder with a depository agent.