Singapore legislation
Clause 13
Clause 13
Power of court to make certain orders
(1)
Where —
on the application of the Authority, it appears to the High Court that a person has committed an offence under this Act, or has contravened the conditions or restrictions of a licence or the rules or listing rules of a securities exchange or is about to do an act with respect to dealing in securities that, if done, would be such an offence or contravention; or
on the application of a securities exchange, it appears to the High Court that a person has contravened the rules or listing rules of the securities exchange,the High Court may, without prejudice to any orders it would be entitled to make otherwise than pursuant to this section, make one or more of the following orders:
in the case of persistent or continuing breaches of this Act, or of the conditions or restrictions of a licence, or of the rules or listing rules of a securities exchange, an order restraining a person from carrying on a business of dealing in securities, acting as an investment adviser or as a dealer’s representative or investment representative, or from holding himself out as so carrying on business or so acting;
an order restraining a person from acquiring, disposing of or otherwise dealing with any securities that are specified in the order;
an order appointing a receiver of the property of a dealer or of property that is held by a dealer for or on behalf of another person whether on trust or otherwise;
an order declaring a contract relating to securities to be void or voidable;
for the purpose of securing compliance with any other order under this section, an order directing a person to do or refrain from doing a specified act; and
any ancillary order deemed to be desirable in consequence of the making of an order under any of the preceding provisions of this subsection.
(2)
The High Court may, before making an order under subsection (1), direct that notice of the application be given to such persons as it thinks fit or direct that notice of the application be published in such manner as it thinks fit, or both.
(3)
A person appointed by order of the High Court under subsection (1) as a receiver of the property of a dealer —
may require the dealer to deliver to the receiver any property of which he has been appointed receiver or to give to the receiver all information concerning that property that may reasonably be required;
may acquire and take possession of any property of which he has been appointed receiver;
may deal with any property that he has acquired or of which he has taken possession in any manner in which the dealer might lawfully have dealt with the property; and
has such other powers in respect of the property as the High Court specifies in the order.
(4)
In subsections (1) and (3), “property”, in relation to a dealer, includes moneys, securities and documents of title to securities or other property entrusted to or received on behalf of any other person by the dealer or another person in the course of or in connection with a business of dealing in securities carried on by the dealer.
(5)
Any person who, without reasonable excuse, contravenes or fails to comply with —
an order under subsection (1) that is applicable to him; or
a requirement of a receiver appointed by order of the High Court under subsection (1),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 2 years or to both.
(6)
Subsection (5) does not affect the powers of the High Court in relation to the punishment of contempts of court.
(7)
The High Court may rescind, vary or discharge an order made by it under this section or suspend the operation of such an order.