Clause 2

The Local Treasury Bills Act (referred to in this Act as the principal Act) is amended by inserting, immediately after section 1, the following section:“Interpretation1A. In this Act, unless the context otherwise requires —“Authority” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act (Cap. 195);“book-entry Treasury Bill” means a Treasury Bill issued in Singapore under this Act in the form of an entry on the records of the Authority;“depositary institution” means a financial institution approved by the Authority which regularly accepts in the course of its business book-entry Treasury Bills by way of a custodial service for its customers and maintains accounts in the names of its customers reflecting ownership or interest in such book-entry Treasury Bills;“depositor” means any person in whose name an account is established and maintained on the records of the Authority;“pledge” includes a pledge of, or any security interest in, a book-entry Treasury Bill as collateral for loans or advances, or to secure deposits of public moneys or the performance of an obligation;“security interest” means an interest, not being an interest arising from a trust, in property which secures the payment of a debt or performance of an obligation;“Treasury Bill” includes a book-entry Treasury Bill.”.