Singapore legislation
Clause 12
Clause 12
Transfers and pledges effected by other means
(1)
Notwithstanding section 11, a transfer or a pledge of book-entry Government securities, or any interest therein, which is maintained by the Authority in an account may be effected by any means that would be effective to effect a transfer or pledge of book-entry Government securities, or any interest therein, if the securities were issued by the Authority in the form of engraved or printed certificates.
(2)
The Authority shall be deemed not to be —
a bailee for purposes of notification of pledges of book-entry Government securities not effected in accordance with section 11; and
a person in possession of book-entry Government securities for purposes of acknowledgment of transfers of such securities not effected in accordance with section 11.
(3)
Where book-entry Government securities are recorded on the books of a depositary institution for account of the pledgor or transferor thereof and such securities are on deposit with the Authority in an account, such depositary institution shall, for the purposes of effecting delivery of such securities to a purchaser or pledgee, be deemed to be the bailee to which notification of the pledge of the securities may be given or to be the person in possession from which acknowledgment of the holding of the securities may be obtained.
(4)
The Authority shall not accept any notice or advice of a transfer or pledge of any book-entry Government security not effected in accordance with section 11 and any such notice or advice shall be void.
(5)
The Authority may continue to deal with its depositor in accordance with this Part notwithstanding any transfer or pledge not effected in accordance with section 11.