Singapore legislation
Clause 9
Clause 9
New section 22A
The Pawnbrokers Act is amended by inserting, immediately after section 22, the following section:“Disposal of unclaimed surplus22A.—
A pawnbroker shall, on demand, pay the surplus under section 22 to the holder of the pawn ticket where the demand is made within 4 months after the sale.(2) If no demand for the surplus is made within 4 months after the sale under subsection (1), the pawnbroker shall pay the surplus to the Accountant-General within 14 days after the expiration of the period of 4 months.(3) Any payment under subsection (2) shall be accompanied by a statement containing such particulars as the Registrar may require.(4) Where a claim is made to the Accountant-General for any surplus paid under subsection (2), the Accountant-General shall, upon receiving a certification from the Registrar that the claimant is entitled to the surplus, authorise payment thereof to be made to him.(5) Any unclaimed surplus shall, on the expiry of 6 years from the date of payment thereof, be paid by the Accountant-General into the Consolidated Fund.(6) Any pawnbroker who fails to comply with this section 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 12 months or to both.”.