Singapore legislation
Clause 325
Clause 325
Power of court to make certain orders
(1)
Where —
on the application of the Authority, it appears to the court that a person has committed an offence under this Act, or has contravened any condition or restriction of a licence or the business rules of a securities exchange, futures exchange or clearing house, or the listing rules of a securities exchange or is about to do an act with respect to dealing in securities or trading in futures contracts that, if done, would be such an offence or contravention;
on the application of a securities exchange, it appears to the court that a person has contravened the business rules or listing rules of the securities exchange;
on the application of a futures exchange, it appears to the court that a person has contravened the business rules of the futures exchange; or
on the application of a clearing house, it appears to the court that a person has contravened the business rules of the clearing house,the court may, without prejudice to any orders it would be entitled to make otherwise than under this section, make one or more of the following orders:
in the case of a persistent or continuing breach of this Act, or of any condition or restriction of a licence, or of any business rule of a securities exchange, futures exchange or clearing house, or any listing rule of a securities exchange an order restraining a person from carrying on business to deal in securities or trade in futures contracts, or acting as a representative of such a person, 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 or trading in any futures contracts that are specified in the order;
an order appointing a receiver of the property of the holder of a capital markets services licence to deal in securities or trade in futures contracts or of property that is held by such a holder for or on behalf of another person whether on trust or otherwise;
an order declaring a contract relating to any dealing in securities or trading in futures contracts to be void or voidable; (v)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;
any ancillary order deemed to be desirable in consequence of the making of any of these orders.
(2)
The 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 court under subsection (1) as a receiver of the property of the holder of a capital markets services licence to deal in securities or trade in futures contracts —
may require the holder 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 holder might lawfully have dealt with the property; and
has such other powers in respect of the property as the court may specify in the order.
(4)
For the purposes of subsections (1) and (3), “property”, in relation to the holder of a capital markets services licence to deal in securities or trade in futures contracts, includes moneys, securities, futures contracts and documents of title to securities or other property entrusted to or received on behalf of any other person by the holder or another person in the course of or in connection with a business of dealing in securities or trading in futures contracts carried on by the holder.
(5)
Any person who, without reasonable excuse, contravenes —
an order made under subsection (1); or
a requirement of a receiver appointed by order of the court under subsection (1),shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
(6)
Subsection (5) shall not affect the powers of the court in relation to the punishment for contempt of court.
(7)
The court may, on the application of an affected person or of its own motion, rescind, vary or discharge an order made by it under this section or suspend the operation of such an order.