Singapore legislation

Clause 73

of Securities and Futures Bill

Clause 73

Disclaimer of onerous property, rescission of contracts, etc.

(1)

Section 110 of the Bankruptcy Act and section 332 of the Companies Act shall not apply to —

(a)

a market contract;

(b)

a contract effected by a clearing house for the purpose of realising property provided as market collateral;

(c)

a market charge; or

(d)

any default proceedings.

(2)

Section 77 of the Bankruptcy Act and sections 259 and 299(1) of the Companies Act shall not apply to any act, matter or thing which has been done pursuant to —

(a)

a market contract;

(b)

a disposition of property pursuant to a market contract; (c)the provision of market collateral;

(d)

a contract effected by a clearing house for the purpose of realising property provided as market collateral, or any disposition of property pursuant to such a contract;

(e)

a disposition of property in accordance with the business rules of a clearing house as to the application of property provided as market collateral;

(f)

a disposition of property as a result of which the property becomes subject to a market charge, or any transaction pursuant to which that disposition is made;

(g)

a disposition of property for the purpose of enforcing a market charge;

(h)

a market charge; or

(i)

any default proceedings.

Read in full context — Securities and Futures Bill →