Singapore legislation

Clause 81

Immunity from criminal or civil liability

(1)

No criminal or civil liability shall be incurred by —

(a)

a person discharging, by virtue of a delegation under the default rules of a clearing house, an obligation of the clearing house in connection with any default proceedings; or

(b)

any person acting on behalf of a person referred to in paragraph (a), including —

(i)

any member of the board of directors of the last-mentioned person; and

(ii)

any member of any committee established by the last-mentioned person,in respect of anything done or omitted to be done with reasonable care and in good faith in the discharge or purported discharge of that obligation.

(2)

Where a relevant office holder takes action in relation to any property of a defaulter which is liable to be dealt with in accordance with the default rules of a clearing house, and reasonably believes or has reasonable grounds for believing that he is entitled to take that action, he shall not be liable to any person in respect of any loss or damage resulting from his action except in so far as the loss or damage (as the case may be) is caused by the office holder’s own negligence.

Read in full context — Securities and Futures Bill →