Singapore legislation

Clause 82

of Financial Institutions (Miscellaneous Amendments) Bill

Clause 82

Amendment of section 295

In the Securities and Futures Act 2001, in section 295 —

(a)

in subsection (4)(a), delete “at the participant’s last known address”; and

(b)

after subsection (4), insert —“(4A) For the purposes of subsection (4)(a), written notice is to be given to a participant —

(a)

in the case of a participant who is an individual —

(i)

by delivering a written notice to the individual or to some adult member or employee of his or her family or household at his or her last known place of residence;

(ii)

by leaving a written notice at the individual’s usual or last known place of residence or business in an envelope addressed to him or her; or

(iii)

by sending a written notice by post addressed to the individual at his or her usual or last known place of residence or business; or

(b)

in the case of a body corporate or body of persons —

(i)

by delivering a written notice to the secretary or other similar officer of the body corporate or body of persons at its registered office or principal place of business;

(ii)

by leaving a written notice at the registered office or principal place of business of the body corporate or body of persons in an envelope addressed to the body corporate or body of persons; or

(iii)

by sending a written notice by post addressed to the body corporate or body of persons at its registered office or principal place of business.(4B) Any written notice sent by post to any person in accordance with subsection (4A) is deemed to be duly served on the person at the time when the notice would in the ordinary course of post be delivered.(4C) When proving service of the notice mentioned in subsection (4B), it is sufficient to prove that the envelope containing the notice was properly addressed, stamped and posted.”.

Clause 82 — Financial Institutions (Miscellaneous Amendments) Bill