Monetary Authority of Singapore Act 1970 · 2020 Revised Edition · Part 5A · Book-Entry Securities Issued by Authority
136. Transfers and pledges effected by other means
Feedback & supportLast amended by an amending law of 2017. 2 amendments in all.
Despite section 135, a transfer or pledge of book‑entry MAS securities, or any interest therein, which is maintained by the Authority in an account may be effected by any means that would be effective to effect a transfer or pledge of book‑entry MAS securities, or any interest therein, if the securities were issued by the Authority in the form of engraved or printed certificates.
The Authority is deemed not to be —
a bailee for the purposes of notification of pledges of book‑entry MAS securities not effected in accordance with section 135; and
a person in possession of book‑entry MAS securities for the purposes of acknowledgment of transfers of such securities not effected in accordance with section 135.
Where book‑entry MAS securities are recorded on the books of a depositary institution for account of the pledgor or transferor thereof and such securities are on deposit with the Authority in an account, that depositary institution is, for the purposes of effecting delivery of the securities to a purchaser or pledgee, is deemed to be —
transferor
“transferor” means a relevant financial institution the whole or any part of the business of which is, is to be, or is proposed to be transferred under section 38(1).
the bailee to which notification of the pledge of the securities may be given; or
the person in possession from which acknowledgment of the holding of the securities may be obtained.
The Authority must not accept any notice or advice of a transfer or pledge of any book‑entry MAS securities not effected in accordance with section 135 and any such notice or advice is void.
The Authority may continue to deal with its depositor in accordance with this Part despite any transfer or pledge not effected in accordance with section 135.