Singapore legislation
Regulation 11
of Securities and Futures (Central Depository System) Regulations 2015
Regulation 11
Procedure for transmission of title on death or bankruptcy
Subregulation 1
This regulation applies where title to a book‑entry security has devolved on a person (called in this regulation the successor) as a result of death or bankruptcy of a person (or in the case of a body corporate its dissolution).
Subregulation 2
This regulation also applies where as a result of the death (or in the case of a body corporate its dissolution) of a joint holder, title is vested in a surviving holder or holders and the terms “devolved” and “successor” are to be construed accordingly.
Subregulation 3
The successor must notify the Depository or the depository agent, as the case may be, that title to the book‑entry security has devolved on the successor.
Subregulation 4
A notice under paragraph (3) must —
be in the relevant form;
be accompanied by —
where title has devolved as a result of death —
any document which by law is sufficient evidence of probate of the will or grant of letters of administration of the estate of a deceased depositor having been granted to the successor;
a copy of the declaration of the Public Trustee under section 6(2) of the Public Trustee Act (Cap. 260); or
a copy of the declaration of the Public Trustee under section 62(1) of the Probate and Administration Act (Cap. 251);
where title has devolved as a result of the bankruptcy of a depository, such evidence of the right of a person concerned to the book‑entry security as the Depository may require; and
where title has devolved as a result of the dissolution of a corporation —
any document which by law is sufficient evidence of the dissolution of the corporation; or
in the event that the corporation is wound up pursuant to the provisions of Division 3 of Part X of the Companies Act (Cap. 50), a copy of the Court order or a certified copy of the prescribed returns lodged with the Registrar of Companies and the Official Receiver, which lodgment must have been made not less than 3 months before the notification by the successor to the Depository or the depository agent, as the case may be; and
specify either —
that the successor wishes to be registered in the Depository Register as holder of the book‑entry security; or
that the successor wishes the book‑entry security to be transferred to another person, giving the name and securities account number of that person.
Subregulation 5
The Depository or the depository agent, as the case may be, must give effect to the wishes of the successor upon payment of the transfer fees laid down by the Depository or the depository agent.
Subregulation 6
For the purposes of this regulation and regulation 12, “successor” is to be treated as including the Official Receiver, a receiver or an approved liquidator, a provisional liquidator and a judicial manager.