22. Subsistence of security interests created before securities converted into book-entry securities

Where any security interest in securities is created under any rule of law and subsists or remains in force immediately before such securities are brought under the provisions of —

Division 7A of Part IV of the Companies Act (Cap. 50) as in force immediately before 3 January 2016 as book‑entry securities; or

Part IIIAA of the Act on or after 3 January 2016 as book‑entry securities,such security interest continues to have effect until such time as such security interest is discharged or released by the holder of such security interest.