Significant Infrastructure Government Loan Act 2021 · 2020 Revised Edition · Part 4 · Administration
20. Transfers and pledges of book‑entry securities
Feedback & supportA transfer or pledge of a book‑entry security to the MAS or to the Government or to any transferee or pledgee eligible to maintain an appropriate account in its name with the MAS must be effected, despite any law to the contrary, by the MAS making an appropriate entry in its records of the security transferred or pledged.
pledge
“pledge” includes a pledge of, or any interest which secures the payment of a debt or performance of an obligation (but not arising from a trust) in, any book‑entry security —(a)as collateral for loans or advances; or (b)to secure deposits of public moneys or the performance of an obligation;
The making of an entry in the records of the MAS under subsection (1) —
MAS
“MAS” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;
has the effect of delivery of the book‑entry security as if the security had been issued in the form of an engraved or a printed certificate;
has the effect of a taking of delivery by the transferee or pledgee;
constitutes the transferee or pledgee a holder; and
if a pledge, has the effect of vesting a security interest in favour of the pledgee.
A transfer or pledge of a book‑entry security effected in accordance with this section has priority over any transfer or pledge involving, or any interest in, the security effected or created in any other manner before, on or after the date of the transfer or pledge in accordance with this section.
book‑entry security
“book‑entry security” means any security issued under this Act in the form of an entry on the records of the MAS and which is transferable by way of book‑entry in the register maintained by the MAS, and not by way of an instrument of transfer;