Significant Infrastructure Government Loan Act 2021 · 2020 Revised Edition · Part 4 · Administration
21. Transfers and pledges effected by other means
Feedback & supportDespite section 20, a transfer or pledge of book‑entry securities, or any interest in such securities, which is maintained by the MAS in an account may be effected by any means that would be effective to effect a transfer or pledge of book‑entry securities, or any interest therein, if the securities were issued by the MAS in the form of engraved or printed certificates.
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 MAS must not be treated as —
MAS
“MAS” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;
a bailee for the purposes of notification of pledges of book‑entry securities not effected in accordance with section 20; or
a person in possession of book‑entry securities for the purposes of acknowledgment of transfers of such securities not effected in accordance with section 20.
Where a book‑entry security is recorded on the books of a depositary institution for the account of the pledgor or transferor of the security and the security is on deposit with the MAS in an account, that depositary institution must, for the purposes of effecting delivery of the book‑entry security to a purchaser or pledgee, be treated as —
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;
the bailee to which notification of the pledge of the securities may be given; and
the person in possession from which acknowledgment of the holding of the securities may be obtained.
The MAS must not accept any notice or advice of a transfer or pledge of any book‑entry security not effected in accordance with section 20, and any such notice or advice is void.
The MAS may continue to deal with its depositor in accordance with this Part despite any transfer or pledge not effected in accordance with section 20.
depositor
“depositor” means any person in whose name an account is established and maintained on the records of the MAS;