Singapore legislation
Regulation 5
Regulation 5
Information, notices and forms
Subregulation 1
Where any land is the subject of a conveyancing transaction, and the vendor and the purchaser of the land wish to deposit any conveyancing money with the Academy as a stakeholding deposit, the vendor (or his solicitor) and the purchaser (or his solicitor) shall jointly furnish, in such form as the Academy may determine, such information as the Academy may determine necessary from time to time for the identification of the land, the vendor, the purchaser and the payment of the stakeholding deposit.
Subregulation 2
Where any land is the subject of a conveyancing transaction, and the vendor or purchaser of the land, or the solicitor for the vendor or purchaser, wishes to deposit any conveyancing money (other than a stakeholding deposit) with the Academy, the vendor, purchaser or solicitor, as the case may be, shall furnish, in such form as the Academy may determine, such information as the Academy may determine necessary from time to time for the identification of the land, the vendor, the purchaser and the payment of the conveyancing money.
Subregulation 3
Every notice to or by the Academy relating to any conveyancing money payable pursuant to a conveyancing transaction (being a notice that is not in a form prescribed in accordance with rule 2(2) or (3)) shall be in such form as the Academy may determine.
Subregulation 4
The Academy —
shall be entitled to reject or disregard —
any notice to the Academy referred to in paragraph (3) that is not in the form determined by the Academy for that notice; and
any notice to the Academy referred to in paragraph (3), or form prescribed in accordance with rule 2(2) or (3), that is not completed in accordance with the Academy’s instructions; and
shall not be liable for any loss sustained as a consequence of the rejection or disregarding of that notice or form.