On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 01/07/2000.
PART VI
MISCELLANEOUS
26.
—(1) Except with the permission of the Authority, no person resident in Singapore who has a right (whether present or future and whether vested or contingent) to receive any specified currency, or to receive from a person resident outside the scheduled territories a payment in sterling or local currency, shall in Singapore do, or refrain from doing, any act with intent to secure or shall do any act which involves, is in association with or is preparatory to any transaction securing —
(a)
that the receipt by him of the whole or part of that currency or, as the case may be, of that payment in sterling or local currency, is delayed; or
(b)
that the currency or payment ceases, in whole or in part, to be receivable by him.
(2) Nothing in subsection (1) shall, unless the Authority otherwise directs —
(a)
impose on any person any obligation, in relation to any debt arising in the carrying on of any trade or business, to procure the payment thereof at an earlier time than is customary in the course of that trade or business; or
(b)
prohibit any transfer to a person resident in Singapore and not elsewhere of any right to receive any specified currency or payment in sterling or local currency.
(3) Where a person has contravened subsection (1) in relation to any specified currency or payment in sterling or local currency, the Authority may —
(a)
give to him or to any other person who appears to the Authority to be in a position to give effect thereto such directions as appear to the Authority to be expedient for the purpose of obtaining or expediting the receipt of the currency or payment in question; and
(b)
without prejudice to the generality of paragraph (a), direct that there shall be assigned to the Authority, or to such person as may be specified in the directions, the right to receive the currency or payment or enforce any security for the receipt thereof.
27.
—(1) Where —
(a)
any permission or consent has been granted under this Act, or under any corresponding provision of the law in force in any territory comprised in the scheduled territories, subject to a condition providing that, or on the faith of an application stating an intention that, any goods should be sold outside the scheduled territories;
(b)
any statement or declaration has been made under any provision of this Act or any such corresponding provision as aforesaid that any goods are to be sold outside the scheduled territories; or
(c)
any currency has been obtained in, or by any person resident in, the scheduled territories on the faith of an application stating an intention that any goods should be sold outside the scheduled territories,
then, except with the permission of the Authority, no person who is entitled to sell or procure the sale of those goods shall in Singapore do, or refrain from doing, any act with intent to secure or shall do any act which involves, is in association with or is preparatory to any transaction securing —
(i)
that the sale is delayed to an extent which is unreasonable having regard to the ordinary course of trade; or
(ii)
that, on the sale, any payment made for the goods is not made in the manner indicated by the condition, statement or declaration, as the case may be.
(2) Where —
(a)
any permission or consent has been granted under this Act, or under any corresponding provisions of the law in force in any territory comprised in the scheduled territories, subject to a condition providing that, or on the faith of an application stating an intention that, any goods should be imported from outside the scheduled territories into any part of the scheduled territories; or
(b)
any currency has been obtained in, or by any person resident in, the scheduled territories on the faith of an application stating an intention that any goods should be so imported,
then, except with the permission of the Authority, no person who is entitled to procure the importation of those goods shall in Singapore do, or refrain from doing, any act with intent to secure that the importation thereof is delayed to an extent which is unreasonable having regard to the ordinary course of trade.
(3) Where in any such case as is specified in subsection (1)(a), (b) or (c) or (2)(a) or (b) —
(a)
the goods have not been sold or imported as indicated by the condition, statement or declaration within the time thereby indicated or, if no time is thereby indicated, a reasonable time, or (in either case) within such further time as may be allowed by the Authority; or
(b)
it appears to the Authority that the goods cannot be sold or imported as indicated by the condition, statement or declaration,
the Authority may give to any person who appears to it to be in a position to give effect thereto such directions as appear to it to be expedient as to the manner in which the goods are to be dealt with.
(4) Without prejudice to the generality of subsection (3) the power conferred thereby on the Authority to give directions shall extend to the giving of directions that the goods shall be assigned to the Authority or to a person specified in the directions.
(5) The powers conferred by subsections (3) and (4) in relation to any goods shall extend to the giving of directions with respect to any goods produced or manufactured therefrom, and, where goods to be sold outside the scheduled territories or to be imported were to be produced or manufactured from other goods, to the giving of directions with respect to those other goods and any goods produced or manufactured from those other goods.
28.
—(1) Where a person —
(a)
has made any payment which is prohibited by this Act; or
(b)
being bound under this Act to offer or cause to be offered any specified currency to an authorised dealer, has otherwise disposed of that currency,
the Authority may direct him to sell or procure the sale of any property which he is entitled to sell or of which he is entitled to procure the sale, being property which represents, whether directly or indirectly, that payment or that specified currency, as the case may be, and may by the same or a subsequent direction specify the manner in which, the persons to whom and the terms on which the property is to be sold.
(2) Without prejudice to the generality of subsection (1) the power conferred thereby on the Authority to give directions shall extend to the giving of directions that the property shall be assigned to the Authority or to a person specified in the directions.
29.
—(1) Where under this Part the Authority has power to give directions that any right to receive any currency or payment in sterling or local currency or to enforce any security for the receipt thereof, any goods, or any other property shall be assigned to the Authority, the Authority shall also have power to direct that the right, goods or property shall vest in the Authority and it or they shall vest in the Authority accordingly free from any mortgage, pledge or charge, and the Authority may deal with it or them as the Authority thinks fit.
(2) Where, in pursuance of directions under this Part, any right, goods or property is or are assigned to the Authority or to a person specified in the directions, or any right, goods or property vests or vest in the Authority in pursuance of directions given under subsection (1), the Authority shall pay the net sum recovered by it in respect of the right, goods or property to the person making the assignment or, in the case of any right, goods or property vested in the Authority under subsection (1), to the person who, but for the directions, would be entitled to the right, goods or property.
30.
—(1) Except with the permission of the Authority, no person resident in the scheduled territories shall in Singapore transfer to a person resident outside the scheduled territories, or who is to be a nominee for a person resident outside the scheduled territories, any right to the sums assured by any policy of assurance, so, however, that where the person liable for the sums so assured makes any payment thereof to a person resident in the scheduled territories and not elsewhere, or makes, with the permission of the Authority, any payment thereof to any other person —
(a)
he shall not be bound to inquire as to the residence of any person other than the person to whom, and (if it is not the same person) the person to whose order the payment is made; and
(b)
the payment shall, to the extent of the sums paid, discharge him from his liability under the policy, notwithstanding that the payment is made to or to the order of a person who was not entitled thereto otherwise than by virtue of a transfer prohibited by this subsection.
(2) Section 20(2) and (3) shall apply in relation to any transfer prohibited by this section as it applies in relation to a transfer prohibited by this Act of a security.
(3) In this section, “nominee” has, in relation to any policy, annuity or insurance, the same meaning as that expression has in Part IV in relation to a security.
31.
—(1) Except with the permission of the Authority, no person resident in the scheduled territories shall in Singapore —
(a)
settle any property, otherwise than by will, so as to confer an interest in the property on a person who, at the time of the settlement, is resident outside the scheduled territories; or
(b)
exercise, otherwise than by will, any power of appointment, whether created by will or otherwise, in favour of a person who, at the time of the exercise of the power, is resident outside the scheduled territories.
(2) A settlement or exercise of a power of appointment shall not be invalid by reason that it is prohibited by this section, except so far as it purports to confer any interest on any person who, at the time of the settlement or the exercise of the power, is resident outside the scheduled territories.
(3) Section 20(2) and (3) shall apply in relation to a settlement or the exercise of a power of appointment prohibited by this section as it applies in relation to a transfer prohibited by this Act of a security.
(4) For the purpose of this section —
(a)
any reference to settling property includes a reference to the making of any disposition, covenant, agreement or arrangement whereby the property becomes subject to a trust, or (in the case of a resettlement) to a different trust;
(b)
a person shall be deemed to have an interest in property if he has any beneficial interest therein, whether present or future, and whether vested or contingent, or falls within a limited class of persons in whose favour a discretion or power in respect of the property is exercisable; and
(c)
the expression “will” includes any testamentary disposition.
(5) No person resident in the scheduled territories shall in Singapore do any act which involves, is in association with or is preparatory to any such transaction outside Singapore as is referred to in this section.
32.
—(1) Where there is served on any person in Singapore a notice in writing that the Authority wishes any such requirements as are hereinafter mentioned to be complied with by any such body corporate as is specified in the Second Schedule (referred to in this subsection as a foreign company), and that person can, by doing or refraining from doing any act —
(a)
cause the foreign company to comply with any of the requirements;
(b)
remove any obstacle to the foreign company complying with any of the requirements; or
(c)
render it in any respect more probable that the foreign company will comply with any of the requirements,
then, except so far as permission to the contrary may be given by the Authority, that person shall do, or, as the case may be, refrain from doing, that act.
(2) The requirements with respect to which a notice referred to in subsection (1) may be given are as follows, that is to say, that the foreign company shall:
(a)
furnish to the Authority such particulars as to its assets and business as may be mentioned in the notice;
(b)
sell or procure the sale to an authorised dealer of any gold or specified currency mentioned in the notice, being gold or specified currency which it is entitled to sell or of which it is entitled to procure the sale;
(c)
declare and pay such dividend as may be mentioned in the notice;
(d)
realise any of its assets mentioned in the notice in such manner as may be so mentioned; and
(e)
refrain from selling, transferring, or doing anything which affects its rights or powers in relation to, any such Treasury bills or securities as may be mentioned in the notice.
(3) Except with the permission of the Authority, no person resident in the scheduled territories shall in Singapore do any act whereby a body corporate which is by any means controlled (whether directly or indirectly) by persons resident in the scheduled territories ceases to be controlled by persons resident in the scheduled territories.
(4) Subsection (3) shall not prohibit any person from selling any securities authorised to be dealt in on any recognised stock exchange in Singapore if the sale takes place in pursuance of an agreement entered into in the ordinary course of business on that stock exchange.
(5) No person resident in the scheduled territories shall in Singapore do any act which involves, is in association with or is preparatory to any such transaction outside Singapore as is referred to in subsection (3).
(6) Except with the permission of the Authority, no person resident in the scheduled territories shall in Singapore lend any money, Treasury bills or securities to any body corporate resident in the scheduled territories which is by any means controlled (whether directly or indirectly) by persons resident outside the scheduled territories.
(7) Subsection (6) shall not apply where the lender, after making such inquiries as are reasonable in the circumstances of the case, does not know and has no reason to suspect that the body corporate is controlled as referred to in subsection (3).
(8) No person resident in the scheduled territories shall in Singapore do any act which involves, is in association with or is preparatory to any such transaction outside Singapore as is referred to in subsection (6).
(9) For the purposes of this section and of the Second Schedule, persons resident in or outside the scheduled territories shall be deemed to control a body corporate notwithstanding that other persons are associated with them in the control thereof if they can together override those other persons.
(10) In this section, “security” includes a secondary security.