—(1) Where —
under any provision contained in Part III the permission of the Authority is required for the making of a payment or the placing of any sum to the credit of any person resident outside the scheduled territories; or
any payment falls to be made by an authorised dealer on the sale of any gold or specified currency by any foreign company within the meaning of section 32(1), being a sale made to comply with any requirement notified under that section,
the Authority may direct that the sum payable or to be credited shall be paid or credited to a blocked account only.
—(1) It shall be an implied condition in any contract that, where, by virtue of this Act, the permission or consent of the Authority is at the time of the contract required for the performance of any term thereof, that term shall not be performed except in so far as the permission or consent is given or is not required.
(2) Subsection (1) shall not apply in so far as it is shown to be inconsistent with the intention of the parties that it should apply, whether by reason of their having contemplated the performance of that term despite the provisions of this Act or for any other reason.
(3) Notwithstanding anything in the Bills of Exchange Act (Cap. 23), neither the provisions of this Act, nor any condition, whether express or to be implied having regard to those provisions, that any payment shall not be made without the permission of the Authority under this Act, shall be deemed to prevent any instrument being a bill of exchange or promissory note.
(4) The provisions of the Fourth Schedule shall have effect with respect to legal proceedings, arbitrations, bankruptcy proceedings, the administration of the estates of deceased persons, the winding up of companies, and proceedings under deeds of arrangement or trust deeds for the benefit of creditors.
—(1) The provisions of the Fifth Schedule shall have effect for the purpose of the enforcement of this Act.
(2) Persons belonging to the following classes:
bankers, authorised dealers, authorised depositaries;
persons to whom any powers of the competent authority under this Act are delegated;
persons who with the permission of the competent authority are in possession of documents which would, but for the permission, have to be in the custody of an authorised depositary;
persons concerned with the keeping of any register in Singapore; and
persons entrusted with the payment of capital moneys, dividends or interest in Singapore,
shall comply with such directions as may be given to them respectively by the Authority, being —
in the case of any such persons, directions as respects the exercise of any functions exercisable by them by virtue of, or by virtue of anything done under, any provision of this Act; or
in the case of authorised dealers, such directions or directions as to the terms on which they are to accept gold or foreign currency or directions requiring them to offer their gold or specified currency for sale to the Authority on such terms as may be specified in any such directions.
—(1) This Act shall bind the Government and shall apply to transactions by —
a department of the Government; or
any person acting on behalf of the Government.
—(1) Any permission, consent or authority granted under this Act —
may be either general or special;
may be revoked by the Authority;
may be absolute or conditional;
may be limited so as to expire on a specified date unless renewed; and
shall be published in such a way as, in the opinion of the Authority, to give any person entitled to the benefit of it an adequate opportunity of getting to know of it, unless in his opinion publication is not necessary for that purpose.
(2) Any directions given under any provision of this Act —
may be either general or special;
may be revoked or varied by subsequent directions; and
shall be given to such persons and in such manner as the Authority thinks appropriate, and if so given shall be valid for all purposes.
(3) Notwithstanding subsection (2)(c), a person shall not by virtue of any direction given by the Authority under this Act, be convicted of an offence under this Act, unless the direction was served on him or he knew, or avoided getting to know, of the giving thereof.
(4) Where reasonable steps were taken for the purpose of bringing the purport of the direction to the notice of the person under subsection (3), it shall be for him to show that he neither knew nor avoided getting to know of the giving thereof.
(5) The Authority may, to such extent and subject to such restrictions and conditions as it may think proper delegate or authorise the delegation of any of its powers (other than any power to make orders or to give authority to apply for a search warrant) to any person, or class or description of persons, approved by it, and references in this Act shall be construed accordingly.
(6) Any document stating that any permission, consent, authority or direction is given under any of the provisions of this Act by the Authority, and purporting to be signed on its behalf, shall be evidence of the facts stated in the document.
39. Subject to the provisions of any written law, any expenses incurred under this Act shall be paid by the Authority and any sums received under this Act shall be paid to the Authority.
—(1) The Authority may by order or direction provide that, for such of the purposes of this Act as may be specified in the order or direction —
any transaction with or by a branch of any business, whether carried on by a body corporate or otherwise, shall be treated in all respects as if the branch were a body corporate resident where the branch is situated;
the making of any book entry or other statement recording a debit against a branch of any business in favour of any other branch of that business, shall be treated as a payment to that other branch; and
any property held by or on behalf of the person carrying on the business shall be deemed to be held by such of the branches of the business as may be determined in accordance with the order or direction.
(2) Any order or direction under subsection (1)(c) which makes, for any of the purposes of Part IV, such provision as is mentioned in subsection (1)(c) may contain provisions declaring the circumstances in which a branch is to be treated as nominee for any other branch.
(3) Any reference in subsection (1) or (unless the contrary intention appears) in any order or direction made thereunder to a branch of a business shall be deemed to include a reference to the head office of that business.
(4) This section shall apply in relation to any body of persons (whether corporate or unincorporated) carrying on any activity, whether for the purpose of profit or not, as they apply in relation to a business.
41. Where a person resident in Singapore leaves the scheduled territories, the Authority may, before, at or after the time he leaves the scheduled territories, direct that, for such period as may be specified in the direction, payments by him or on his behalf and to him or to his credit and transactions in or in relation to Treasury bills, securities or secondary securities in which he is in any way concerned shall, whether or not he continues to be resident in Singapore, be subject to such restrictions as may be specified in the direction.
—(1) For the purposes of this Act, a personal representative of a deceased person shall, unless the Authority otherwise directs, be treated as resident in the territory where the deceased person was resident for the purposes in question at the time of his death and as not resident elsewhere, so far as relates to any matters in which the personal representative is concerned solely in his capacity as such.
(2) The Authority may give directions declaring that for all or any of the purposes of this Act a person is to be treated as resident or not resident in such territories as may be specified in the directions.
Authority may prohibit carrying out of certain orders by governments of, or residents in, other countries
—(1) Where the Authority is satisfied that owing to the changes in the external or internal position of any country or territory, action is being, or is likely to be, taken to the detriment of the economic position of Singapore, the Authority may give general or special directions prohibiting, either absolutely or to such extent as may be specified in the directions, the carrying out, except with permission granted by the Authority, of any order given by or on behalf of the government of that country or territory or any person resident therein at the time when the directions were given or at any later time while these directions are in force in so far as the order —
requires the person to whom the order is given to make any payment or to part with any gold or securities; or
requires any change to be made in the persons to whose credit any sum is to stand or to whose order any gold or securities are to be held.
(2) Where any directions are given under this section with respect to any country or territory, a branch in that country or territory of any business, whether carried on by a body corporate or otherwise, shall, for the purposes of this section, be treated in all respects as if the branch were a body corporate resident in that country or territory.
—(1) Stamp duty shall not be chargeable on any security by reason only of the assignment, transfer or negotiation thereof to the Authority and shall not be chargeable —
on any instrument whereby any security is assigned or transferred to the Authority (whether on sale or otherwise); or
on any contract note for, or relating to, any sale of securities to the Authority.
(2) This section shall apply only in relation to assignments, transfers, negotiations or sales of securities effected during the continuance in force of this section whether in compliance with this Act or otherwise.
(3) In this section, “contract note” means the note sent by a broker or agent to his principal, or by any person who by way of business deals, or holds himself out as dealing, as a principal in any stock or marketable securities, advising the principal, or the vendor or purchaser, as the case may be, of the sale or purchase of any stock or marketable security, but does not include a note sent by a broker or agent to his principal where the principal is himself acting as broker or agent for a principal and is himself a person who bona fide carries on the business of a stockbroker in Singapore.
—(1) The Authority may make such regulations as may be necessary for the better carrying out or giving effect to the provisions of this Act.
(2) All such regulations shall be published in the Gazette and shall be presented to Parliament as soon as possible after publication, but shall not continue in force thereafter unless approved by resolution of Parliament.
(3) In approving any such regulations Parliament may make such alterations therein as it may think fit.