§ 20 — Transfers and pledges of book‑entry securities

20.—(1) A 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.(2) The making of an entry in the records of the MAS under subsection (1) —(a)

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;

(b)

has the effect of a taking of delivery by the transferee or pledgee;

(c)

constitutes the transferee or pledgee a holder; and

(d)

if a pledge, has the effect of vesting a security interest in favour of the pledgee.

(3) 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.

—(1) A 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.

(2) The making of an entry in the records of the MAS under subsection (1) —(a)

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;

(b)

has the effect of a taking of delivery by the transferee or pledgee;

(c)

constitutes the transferee or pledgee a holder; and

(d)

if a pledge, has the effect of vesting a security interest in favour of the pledgee.

(3) 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.