§ 21 — Transfers and pledges effected by other means

21.—(1) Despite 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.(2) The MAS must not be treated as —(a)

a bailee for the purposes of notification of pledges of book‑entry securities not effected in accordance with section 20; or

(b)

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.

(3) 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 —(a)

the bailee to which notification of the pledge of the securities may be given; and

(b)

the person in possession from which acknowledgment of the holding of the securities may be obtained.

(4) 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.

(5) 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.

—(1) Despite 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.

(2) The MAS must not be treated as —(a)

a bailee for the purposes of notification of pledges of book‑entry securities not effected in accordance with section 20; or

(b)

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.

(3) 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 —(a)

the bailee to which notification of the pledge of the securities may be given; and

(b)

the person in possession from which acknowledgment of the holding of the securities may be obtained.

(4) 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.

(5) 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.