Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Redemption
12. Subject to sections 13 and 18, a security issued under this Act is redeemable at par on —(a) the maturity date of the security; or (b) if the security is redeemable at the election of the holder, on the earlier of the following dates:(i) the date specified as the redemption date in any notice of intention to redeem that is given by the holder to the MAS in the prescribed manner; (ii) the maturity date of the security.
Early redemption
13.—(1) The holder of a security that is issued under this Act and not redeemable at the election of the holder may, upon an invitation of the MAS under this section, apply to redeem the security before the maturity date of the security. (2) The MAS may by public notice invite the public to apply to redeem any security issued under this Act before the maturity date of the security where that security is —(a) not redeemable at the election of the holder; and (b) specified or described in the public notice. (3) The public notice mentioned in subsection (2) may specify —(a) the terms and conditions relating to the early redemption of the security specified or described in the public notice, including the manner in which any offer for early redemption has to be made; and (b) such other information as the MAS may consider necessary. (4) However, the MAS may refuse any application to redeem any security before the maturity date of the security without assigning any reason.
Payment of interest
14.—(1) Subject to subsection (2), the interest payable on any security issued under this Act must be paid half‑yearly as specified in the Regulations relating to the issue of the security. (2) Where any security that is redeemable at the election of the holder thereof at any time is redeemed before its maturity date, a portion of the half‑yearly interest payable on that security (calculated on a pro‑rata basis) is payable on such date as may be specified as the redemption date in the duly served notice of intention under section 12(b)(i) to redeem that security. (3) The Minister must, in respect of any security issued under this Act —(a) in each half‑yearly period ending on the day on which interest on the security falls due; or (b) if security is redeemable at the election of the holder thereof at any time, as soon as practicable after due notice of intention under section 12(b)(i) to redeem the security before its maturity date is given, withdraw from the Consolidated Fund a sum equal to the appropriate interest (or a portion thereof) on the security that is due and payable in order to pay that interest.
Interest stops on redemption
15. Regardless of any demand for payment of the principal sum, all the interest on the principal sum payable on the security stop immediately after —(a) the maturity date of a security issued under this Act; (b) the redemption date in the duly served notice of intention under section 12(b)(i); or (c) the date of early redemption in accordance with section 13, whichever is the earliest.
Transferability, etc., of securities
16. A holder of a book‑entry security may transfer or pledge the book‑entry security.
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
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