s 18 Additional provisions as to deposited certificates
18.—(1) Where a certificate of title to a security is by section 17 required to be and is in the custody of an authorised depositary, this section shall, except so far as the Authority otherwise directs, have effect in relation thereto until —(a) there are delivered to him the prescribed declarations as to the ownership of the security and the residence of the owners thereof; and (b) in the case of a certificate of title which —(i) would ordinarily be accompanied by coupons (whether attached or on separate coupon sheets); but (ii) when it comes into the custody of the authorised depositary, wants, in order to render it complete, any coupons which would not in the ordinary course have been detached for collection, there have also been deposited with him the coupons so wanting at the time when the certificate of title comes into his custody. (2) Where the declarations under subsection (1)(a) have been delivered to an authorised depositary and he has parted with the certificate of title, subsection (1)(a) shall not again apply on the certificate coming into the custody of another authorised depositary or again coming into his own custody. (3) Except with the permission of the Authority, the authorised depositary shall not part with or destroy the certificate of title or any coupons belonging thereto, otherwise than as mentioned in section 17(5)(b) and (c) or do any act whereby he recognises or gives effect to the substitution of one person for another as the person from whom he receives instructions in relation thereto. (4) Where the person from whom an authorised depositary receives instructions in relation to any certificate of title becomes bankrupt in Singapore or dies, subsection (3) shall not prohibit the authorised depositary from recognising the trustee in bankruptcy or personal representative as the person entitled to give instructions in relation to the certificate of title. (5) The authorised depositary shall place any capital moneys, dividends or interest on the security received by him to the credit of the person by virtue of whose authority he received them, but shall not permit any part of the sums received to be dealt with except with the permission of the Authority.