s 26 Duty to collect certain debts
26.—(1) Except with the permission of the Authority, no person resident in Singapore who has a right (whether present or future and whether vested or contingent) to receive any specified currency, or to receive from a person resident outside the scheduled territories a payment in sterling or local currency, shall in Singapore do, or refrain from doing, any act with intent to secure or shall do any act which involves, is in association with or is preparatory to any transaction securing —(a) that the receipt by him of the whole or part of that currency or, as the case may be, of that payment in sterling or local currency, is delayed; or (b) that the currency or payment ceases, in whole or in part, to be receivable by him. (2) Nothing in subsection (1) shall, unless the Authority otherwise directs —(a) impose on any person any obligation, in relation to any debt arising in the carrying on of any trade or business, to procure the payment thereof at an earlier time than is customary in the course of that trade or business; or (b) prohibit any transfer to a person resident in Singapore and not elsewhere of any right to receive any specified currency or payment in sterling or local currency. (3) Where a person has contravened subsection (1) in relation to any specified currency or payment in sterling or local currency, the Authority may —(a) give to him or to any other person who appears to the Authority to be in a position to give effect thereto such directions as appear to the Authority to be expedient for the purpose of obtaining or expediting the receipt of the currency or payment in question; and (b) without prejudice to the generality of paragraph (a), direct that there shall be assigned to the Authority, or to such person as may be specified in the directions, the right to receive the currency or payment or enforce any security for the receipt thereof.