My bookmarksSign up free
← Exchange Control Act 1953

Exchange Control Act 1953 s 29

s 29 Provisions supplemental to preceding provisions of this Part

29.—(1) Where under this Part the Authority has power to give directions that any right to receive any currency or payment in sterling or local currency or to enforce any security for the receipt thereof, any goods, or any other property shall be assigned to the Authority, the Authority shall also have power to direct that the right, goods or property shall vest in the Authority and it or they shall vest in the Authority accordingly free from any mortgage, pledge or charge, and the Authority may deal with it or them as the Authority thinks fit. (2) Where, in pursuance of directions under this Part, any right, goods or property is or are assigned to the Authority or to a person specified in the directions, or any right, goods or property vests or vest in the Authority in pursuance of directions given under subsection (1), the Authority shall pay the net sum recovered by it in respect of the right, goods or property to the person making the assignment or, in the case of any right, goods or property vested in the Authority under subsection (1), to the person who, but for the directions, would be entitled to the right, goods or property.

Read this section in the full act → · Open PART 6 →

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.

The Singapore legislation on this platform is subject to copyright of the Singapore Government and is used/reproduced for the purposes of this platform with the permission of the Attorney-General's Chambers. Users of this platform may check Singapore Statutes Online for the latest version of the Singapore legislation.

What to look at next