PART 5A
BOOK-ENTRY SECURITIES ISSUED BY AUTHORITY
Interpretation of this Part
133.  In this Part, unless the context otherwise requires —
“book-entry MAS securities” means any securities issued by the Authority under this Part in the form of an entry in the records of the Authority;
“depositary institution” means a financial institution approved by the Authority which regularly —
(a)accepts in the course of its business book‑entry MAS securities by way of a custodial service for its customers; and
(b)maintains accounts in the names of its customers reflecting ownership or interest in such book‑entry MAS securities;
“depositor” means any person in whose name an account is established and maintained on the records of the Authority;
“pledge” includes a pledge of, or any security interest in, book‑entry MAS securities —
(a)as collateral for loans or advances; or
(b)to secure the performance of an obligation;
“security interest” means an interest, not being an interest arising from a trust, in property which secures the payment of a debt or performance of an obligation.
[9/2013; 31/2017]
Issue of book-entry MAS securities
134.—(1)  The Authority may —
(a)issue book‑entry MAS securities upon such terms as may be prescribed by means of entries on its records which include the name of the depositor and the amount and description of the securities;
(b)maintain accounts of book‑entry MAS securities —
(i)for any depositor on such terms and conditions as may be specified by the Authority for such securities the depositor holds for its own account and, where the depositor is a depositary institution, for the account of its customers;
(ii)for the Government; and
(iii)for the Authority; and
(c)otherwise service and maintain book‑entry MAS securities.
[9/2013; 31/2017]
(2)  The Authority may take all action necessary in respect of book‑entry MAS securities to enable the Authority to perform its obligations as depositary with respect to such securities.
[9/2013]
Transfers and pledges effected by Authority under book‑entry clearing system
135.—(1)  A transfer or a pledge of book‑entry MAS securities to the Authority or to any transferee or pledgee eligible to maintain an appropriate account in its name with the Authority is effected, despite any written law to the contrary, by the Authority making an appropriate entry in its records of the securities transferred or pledged.
[9/2013; 31/2017]
(2)  The making of an entry in the records of the Authority under subsection (1) —
(a)has the effect of delivery of the book‑entry MAS securities as if the securities had been issued in the form of an engraved or printed certificate;
(b)has the effect of a taking of delivery by the transferee or pledgee;
(c)constitutes the transferee or pledgee a holder; and
(d)in the case of a pledge, has the effect of vesting a security interest in favour of the pledgee.
[9/2013]
(3)  A transfer or pledge of any book‑entry MAS securities effected in accordance with this section has priority over any transfer or pledge involving, or any interest in, the securities effected or created in any other manner before, on or after the date of the transfer or pledge in accordance with this section.
[9/2013]
Transfers and pledges effected by other means
136.—(1)  Despite section 135, a transfer or pledge of book‑entry MAS securities, or any interest therein, which is maintained by the Authority in an account may be effected by any means that would be effective to effect a transfer or pledge of book‑entry MAS securities, or any interest therein, if the securities were issued by the Authority in the form of engraved or printed certificates.
[9/2013; 31/2017]
(2)  The Authority is deemed not to be —
(a)a bailee for the purposes of notification of pledges of book‑entry MAS securities not effected in accordance with section 135; and
(b)a person in possession of book‑entry MAS securities for the purposes of acknowledgment of transfers of such securities not effected in accordance with section 135.
[9/2013; 31/2017]
(3)  Where book‑entry MAS securities are recorded on the books of a depositary institution for account of the pledgor or transferor thereof and such securities are on deposit with the Authority in an account, that depositary institution is, for the purposes of effecting delivery of the securities to a purchaser or pledgee, is deemed to be —
(a)the bailee to which notification of the pledge of the securities may be given; or
(b)the person in possession from which acknowledgment of the holding of the securities may be obtained.
[9/2013]
(4)  The Authority must not accept any notice or advice of a transfer or pledge of any book‑entry MAS securities not effected in accordance with section 135 and any such notice or advice is void.
[9/2013; 31/2017]
(5)  The Authority may continue to deal with its depositor in accordance with this Part despite any transfer or pledge not effected in accordance with section 135.
[9/2013; 31/2017]
Authority to be discharged by action on instructions
137.—(1)  The Authority is not liable for conversion or for participation in any breach of fiduciary duty where the Authority has, in respect of book‑entry MAS securities maintained in accounts maintained by the Authority —
(a)made entries regarding the securities; or
(b)transferred or delivered the securities,
according to the instructions of its depositor, even though the depositor had no right to dispose of or take any other action in respect of the securities.
[9/2013; 31/2017]
(2)  The Authority is fully discharged of its obligations under this Part by the transfer or delivery of book‑entry MAS securities upon the instructions of its depositor.
[9/2013]
Confirmation of transaction
138.—(1)  The Authority must, following any transaction affecting book‑entry MAS securities maintained for any depositor under this Part, issue to each depositor a confirmation of the transaction in the form of an advice (serially numbered or otherwise).
[9/2013; 31/2017]
(2)  The advice referred to in subsection (1) must specify the amount and description of the securities and any other pertinent transaction data.
[9/2013]
Payment of interest
139.—(1)  Subject to subsection (2), the interest payable on any book‑entry MAS securities issued under this Part (if any) must be paid half‑yearly at the office of the Authority as prescribed in regulations made under section 144 relating to the issue of the securities.
[9/2013; 31/2017]
(2)  Where any book‑entry MAS securities that are redeemable at the election of the holder thereof at any time are redeemed before the date of maturity of the securities, a portion of the half‑yearly interest payable on the securities (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 to redeem the securities.
[9/2013]
Redemption of book-entry MAS securities
140.—(1)  Subject to section 141, book‑entry MAS securities are redeemable at par —
(a)on such date as may be prescribed in regulations made under section 144 relating to the issue of such book‑entry MAS securities (referred to in this Part as the date of maturity); or
(b)in the case of book‑entry MAS securities that are redeemable at the election of the holder thereof at any time, on the earlier of the following dates:
(i)the date of maturity;
(ii)such date as may be specified as the redemption date in any notice of intention to redeem that is duly served in the manner prescribed by regulations made under section 144.
[9/2013; 31/2017]
(2)  After the date of maturity of the book‑entry MAS securities under subsection (1), all the interest on the principal sums payable on the securities cease and determine, whether or not payment of the principal sums has been demanded.
[9/2013]
(3)  Redemption proceeds of book‑entry MAS securities must be disposed of in accordance with the instructions from the depositor for whose account the securities have been maintained by the Authority.
[9/2013]
Early redemption
141.—(1)  The Authority may, from time to time, by public notice invite the public to apply to redeem any book‑entry MAS securities specified in the public notice before the date of maturity of those securities.
[9/2013; 31/2017]
(2)  The public notice referred to in subsection (1) may specify —
(a)the terms and conditions relating to the early redemption of the book‑entry MAS securities specified in the public notice, including the manner in which any offer for early redemption is to be made; and
(b)such other information as the Authority may consider necessary.
[9/2013]
(3)  The Authority may refuse any application to redeem any book‑entry MAS securities before the date of maturity of those securities without giving any reason.
[9/2013]
Invitation to take up book‑entry MAS securities and refusal of application
142.—(1)  The Authority may, from time to time, by public notice invite the public to apply to take up book‑entry MAS securities issued under this Part.
[9/2013; 31/2017]
(2)  The Authority may refuse any application to take up book‑entry MAS securities issued under this Part without giving any reason.
[9/2013]
Securities lending arrangements
143.—(1)  The Authority may, from time to time, enter into securities lending arrangements by lending book‑entry MAS securities issued under this Part to primary dealers.
[9/2013; 31/2017]
(2)  Lending book‑entry MAS securities includes an arrangement under which book‑entry MAS securities are sold and repurchased.
[9/2013]
Power of Authority to make regulations for this Part
144.—(1)  The Authority may make regulations for the purposes of this Part, including regulations to prescribe anything which may be prescribed under this Part.
[9/2013; 31/2017]
(2)  Without limiting subsection (1), regulations made under this section may prescribe —
(a)the terms of issue of book‑entry MAS securities;
(b)the manner in which applications to take up book‑entry MAS securities are to be made; and
(c)the manner in which book‑entry MAS securities are to be issued.
[9/2013]