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No. S 353

Singapore Academy of Law Act

(Chapter 294A)

Singapore Academy of Law (Stakeholding) (Amendment) Rules 2002

In exercise of the powers conferred by section 27 of the Singapore Academy of Law Act, the Senate of the Academy hereby makes the following Rules:

Citation and commencement

1. These Rules may be cited as the Singapore Academy of Law (Stakeholding) (Amendment) Rules 2002 and shall come into operation on 23rd July 2002.

Amendment of rule 2

2. Rule 2 of the Singapore Academy of Law (Stakeholding) Rules (R 2) is amended by deleting the definition of “cashier’s order” and substituting the following definitions:

“ “bank” means a company which holds a valid licence under section 7, 11 or 79 of the Banking Act (Cap. 19);

“cashier’s order” means a draft payable on demand drawn by a bank upon itself;”.

New rule 7A

3. The Singapore Academy of Law (Stakeholding) Rules are amended by inserting, immediately after rule 7, the following rule:

“Payee in dispute

7A.—(1) Where —

(a)	the Academy is declared, by notice in writing under section 57(1) of the Income Tax Act (Cap. 134) or section 79(1) of the Goods and Services Tax Act (Cap. 117A), to be the agent of a person;
(b)	at the date of receipt of the notice by the Academy or at any time during the period of 90 days thereafter, the whole or any part of stakeholding money is due and payable by the Academy to that person under rule 6 or 7; and
(c)	there is a dispute in relation to the money between the Comptroller of Income Tax or the Comptroller of Goods and Services Tax, as the case may be, and that person or any person claiming under him,

the Academy —

(i)	shall not pay the money to that person or the person claiming under him; and
(ii)	shall hold the money until it is released in accordance with paragraph (2),

and the period during which the money is so held shall be treated as an extension of the stakeholding period.

(2) The Academy shall release the money held under paragraph (1) to such person —

(a)

as may be specified in a court order served on the Academy; or

(b)

as may be agreed by —

(i)	the Comptroller of Income Tax or the Comptroller of Goods and Services Tax, as the case may be; and
(ii)	the person referred to in paragraph (1)(a) or the person claiming under him.”.

Made this 20th day of July 2002.

YONG PUNG HOW

President,
Singapore Academy of Law.

[AD/PP-1(C); AG/LEG/SL/294A/2002/1 Vol. 1]