Securities Industry (Central Depositories) Act 1991 · Updated to 11 Apr 1991 · Part III · Provisions Relating to Deposited Securities
12. Duties of a central depository
Feedback & supportA central depository shall provide or cause to be provided all such facilities as may be necessary—
central depository
―central depository‖ means a company approved by the Minister under section 5— Securities Industry (Central Depositories) 11 (a) to establish and operate a system for the central handling of securities, whether or not listed on any stock exchange,— (i) whereby all such securities are deposited with and held in custody by, or registered in the name of, the company or its nominee company for the depositors and dealings in respect of those securities are effected by means of entries in securities accounts without the physical delivery of scrips; or (ii) which permits or facilitates the settlement of securities transactions or dealings in securities without the physical delivery of scrips; and (b) to provide other facilities and services incidental thereto;
to facilitate efficient deposit of securities;
to facilitate registration of dealings in deposited securities;
to ensure the safe custody of scrips and other documents representing deposited securities;
Securities Industry (Central Depositories) 31
to guard against falsification of any records or accounts required to be kept or maintained under the Act; and
to establish a proper and efficient system for the verification, inspection, identification and recording of all securities deposited with the central depository.
The Minister may, from time to time, prescribe other duties to be performed by a central depository as he considers appropriate.
Minister
―Minister‖ means the Minister of Finance; *NOTE—This Act has since been repealed by Capital Market and Services Act 2007 which comes into operation on 28 September 2007 except Division 2 of Part VI which comes into operation on 1 April 2010–see subsection 381(2)…