25. Securities accounts

Terms defined in s 2

• Act

  Act

  Defined · s 2

  ―Act‖ includes any regulations made under this Act;

  Open s 2
• authorized depository agent

  authorized depository agent

  Defined · s 2

  ―authorized depository agent‖, in relation to any central depository, means a person appointed under section 13 to be an agent of that central depository;

  Open s 2
• authorized nominee

  authorized nominee

  Defined · s 2

  ―authorized nominee‖ means a person who is authorized to act as a nominee as specified under the rules of a central depository;

  Open s 2
• beneficial owner

  beneficial owner

  Defined · s 2

  ―beneficial owner‖, in relation to deposited securities, means the ultimate owner of the deposited securities who is the person who is entitled to all rights, benefits, powers and privileges and is subject to all liabilities, duties and obligations in respect of, or arising from, the deposited securities, and does not include a nominee of any description;

  Open s 2
• central depository

  central depository

  Defined · s 2

  ―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;

  Open s 2
• dealing

  dealing

  Defined · s 2

  ―dealing‖, in relation to any deposited security, includes the charging or pledging of the deposited security by a depositor;

  Open s 2
• rules

  rules

  Defined · s 2

  ―rules‖, in relation to— (a) a central depository, means the rules of a central depository, and includes— (i) rules contained in the memorandum and articles of association or other constituent document of the central depository; (ii) rules to ensure compliance by its authorized depository agents, users or depositors of any obligations imposed by this Act or any other written law; (iii) rules in relation to the provision of services for the deposit, holding, transfer and withdrawal of securities, and the suspension or withdrawal of such services; (iv) rules to provide for the persons who may participate in one or more of the services referred to in subparagraph (iii); and (v) rules in respect of such other matters as are necessary or desirable for the proper and efficient operation and management of the central depository, including rules setting fees and charges; and Securities Industry (Central Depositories) 15 (b) an exchange holding company, means the memorandum and articles of association, including rules regulating the activities and conduct of the company in its capacity as an exchange holding company;

  Open s 2
• securities account

  securities account

  Defined · s 2

  ―securities account‖ means an account established by a central depository for a depositor for the recording of deposit of securities and for dealings in such securities by the depositor;

  Open s 2