Section 29
Dealings effected by means of electronic process
of Securities Industry (Central Depositories) Act 1991
ActIn forceProvision 33 of 78
Section 29
(1)
Notwithstanding the provisions of any written law, a dealing by a depositor in respect of a deposited security shall be effected by means of an entry in the securities accounts of the depositor.
(2)
Subject to this Part, a dealing effected under this section shall be effective—
(a)
in the case of a non-bearer security, without the need for an instrument in writing; and
(b)
in the case of a bearer security, without the need for delivery of the scrip representing the security.
Securities Industry (Central Depositories) 45
Dealings in deposited securities shall be effected by beneficial owners or authorized nominees