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Section 10

Local Treasury Bills Act 1923

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—(1) Notwithstanding section 9, a transfer or a pledge of a book‑entry Treasury Bill, 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 a book‑entry Treasury Bill, or any interest therein, if the Bill was issued by the Authority in the form of engraved or printed certificates.(2) The Authority shall be deemed not to be —(a)a bailee for purposes of notification of pledges of book‑entry Treasury Bills not effected in accordance with section 9; and(b)a person in possession of book-entry Treasury Bills for purposes of acknowledgment of transfers of such Bills not effected in accordance with section 9.(3) Where book-entry Treasury Bills are recorded on the books of a depositary institution for account of the pledgor or transferor thereof and such Treasury Bills are on deposit with the Authority in an account, the depositary institution shall, for the purposes of effecting delivery of the book‑entry Treasury Bills to a purchaser or pledgee, be deemed to be —(a)the bailee to which notification of the pledge of the book‑entry Treasury Bills may be given; or(b)the person in possession from which acknowledgment of the holding of the book‑entry Treasury Bills may be obtained.(4) The Authority shall not accept any notice or advice of a transfer or pledge of any book‑entry Treasury Bill not effected in accordance with section 9 and any such notice or advice shall be void.(5) The Authority may continue to deal with its depositor in accordance with this Act notwithstanding any transfer or pledge not effected in accordance with section 9.

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