Singapore legislation

Section 134

Assurance fund

(1)

From the fees which are collected by the Registrar pursuant to this Act, the Minister for Finance shall set apart the proportion prescribed from time to time by rules made under this Act to constitute an assurance fund, from which shall be paid —

(a)

any sum necessary to compensate claimants under section 138; and

(b)

such other disbursements as are directed or authorised to be paid, or expressed to be recoverable, from that fund.

(2)

The Registrar may authorise payment from the assurance fund of any claim for compensation not exceeding $1,000.

(3)

A claim for compensation exceeding $1,000 shall be paid from the assurance fund only on the authority in writing of the Minister, or on a determination by the Court.

(4)

If the amount to the credit of the assurance fund is inadequate to meet any claim, the deficiency shall be charged on and paid out of the Consolidated Fund.

(5)

The assurance fund is not liable to compensate any person suffering loss, damage or deprivation occasioned by the breach by a proprietor of any trust.[130

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