Singapore legislation
Section 28A
of Building and Construction Industry Security of Payment Act 2004
Section 28A
Authorised nominating body to maintain trust account
(1)
An authorised nominating body must open and maintain a trust account with a bank for the purpose of holding the adjudicated amount mentioned in section 18(3).
(2)
An authorised nominating body must not withdraw any money from a trust account except for the purpose of subsection (3) or making a payment under section 22(3).
(3)
All interest earned from the maintenance of adjudicated amounts received in a trust account accrue to the authorised nominating body, which may dispose of the interest in such manner as the authorised nominating body considers fit.
(4)
Money held in a trust account is not available for payment of the debts of an authorised nominating body or liable to be paid or taken in execution under the order or process of a court.
(5)
Nothing in subsection (4) takes away or affects any lawful claim that a claimant or a respondent has against money held in a trust account.
(6)
In this section —
Definition
“bank” has the meaning given by the Banking Act 1970;
Definition
“trust account” means a current or deposit account maintained in the name of the authorised nominating body at a bank, in the title of which the words “BCISOPA ANB — Adjudicated Amount Client Account” appear.