Singapore legislation
Section 49
Section 49
Unclaimed money to be paid to Official Receiver
(1)
If the trustee‑manager of a registered business trust that is being wound up or the liquidator of a registered business trust has in its possession or under its control —
any unclaimed or undistributed moneys arising from the trust property of the registered business trust on completion of the winding up of the registered business trust; or
any unclaimed distribution of profits, income or other payments or returns to unitholders which have remained unclaimed for more than 6 months from the date when the distribution became payable,the trustee‑manager or the liquidator must pay those moneys to the Official Receiver to be placed to the credit of the Business Trusts Liquidation Account and is entitled to the prescribed certificate of receipt for the moneys so paid and that certificate is an effectual discharge to the trustee‑manager or the liquidator in respect of the moneys so paid.
(2)
The court may, on the application of the Official Receiver, order the trustee‑manager of a registered business trust that is being wound up or the liquidator of a registered business trust to submit to the court an account of any unclaimed or undistributed funds, distributions or other moneys in the hands or under the control of the trustee‑manager or the liquidator verified by affidavit and may direct an audit thereof and may direct the trustee‑manager or the liquidator to pay those moneys to the Official Receiver to be placed to the credit of the Business Trusts Liquidation Account.
(3)
The interest arising from the investment of the moneys standing to the credit of the Business Trusts Liquidation Account must be paid into the Consolidated Fund.
(4)
For the purposes of this section, the court may exercise all the powers conferred by this Act with respect to the discovery and realisation of the property of the registered business trust and the provisions of this Act with respect thereto apply, with such adaptations as are prescribed, to proceedings under this section.
(5)
This section does not, except as expressly declared in this Act, deprive any person of any other right or remedy to which the person is entitled against the trustee‑manager of a registered business trust that is being wound up or the liquidator of a registered business trust or any other person.
(6)
If any claimant makes any demand for any money placed to the credit of the Business Trusts Liquidation Account, the Official Receiver, upon being satisfied that the claimant is the owner of the money, must authorise payment of the money to be made to the claimant out of that Account or, if it has been paid into the Consolidated Fund, may authorise payment of a like amount to be made to the claimant out of moneys made available by Parliament for the purpose.
(7)
Any person dissatisfied with the decision of the Official Receiver in respect of a claim made pursuant to subsection (6) may appeal to the court which may confirm, disallow or vary the decision.
(8)
Where any unclaimed moneys paid to any claimant are afterwards claimed by any other person, that other person is not entitled to any payment out of the Business Trusts Liquidation Account or out of the Consolidated Fund but such person may have recourse against the claimant to whom the unclaimed moneys have been paid.
(9)
Any unclaimed moneys paid to the credit of the Business Trusts Liquidation Account to the extent to which the unclaimed moneys have not been under this section paid out of that Account must, on the lapse of 7 years from the date of the payment of the moneys to the credit of that Account, be paid into the Consolidated Fund.