Singapore legislation

Section 10

Expenditure of moneys of Fund

(1)

In carrying out the objects of this Act, there shall be paid out of the Fund as required and at such time as the Agency considers proper —

(a)

all expenses incurred in or incidental to —

(i)

the establishment and maintenance of the Scheme;

(ii)

the administration and management of the Fund;

(iii)

the administration and management of the Agency and the performance of the duties and functions of the Agency under this Act; and

(iv)

the conduct of any investigations by the Agency for the purpose of determining the eligibility and entitlement of insured depositors to compensation;

(b)

any fees payable to agents appointed by the Agency for the purposes of this Act; and

(c)

all other moneys payable out of the Fund in accordance with this Act.

(2)

Notwithstanding subsection (1), the Authority may recover from the Agency out of the Fund, all expenses incurred in the establishment of the Agency and all expenses incurred in connection with the discharge of the functions and responsibilities of the Authority under sections 8, 22, 23 and 24 of this Act.[HK DPS Ord 2004, s. 16; MAS 1999 Ed., s. 30B]

Read in full context — Deposit Insurance Act →