Singapore legislation

Section 3

Meaning of “insured deposit base” and “relevant insured deposits”

(1)

In this Act, unless the context otherwise requires, “insured deposit base”, in relation to a Scheme member, means the aggregate of the amount of the relevant insured deposits of all the insured depositors of the Scheme member.

(2)

For the purposes of subsection (1), “relevant insured deposits”, in relation to an insured depositor of a Scheme member, means the aggregate of the amount of —

(a)

any insured deposit placed with the Scheme member and —

(i)

held by that insured depositor in his own right or in his own right jointly with one or more persons in a joint account;

(ii)

held by a depositor as a trustee under a trust and the books of the Scheme member disclose that the insured depositor is a beneficiary of that trust and the share of the insured depositor in the insured deposit under that trust;

(iii)

held by a depositor as a trustee under a trust and the books of the Scheme member disclose that the insured depositor is a beneficiary of that trust and the total number of beneficiaries of that trust;

(iv)

held by a depositor as a trustee under 2 or more trusts and the books of the Scheme member disclose that the insured depositor is a beneficiary of any of the trusts and the share of the insured depositor in the insured deposit under that trust;

(v)

held by a depositor as a trustee under 2 or more trusts and the books of the Scheme member disclose that the insured depositor is a beneficiary of any of the trusts, the part of the insured deposit under that trust and the total number of beneficiaries of that trust;

(vi)

held by a depositor in a client account for the insured depositor and the books of the Scheme member disclose that the insured depositor is a client of the depositor and the share of the client in the insured deposit; and

(vii)

held by a depositor in a client account for the insured depositor and the books of the Scheme member disclose that the insured depositor is a client of the depositor and the total number of clients in the client account,up to a maximum of $20,000; and

(b)

any moneys, denominated in Singapore dollars, placed by that insured depositor with the Scheme member under the CPFIS, up to a maximum of $20,000.

(3)

For the purposes of subsection (2) —

(a)

a reference to an insured deposit includes a reference to part of the insured deposit;

(b)

where an insured depositor holds an insured deposit in his own right jointly with one or more depositors in a joint account, each of the depositors, whether or not he is an insured depositor, shall be deemed to have an equal share in the insured deposit unless there is an express provision to the contrary in the books of the Scheme member;

(c)

where an insured deposit is held by a depositor as a trustee under a trust for 2 or more beneficiaries, each of the beneficiaries, whether or not he is an insured depositor, shall be deemed to have an equal share in the insured deposit, unless there is an express provision to the contrary in the books of the Scheme member; and

(d)

where an insured deposit is held by a depositor in a client account for 2 or more clients, each of the clients, whether or not he is an insured depositor, shall be deemed to have an equal share in the insured deposit, unless there is an express provision to the contrary in the books of the Scheme member.

Read in full context — Deposit Insurance Act →