Singapore legislation
Section 31
Section 31
Entitlement to compensation
(1)
Subject to sections 32 and 33, where an insured depositor has one or more insured deposits (other than any moneys, denominated in Singapore dollars, placed with a Scheme member under the CPFIS) placed with a failed Scheme member, which —
the insured depositor holds in his own right;
the insured depositor holds in his own right jointly with one or more other persons in a joint account;
a depositor holds as a trustee for the insured depositor under a trust; or
a depositor holds in a client account for the insured depositor as the depositor’s client,the insured depositor shall be entitled to compensation from the Fund of a specified amount which shall not exceed $20,000, regardless of the number or amount of insured deposits that the insured depositor has placed with the failed Scheme member.
(2)
Where any insured deposit of an insured depositor placed with a failed Scheme member consists of moneys, denominated in Singapore dollars, placed with the failed Scheme member under the CPFIS, such moneys shall not be aggregated with his other insured deposits placed with that failed Scheme member for the purposes of determining the amount of compensation that the insured depositor is entitled to, and the insured depositor shall be entitled, in respect of moneys, denominated in Singapore dollars, placed with the failed Scheme member under the CPFIS, to compensation from the Fund of an amount not exceeding $20,000.
(3)
For the purposes of this section —
“specified amount” means the amount by which the aggregate amount, as at the quantification date, of insured deposits (other than any moneys, denominated in Singapore dollars, placed with the failed Scheme member under the CPFIS) which the insured depositor has placed with the failed Scheme member exceeds the aggregate amount, as at the quantification date, of liabilities of the insured depositor to that failed Scheme member in respect of which a right of set-off would have existed had a winding-up order been made in respect of the failed Scheme member; and
in determining the amount of liabilities of the insured depositor to the failed Scheme member, the same rules shall apply with regard to future and contingent liabilities as are in force for the time being under the law relating to bankruptcy in relation to the estates of persons adjudged bankrupt, as if the failed Scheme member were a person so adjudged.