Singapore legislation

Section 9

Establishment of Deposit Insurance Fund

(1)

There shall be established a fund to be called the Deposit Insurance Fund which shall, subject to the directions of the Minister, be controlled and administered by the Agency designated by the Minister under section 12.

(2)

The Fund shall consist of —

(a)

all premium contributions and late payment fees paid by Scheme members;

(b)

all moneys borrowed by the Agency for the purpose of performing its functions under this Act;

(c)

all moneys recovered by the Agency from, or out of the assets of, failed Scheme members;

(d)

any interest, dividend and other income derived from the investment of the moneys in the Fund;

(e)

all moneys paid to or recovered by the Authority as a financial penalty under section 8; and

(f)

all other moneys lawfully paid into the Fund.

(3)

The Fund shall be used for the objects and purposes of the Scheme set out in this Act.

(4)

For the avoidance of doubt, the Fund shall not be a fund of the Agency or the Authority.[HK DPS Ord 2004, s. 14; MAS 1999 Ed., s. 30A]

Read in full context — Deposit Insurance Act →