Singapore legislation
Section 23
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Section 23
Deposits in own right and joint accounts
(1)
Where an insured depositor holds any insured deposit in the insured depositor’s own right, the insured depositor is entitled, in respect of the insured deposit as at the quantification date, to compensation from the DI Fund.
(2)
Where there are 2 or more insured depositors holding any insured deposit, each of those insured depositors is entitled, in respect of each insured depositor’s share in the insured deposit as at the quantification date, to compensation from the DI Fund.
(3)
For the purposes of determining the share of any insured depositor in an insured deposit under subsection (2), each insured depositor holding such insured deposit is deemed to have an equal share in the insured deposit unless there is an express provision to the contrary in the books of the failed DI Scheme member.
(4)
To avoid doubt, subsection (3) does not affect any rights as between the persons holding such insured deposit themselves.