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In forceAmended2020 Revised Edition
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Part 9 · Miscellaneous

62A. Priorities for set-off in winding up of bank

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Amended

Last amended by an amending law of 2020.

(1)

Despite any written law or rule of law relating to the winding up of companies, in the event of the winding up of a bank in Singapore, a liquidator must first set‑off a depositor’s liabilities to the bank against any deposit of the depositor placed with the bank that is accepted —

(a)

in Singapore dollars; or

(b)

on terms under which the deposit may be repaid by the bank in Singapore dollars.

(2)

In this section, “deposit” means —

(a)

a sum of money paid on terms —

(i)

under which it will be repaid, with or without interest or a premium, or with any consideration in money or money’s worth, either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it; and

(ii)

which are not referable to the provision of property or services or to the giving of security; and

(b)

any other prescribed product.

Report

Read on from s 62B

Schedules

Read on from Schedules