Singapore legislation

Clause 164

Unclaimed and undistributed moneys

(1)

Where a trustee or nominee is in possession of or has under his control —

(a)

any unclaimed dividend or other moneys which have remained unclaimed for more than 6 months from the date when the dividend or other moneys became payable; or

(b)

after making final distribution, any unclaimed or undistributed moneys arising from the property of a bankrupt,he shall forthwith pay those moneys to the Official Assignee to be placed to the credit of the Bankruptcy Estates Account, whereupon the Official Assignee shall issue to him the prescribed certificate of receipt for the moneys so paid and that certificate shall be an effectual discharge to him in respect thereof.

(2)

The Official Assignee shall from time to time pay out of the Bankruptcy Estates Account and into the Insolvency Assistance Fund, maintained under section 165, so much of the sums standing to the credit of the Account as represents —

(a)

dividends or balances in the Account which do not exceed $20;

(b)

dividends which were declared but have not been claimed for a period of 6 years; and

(c)

balances in the Account which have not been claimed for a period of 6 years from the date that —

(i)

the bankruptcy order has been annulled by the court;

(ii)

the bankrupt has been discharged from bankruptcy by the court;

(iii)

the bankrupt has been discharged from bankruptcy by a certificate issued by the Official Assignee;

(iv)

the bankruptcy petition presented against the debtor has been withdrawn by the petitioner or dismissed by the court; or

(v)

the moneys were paid into the Account under subsection (1).

Read in full context — Bankruptcy Bill →