Singapore legislation
Clause 72
Clause 72
As to claims against fund
(1)
Subject to this Part, every person who suffers pecuniary loss as provided in subsection (1) of section 71 shall be entitled to claim compensation from the fidelity fund and to take proceedings in the Court as provided in this Act against the stock exchange to establish such claim.
(2)
Subject to subsection (3), a person shall in no case have any claim against the fidelity fund in respect of —
a defalcation committed before the date of the coming into operation of this Act; or
a defalcation in respect of money or other property which prior to the commission of the defalcation had in the due course of the administration of a trust ceased to be under the sole control of the sole trader concerned or in the case of a member firm, of the partner or partners concerned, or in the case of a member company, of the director or directors concerned.
(3)
Upon the amalgamation of the Stock Exchange of Malaysia Members’ Fidelity Guarantee Fund, maintained pursuant to the articles of association of the Malaysia and Singapore Stock Exchange, with the fidelity fund of the Stock Exchange of Malaysia and Singapore established under section 60, the fidelity fund so established shall be liable, in the manner and to the extent provided by those articles of association before any amendment thereof required to enable the amalgamation to be effected, for claims against the Stock Exchange of Malaysia Members’ Fidelity Guarantee Fund arising before that amalgamation.
(4)
The reference in subsection (3) to the Stock Exchange of Malaysia Members’ Fidelity Guarantee Fund shall be deemed to include a reference to Singapore members of that Fund.
(5)
Subject to this Part, the amount which any claimant shall be entitled to claim as compensation from a fidelity fund shall be the amount of the actual pecuniary loss suffered by him (including the reasonable costs of and disbursements incidental to the making and proof of his claim) less the amount or value of all moneys or other benefits received or receivable by him from any source other than the fund in reduction of the loss.
(6)
In addition to any compensation payable under this Part interest shall be payable out of the fidelity fund concerned on the amount of the compensation, less any amount attributable to costs and disbursements, at the rate of five per centum per annum calculated from the day upon which the defalcation was committed and continuing until the day upon which the claim is satisfied.