Singapore legislation

Clause 13

of Deposit Insurance Bill

Clause 13

Objects, functions and powers of Agency

(1)

Subject to the provisions of this Act, the objects of the Agency shall be —

(a)

to administer the Scheme; and

(b)

to administer and manage the Fund.

(2)

Without prejudice to the generality of subsection (1), the functions of the Agency shall include the following:

(a)

collect premium contributions levied on Scheme members;

(b)

make payments of compensation in respect of insured deposits to insured depositors out of the Fund after the Agency has determined the eligibility and entitlement of the depositors;

(c)

make interim payments of compensation out of the Fund to insured depositors of such amounts as the Agency considers appropriate; (d)claim from the failed Scheme member for reimbursement of the amount of compensation paid to the insured depositors concerned out of the Fund, together with any interest accrued thereon;

(e)

claim payment from the liquidator or provisional liquidator of a failed Scheme member, out of the assets of the failed Scheme member, for reimbursement of the amount of compensation paid to the insured depositors concerned out of the Fund, together with any interest accrued thereon;

(f)

educate the public on the Scheme.

(3)

The Agency shall have the power to do anything for the purpose of discharging its functions under this Act or any other written law, or which is incidental or conducive to the discharge of those functions.

Read in full context — Deposit Insurance Bill →