Singapore legislation
Clause 33
Clause 33
Deposits under trust
(1)
Where a depositor of an insured deposit placed with a failed Scheme member holds the insured deposit as a trustee under a trust and the books of the Scheme member disclose —
the identity of a beneficiary of the trust and his share of the insured deposit; or
the identity of a beneficiary of the trust and the total number of beneficiaries of the trust,any beneficiary who is an insured depositor, but not the depositor, shall be entitled, in respect of the insured deposit held under the trust as at the quantification date, to compensation from the Fund.
(2)
Where a depositor of an insured deposit placed with a failed Scheme member holds the insured deposit as a trustee under 2 or more trusts and the books of the Scheme member disclose —
the identity of a beneficiary of any one of those trusts and his share of the insured deposit; or
the identity of a beneficiary of any one of those trusts, the part of the insured deposit under that trust and the total number of beneficiaries of that trust,the beneficiary of each of those trusts who is an insured depositor, but not the depositor, shall be entitled, in respect of the part of the insured deposit held under the trust as at the quantification date, to compensation from the Fund.
(3)
For the purposes of subsections (1) and (2), where the beneficiaries of a trust consist of 2 or more insured depositors, each of those insured depositors shall be entitled, in respect of his share in the insured deposit as at the quantification date, to compensation from the Fund.
(4)
For the purposes of determining the share of each insured depositor in an insured deposit under subsection (3), each beneficiary of such an insured deposit held under a trust, whether or not he is an insured depositor, shall be deemed to have an equal share in the insured deposit or part of the insured deposit, as the case may be, unless there is an express provision to the contrary in the books of the failed Scheme member.
(5)
For the avoidance of doubt, subsection (4) does not affect any rights as between the beneficiaries themselves.