Singapore legislation
Clause 34
Clause 34
Deposits in client accounts
(1)
Where a depositor of an insured deposit placed with a failed Scheme member holds the insured deposit in a client account and the books of the Scheme member disclose —
the identity of a client and his share of the insured deposit; or
the identity of a client and the total number of clients in that client account,any client who is an insured depositor, but not the depositor, shall be entitled, in respect of the insured deposit held in the client account as at the quantification date, to compensation from the Fund.
(2)
For the purposes of subsection (1), where the clients in a client account 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.
(3)
For the purposes of determining the share of each insured depositor in an insured deposit under subsection (2), each client in a client account which contains an insured deposit, whether or not he is an insured depositor, shall be deemed to have an equal share in the insured deposit unless there is an express provision to the contrary in the books of the failed Scheme member.
(4)
For the avoidance of doubt, subsection (3) does not affect any rights as between the clients themselves.