Singapore legislation

Clause 40

of Deposit Insurance Bill

Clause 40

False statements regarding membership and insured deposits

(1)

No person shall, knowingly or recklessly, make a false or misleading statement as to whether or not —

(a)

any person is a Scheme member; or

(b)

any deposit, or other financial product, is an insured deposit.

(2)

Any person who contravenes subsection (1) shall, notwithstanding that a contract does not come into being, be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 12 months or to both.

Read in full context — Deposit Insurance Bill →