Singapore legislation
Clause 10
of Deposit Insurance and Policy Owners’ Protection Schemes Bill
Clause 10
Withdrawal and application of moneys of DI Fund
(1)
In carrying out the objects and purposes of DI Scheme, the moneys in the DI Fund may be withdrawn and applied as the Agency considers proper for all or any of the following purposes only:
the payment of all expenses incurred in or incidental to —
the reconstitution and maintenance of the DI Scheme;
the administration and management of the DI Fund;
the administration and management of the Agency and the performance of the duties and functions of the Agency in respect of the DI Scheme under this Act; and
the conduct of any investigation by the Agency for the purpose of determining the entitlement of insured depositors to any compensation;
the payment of any fees to agents appointed by the Agency for the purposes of carrying out any services in respect of the DI Scheme under this Act;
the withdrawal of all other moneys authorised or determined to be paid out of the DI Fund in accordance with this Act.
(2)
Notwithstanding subsection (1), the Authority may recover from the Agency out of the DI Fund all expenses incurred by the Authority in connection with the discharge of the functions and responsibilities of the Authority under sections 8, 13, 14 and 15.