Singapore legislation
Clause 23
of Deposit Insurance and Policy Owners’ Protection Schemes Bill
Clause 23
Deposits in own right and joint accounts
(1)
Where an insured depositor holds any insured deposit in his own right, the insured depositor is entitled, in respect of the insured deposit as at the quantification date, to compensation from the DI Fund.
(2)
Where there are 2 or more insured depositors holding any insured deposit, each of those insured depositors is entitled, in respect of his share in the insured deposit as at the quantification date, to compensation from the DI Fund.
(3)
For the purposes of determining the share of any insured depositor in an insured deposit under subsection (2), each insured depositor holding such insured deposit 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 DI Scheme member.
(4)
For the avoidance of doubt, subsection (3) does not affect any rights as between the persons holding such insured deposit themselves.