Singapore legislation
Clause 3
of Deposit Insurance and Policy Owners’ Protection Schemes (Amendment) Bill
Clause 3
Amendment of section 10
Section 10(1) of the principal Act is amended —
by deleting the word “and” at the end of paragraph (a)(iii);
by inserting the word “and” at the end of sub‑paragraph (iv) of paragraph (a), and by inserting immediately thereafter the following sub‑paragraph:“(v)the submission by the Agency to the liquidator of a failed DI Scheme member that is being wound up of any consolidated proof of debt on behalf of insured depositors in relation to each of their insured deposits placed with the failed DI Scheme member that exceeds the Maximum DI Coverage;”; and
by inserting, immediately after paragraph (b), the following paragraph:“(ba)the repayment of any moneys borrowed by the Agency for the purpose of performing its functions and the payment of any expenses and interest incurred in connection with the moneys borrowed;”.