Singapore legislation
Clause 5
of Deposit Insurance and Policy Owners’ Protection Schemes (Amendment) Bill
Clause 5
Amendment of section 25
Section 25 of the principal Act is amended —
by deleting the word “and” at the end of subsection (5)(b);
by deleting the full‑stop at the end of paragraph (c) of subsection (5) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(d)provide for the treatment of any transfer order which has not been cleared and settled under the Rules of a payment system, in the computation of compensation due to any insured depositor who is entitled to compensation under this Act.”; and
by inserting, immediately after subsection (5), the following subsection:“(6) In subsection (5)(d), “transfer order” and “Rules” have the meanings given by the Payment and Settlement Systems (Finality and Netting) Act (Cap. 231).”.