Singapore legislation
Clause 49
Clause 49
Unclaimed money to be paid to Official Receiver
(1)
If the trustee-manager of a registered business trust that is being wound up or the liquidator of a registered business trust has in its possession or under its control —
any unclaimed or undistributed moneys arising from the trust property of the registered business trust on completion of the winding up of the registered business trust; or
any unclaimed distribution of profits, income or other payments or returns to unitholders which have remained unclaimed for more than 6 months from the date when the distribution became payable,the trustee-manager or the liquidator shall pay those moneys to the Official Receiver to be placed to the credit of the Business Trusts Liquidation Account and shall be entitled to the prescribed certificate of receipt for the moneys so paid and that certificate shall be an effectual discharge to him in respect thereof.
(2)
The court may, at any time on the application of the Official Receiver, order the trustee-manager of a registered business trust that is being wound up or the liquidator of a registered business trust to submit to the court an account of any unclaimed or undistributed funds, distributions or other moneys in his hands or under his control verified by affidavit and may direct an audit thereof and may direct him to pay those moneys to the Official Receiver to be placed to the credit of the Business Trusts Liquidation Account.
(3)
The interest arising from the investment of the moneys standing to the credit of the Business Trusts Liquidation Account shall be paid into the Consolidated Fund.
(4)
For the purposes of this section, the court may exercise all the powers conferred by this Act with respect to the discovery and realisation of the property of the registered business trust and the provisions of this Act with respect thereto shall apply, with such adaptations as are prescribed, to proceedings under this section.
(5)
This section shall not, except as expressly declared in this Act, deprive any person of any other right or remedy to which he is entitled against the trustee-manager of a registered business trust that is being wound up or the liquidator of a registered business trust or any other person.
(6)
If any claimant makes any demand for any money placed to the credit of the Business Trusts Liquidation Account, the Official Receiver, upon being satisfied that the claimant is the owner of the money, shall authorise payment thereof to be made to him out of that Account or, if it has been paid into the Consolidated Fund, may authorise payment of a like amount to be made to him out of moneys made available by Parliament for the purpose.
(7)
Any person dissatisfied with the decision of the Official Receiver in respect of a claim made in pursuance of subsection (6) may appeal to the court which may confirm, disallow or vary the decision.
(8)
Where any unclaimed moneys paid to any claimant are afterwards claimed by any other person, that other person shall not be entitled to any payment out of the Business Trusts Liquidation Account or out of the Consolidated Fund but such person may have recourse against the claimant to whom the unclaimed moneys have been paid.
(9)
Any unclaimed moneys paid to the credit of the Business Trusts Liquidation Account to the extent to which the unclaimed moneys have not been under this section paid out of that Account shall, on the lapse of 7 years from the date of the payment of the moneys to the credit of that Account, be paid into the Consolidated Fund.