Child Development Co-Savings Act 2001 · 2020 Revised Edition · Part 2 · Child Development Co-Savings Scheme
6. Moneys payable on death of member
Feedback & supportLast amended by an amending law of 2012.
Where a member dies, the moneys standing to his or her credit in his or her bank account must be paid to the Public Trustee for disposal in accordance with —
the Intestate Succession Act 1967, if the member was not a Muslim at the time of death; or
section 112 of the Administration of Muslim Law Act 1966, if the member was a Muslim at the time of death.
The receipt of the Public Trustee is a good discharge to the Minister and the managing agent for those portions of the moneys payable out of the bank account on the death of a member that are payable to the Public Trustee under subsection (1).
bank account
“bank account” means a bank account opened under the regulations made under section 3;
All moneys paid out of the bank account on the death of any member are deemed to be impressed with a trust in favour of the person or persons determined by the Public Trustee in accordance with subsection (1) to be entitled to the moneys but are, without prejudice to the Estate Duty Act 1929, deemed not to form part of the deceased member’s estate or to be subject to the member’s debts.