In force2020 Revised Edition

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Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 · 2020 Revised Edition · Part 5 · Compensation Under di Scheme

23. Deposits in own right and joint accounts

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(1)

Where an insured depositor holds any insured deposit in the insured depositor’s 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 each insured depositor’s 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 is 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)

To avoid doubt, subsection (3) does not affect any rights as between the persons holding such insured deposit themselves.

Terms defined in s 2

DI Fund
Defined · s 2
“DI Fund” means the Deposit Insurance Fund reconstituted under section 9;
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failed DI Scheme member
Defined · s 2
“failed DI Scheme member” means a DI Scheme member in respect of which the Authority has made a determination that compensation is to be paid out of the DI Fund under section 21(1), and any reference to “failure” in relation to a DI Scheme member is to be construed accordingly;
Open s 2
insured deposit
Defined · s 2
“insured deposit” has the meaning given in the First Schedule;
Open s 2
insured depositor
Defined · s 2
“insured depositor” means any person who is not an excluded person and is entitled to the repayment of any insured deposit, whether or not the insured deposit is made by the person, and includes —(a)in the case of a deposit held by a trustee under a trust, the trustee; and(b)to avoid doubt, in the case of a deposit held by a depositor in a client account, the depositor;
Open s 2
quantification date
Defined · s 2
“quantification date” means —(a)in the case of a DI Scheme member —(i)that is wound up by a court in Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018;(ii)that is wound up by a court in a country or territory outside Singapore, the date of commencement of winding up under the law of that country or territory;(iii)that is wound up by a court in Singapore and by a court in a country or territory outside Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018;(iv)that is wound up voluntarily in Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018;(v)that is wound up voluntarily in a country or territory outside Singapore, the date of commencement of winding up under the law of that country or territory;(vi)that is wound up voluntarily in Singapore and in a country or territory outside Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018; or(vii)in respect of which the Authority determines that compensation be paid out of the DI Fund under section 21(1) (whether the DI Scheme member is subsequently wound up or not), the date on which the notice of payment of compensation is published in the Gazette under section 21(4); and(b)in the case of a PPF Scheme member —(i)that is wound up by a court in Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018;(ii)that is wound up by a court in a country or territory outside Singapore, the date of commencement of winding up under the law of that country or territory;(iii)that is wound up by a court in Singapore and by a court in a country or territory outside Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018;(iv)that is wound up voluntarily in Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018;(v)that is wound up voluntarily in a country or territory outside Singapore, the date of commencement of winding up under the law of that country or territory;(vi)that is wound up voluntarily in Singapore and in a country or territory outside Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018;(vii)that is a co-operative society in respect of which the Registrar of Co‑operative Societies has made an order cancelling the registration of that society under section 89(1) of the Co‑operative Societies Act 1979, the date of the order; or(viii)in respect of which the Authority has made a determination under section 46(1) that the PPF Life Fund or the PPF General Fund is to be utilised for one or more of the purposes mentioned in section 46(2) (whether the PPF Scheme member is subsequently wound up or not), the date on which the notification of the Authority’s determination is published in the Gazette under section 46(6);
Open s 2