Legal Profession Act 1966 · 2020 Revised Edition · Part 5B · Unclaimed Money Fund
70J. Unclaimed Money Fund
Feedback & supportLast amended by an amending law of 2018.
The Society must maintain and administer, in accordance with this section, a fund called the Unclaimed Money Fund.
Society
“Society” means the Law Society of Singapore established under section 37;
Subject to any limitation prescribed by rules made under section 70N, any transferred unclaimed client money or transferred unclaimed intervention money paid into the Fund vests in the Society, and belongs to the Society absolutely, with effect from the transfer date of that money.
transferred unclaimed client money
“transferred unclaimed client money” means any money paid into the Fund under section 70K;
Subject to any limitation prescribed by rules made under section 70N —
any moneys that form part of the Fund and are not immediately required for any other purpose may be invested by the Society;
the following moneys in the Fund may be used to fund pro bono services provided by the Society or by any wholly‑owned subsidiary of the Society:
any interest, dividends and other accretions of capital arising from the investment of moneys that form part of the Fund;
such transferred unclaimed client money and transferred unclaimed intervention money as may be prescribed by rules made under section 70N;
such transferred unclaimed client money and transferred unclaimed intervention money, as may be prescribed by rules made under section 70N, may be used to make payments to claimants under section 70L;
such transferred unclaimed intervention money, as may be prescribed by rules made under section 70N, may be used to make payments to claimants under paragraph 11(5) of the First Schedule; and
any interest, dividends and other accretions of capital arising from the investment of moneys that form part of the Fund may be used to pay any costs, charges and expenses of —
establishing, maintaining, administering and applying the Fund; and
administering this Part.
Except with the prior written approval of the Minister, the Society must not invest or use any moneys that form part of the Fund other than in accordance with subsection (3).
Fund
“Fund” means the Unclaimed Money Fund maintained and administered by the Society under section 70J;