Singapore legislation
Regulation 36
Regulation 36
Bank accounts for trust moneys
Subregulation 1
In cases where the moneys of a trust normally kept in current account at a bank are sufficient to earn bank interest, the Public Trustee shall, and in other cases may, cause a separate banking account to be kept in respect of that trust.
Subregulation 2
In respect of trusts not dealt with under paragraph (1), the Public Trustee shall cause to be kept one general banking account.
Subregulation 3
Interest allowed by the bank on daily bank balances of the general banking account kept under paragraph (2) shall be credited to the Consolidated Fund.