Singapore legislation
Regulation 14
of Conveyancing and Law of Property (Conveyancing) Rules 2011
Regulation 14
Cessation of appointment of appointed bank
Where a solicitor maintains a conveyancing account or conveyancing (CPF) account with an appointed bank, and the Minister gives the bank notice that he intends to cancel the appointment of the bank with effect from a specified date, the bank shall —
obtain the instructions of the solicitor on the disposal of the conveyancing money (if any) in the conveyancing account or conveyancing (CPF) account maintained with the bank before the day immediately preceding the specified date (referred to in this rule as the relevant day), and give effect to those instructions in accordance with this Part by that day;
if the bank is unable to obtain any such instructions before the relevant day, withdraw the conveyancing money by the relevant day —
from the conveyancing account maintained with the bank, by issuing a bank draft made payable to the title of the solicitor’s conveyancing account; or
from the conveyancing (CPF) account maintained with the bank, by issuing a bank draft made payable to the title of the solicitor’s conveyancing (CPF) account; and
by the relevant day, close the conveyancing account or conveyancing (CPF) account maintained with the bank.