10. Payment of compensation from DI Fund
Feedback & supportLast amended by an amending law of 2016.
Where an insured depositor is entitled to compensation in respect of moneys placed with a failed DI Scheme member under the CPFIS or CPFRS, the Agency may pay such compensation to the Central Provident Fund Board for the benefit of the insured depositor or into an equivalent account with another DI Scheme member in which the compensation is to be held in a manner equivalent to the manner of holding the original moneys.
Where an insured depositor is entitled to compensation in respect of an insured deposit held under a trust, the Agency may pay such compensation —
directly to the insured depositor; (b)into an account in the name of the insured depositor opened with another DI Scheme member; or (c)into an equivalent trust account held with another DI Scheme member.
Where an insured depositor is entitled to compensation in respect of an insured deposit held under a client account, the Agency may pay such compensation —
directly to the insured depositor;
into an account in the name of the insured depositor opened with another DI Scheme member; or
into an equivalent client account held with another DI Scheme member.
Where an insured depositor is entitled to compensation in respect of an insured deposit held in the name of his sole-proprietorship, the Agency may pay such compensation —
directly to the insured depositor or any sole-proprietorship of the insured depositor;
into an account in the name of the insured depositor opened with another DI Scheme member; or
into an account in the name of any sole proprietorship of the insured depositor opened with another DI Scheme member.
Subregulation 1
Where an insured depositor is entitled to compensation in respect of moneys placed with a failed DI Scheme member under the CPFIS or CPFRS, the Agency may pay such compensation to the Central Provident Fund Board for the benefit of the insured depositor or into an equivalent account with another DI Scheme member in which the compensation is to be held in a manner equivalent to the manner of holding the original moneys.
Subregulation 2
Where an insured depositor is entitled to compensation in respect of an insured deposit held under a trust, the Agency may pay such compensation —
directly to the insured depositor; (b)into an account in the name of the insured depositor opened with another DI Scheme member; or (c)into an equivalent trust account held with another DI Scheme member.
Subregulation 3
Where an insured depositor is entitled to compensation in respect of an insured deposit held under a client account, the Agency may pay such compensation —
directly to the insured depositor;
into an account in the name of the insured depositor opened with another DI Scheme member; or
into an equivalent client account held with another DI Scheme member.
Subregulation 4
Where an insured depositor is entitled to compensation in respect of an insured deposit held in the name of his sole-proprietorship, the Agency may pay such compensation —
directly to the insured depositor or any sole-proprietorship of the insured depositor;
into an account in the name of the insured depositor opened with another DI Scheme member; or
into an account in the name of any sole proprietorship of the insured depositor opened with another DI Scheme member.