Deposit Insurance Bill
Table of Contents
Long Title
Enacting Formula
Part I PRELIMINARY
1 Short title and commencement
2 Interpretation
3 Meaning of "insured deposit base" and "relevant insured deposits"
Part II DEPOSIT INSURANCE SCHEME
4 Establishment of Deposit Insurance Scheme
5 Membership of Scheme
6 Exemption from membership
7 Withdrawal of exemption
8 Maintenance of assets in Singapore
Part III DEPOSIT INSURANCE FUND
9 Establishment of Deposit Insurance Fund
10 Expenditure of moneys of Fund
11 Investment
Part IV DEPOSIT INSURANCE AGENCY
12 Designation of company to be deposit insurance agency
13 Objects, functions and powers of Agency
14 Amendment to memorandum and articles of association of Agency
15 Appointment of board of directors
16 Board to be accountable to Minister
17 Salaries, fees and allowances payable to Chairman and directors
18 Appointment of Chief Executive, officers and employees, etc.
19 Rules issued by Agency
20 Power of court to order observance of or compliance with Rules
Part V PREMIUMS
21 Premium contributions payable by Scheme members
22 Determination of premium rates and premium contributions
23 Notice of payment of premium contribution
24 Additional premium contributions where Fund insufficient to pay compensation
25 Payment of premium contributions and late payment fees
26 Power to refund or remit premium contributions
27 Refund of premium contributions paid in excess
28 Re-computation of premium contributions
29 Disclosure of information relating to premium contributions
Part VI COMPENSATION
30 Occurrence of events precipitating payment of compensation
31 Entitlement to compensation
32 Deposits in own right and joint accounts
33 Deposits under trust
34 Deposits in client accounts
35 Restrictions on entitlement to compensation
36 Computation and method of payment of compensation
37 Subrogation
38 Recovery of compensation paid in excess or wrongly paid
Part VII OFFENCES
39 Offences committed by bodies corporate
40 False statements regarding membership and insured deposits
41 Offence by officer
42 Duty not to furnish false information to Authority or Agency
43 General penalty
44 Penalty for corporation
45 Jurisdiction of District Court
46 Composition of offences
Part VIII FINANCIAL AND AUDIT PROVISIONS
47 Financial provisions with respect to Fund
48 Financial provisions with respect to Agency
49 Annual report of Agency
50 Annual estimates
51 Reporting to Minister
Part IX MISCELLANEOUS
52 Protection from personal liability
53 Preservation of confidentiality
54 General exemption
55 Appointment of assistants
56 Inspection of books of Scheme members
57 Provision of information and production of books
58 Service of documents, etc.
59 Electronic service
60 Copies or extracts of books to be admitted in evidence
61 Application of Companies Act
62 Insurance Act not to apply
63 Amendment of Schedules
64 Regulations
65 Related amendments to Banking Act
66 Related amendments to Finance Companies Act
67 Related amendments to Monetary Authority of Singapore Act
Explanatory Statement
Expenditure of Public Money
Table of Derivations