On 19/05/2013,
you requested for the version in force on 19/05/2013
incorporating all amendments published on or before 19/05/2013.
The closest version currently available is that of 29/04/2011.
PART XIII
MISCELLANEOUS
79. No liability shall be incurred by —
(a)
the Agency;
(b)
any director, officer, employee or agent of the Agency; or
(c)
any person acting under the direction of the Agency,
as a result of anything done (including any statement made) or omitted to be done with reasonable care and in good faith in —
(i)
the exercise or purported exercise of any power under this Act;
(ii)
the performance or purported performance of any function or duty under this Act; or
(iii)
the execution or purported execution of this Act.
80.
—(1) No person who is or has been a member, a director, an officer, an employee or an agent of the Agency shall disclose any information relating to the affairs of the Agency or of any other person which has been obtained by him in the performance of his duties or the exercise of his functions unless such disclosure is made —
(a)
with the permission of the person from whom the information was obtained or, where the information is the confidential information of a third person, with the permission of that third person;
(b)
for the purpose of the performance of his duties or the exercise of his functions under this Act;
(c)
in compliance with the requirement of any court or the provisions of any written law; or
(d)
for the purpose of assisting any public officer or officer of any other statutory board in the investigation or prosecution of any offence under any written law.
(2) No person who is or has been a member, a director, an officer, an employee or an agent of the Agency shall, for his own personal benefit or for the personal benefit of any other person, make use of any information, whether directly or indirectly, which has been obtained by him in the performance of his duties or the exercise of his functions.
(3) For the purpose of this section, the reference to a person disclosing or making use of any information includes his permitting any other person to have any access to any record, document or other thing which is in his possession or under his control by virtue of his being or having been a member, a director, an officer, an employee or an agent of the Agency.
(4) Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both.
81.
—(1) The Minister may, by regulations, exempt any person or class of persons from all or any of the provisions of this Act, subject to such terms or conditions as may be prescribed.
(2) The Minister may, on application of any person, by notice in writing exempt the person from all or any of the provisions of this Act if the Minister considers it appropriate to do so in the circumstances of the case.
(3) An exemption under subsection (2) —
(a)
may be granted subject to such terms or conditions as the Minister may specify by notice in writing;
(b)
need not be published in the Gazette; and
(c)
may be withdrawn at any time by the Minister if he considers it necessary in the public interest.
(4) Any person who contravenes any term or condition prescribed under subsection (1) or specified by the Minister under subsection (3)(a) shall be guilty of an offence.
82.
—(1) The Authority may, subject to such conditions or restrictions as it thinks fit, appoint any person to exercise any of its powers or perform any of its functions or duties under this Act, either generally or in any particular case, except the power to make subsidiary legislation.
(2) Any person appointed by the Authority under subsection (1) shall be deemed to be a public servant for the purposes of the Penal Code (Cap. 224).
83.
—(1) The Authority may from time to time inspect, under conditions of secrecy, the books of any DI Scheme member or PPF Scheme member for the purposes of this Act.
(2) For the purposes of an inspection under this section —
(a)
the DI Scheme member or PPF Scheme member and any other person who is in possession of the books of the DI Scheme member or PPF Scheme member shall produce such books to the Authority and give such information or facilities as may be required by the Authority;
(b)
the DI Scheme member or PPF Scheme member shall procure that any other person who is in possession of its books produce its books to the Authority and give such information or facilities as may be required by the Authority; and
(c)
the Authority may —
(i)
make copies of, or take possession of, any of such books;
(ii)
use, or permit the use of, any of such books for the purposes of any proceedings under this Act; and
(iii)
retain possession of any of such books for so long as is necessary —
(A)
for the purposes of exercising a power conferred by this section;
(B)
for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such books; or
(C)
for such proceedings to be commenced and carried on.
(3) No person shall be entitled, as against the Authority, to claim a lien on any of the books, but such a lien is not otherwise prejudiced.
(4) The Authority may require a person who produced any book to the Authority to explain, to the best of his knowledge and belief, any matter about the compilation of the book or to which the book relates.
(5) Any person who, without reasonable excuse, contravenes subsection (2) or a requirement of the Authority under subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.
84.
—(1) The Authority may, by notice in writing, require a DI Scheme member or PPF Scheme member to —
(a)
provide such information; or
(b)
produce any book,
at such time and in such manner as the Authority may reasonably require for the proper discharge of its functions.
(2) Any information received from a DI Scheme member or PPF Scheme member under this section shall be treated as secret by the Authority.
(3) Nothing in subsection (2) shall preclude the Authority from disclosing the information if —
(a)
the information is already in the public domain;
(b)
the information is disclosed in such a manner that the identity of an individual DI Scheme member or PPF Scheme member cannot be ascertained;
(c)
the DI Scheme member or PPF Scheme member consents to the disclosure; or
(d)
disclosure of the information on individual DI Scheme member or PPF Scheme member is necessary for the Authority’s performance of its functions or in the exercise of its powers.
(4) Any DI Scheme member or PPF Scheme member which fails to or neglects to furnish any information or produce any book required by the Authority under this section shall be guilty of an offence.
85.
—(1) Any notice, order or document required or authorised by this Act to be served on any person may be served —
(a)
by delivering it to the person or to some adult member or employee of his family or household at his last known place of residence;
(b)
by leaving it at his usual or last known place of residence or business in an envelope addressed to the person;
(c)
by sending it by registered post addressed to the person at his usual or last known place of residence or business; or
(d)
in the case of a body corporate, firm or body of persons —
(i)
by delivering it to the secretary or other like officer of the body corporate, firm or body of persons at its registered office or principal place of business; or
(ii)
by sending it by registered post addressed to the body corporate, firm or body of persons at its registered office or principal place of business.
(2) Any notice, order or document sent by registered post to any person in accordance with subsection (1) shall be deemed to be duly served on the person at the time when the notice, order or document, as the case may be, would in the ordinary course of post be delivered.
(3) When proving service of the notice, order or document referred to in subsection (2), it shall be sufficient to prove that the envelope containing the notice, order or document, as the case may be, was properly addressed, stamped and posted by registered post.
86.
—(1) The Authority may provide an electronic service for the service of any notice that is required or authorised by this Act to be served on any person.
(2) The Authority may use the electronic service to serve any notice on behalf of the Agency.
(3) For the purposes of the electronic service, the Authority may assign to any person —
(a)
an authentication code; and
(b)
an account with the electronic service.
(4) Notwithstanding section 85, where any person has given his consent for any notice to be served on him through the electronic service, the Authority may serve the notice on that person by transmitting an electronic record of the notice to that person’s account with the electronic service.
(5) Where a person has given his consent for a notice to be served on him through the electronic service, the notice shall be deemed to have been served at the time when an electronic record of the notice enters his account with the electronic service.
(6) Notwithstanding any other written law, in any proceedings under this Act —
(a)
an electronic record of any notice that was served through the electronic service; or
(b)
any copy or print-out of that electronic record,
shall be admissible as evidence of the facts stated or contained therein if that electronic record, copy or print-out —
(i)
is certified by the Authority to contain all or any information served through the electronic service in accordance with this section; and
(ii)
is duly authenticated in the manner specified in subsection (8) or is otherwise authenticated in the manner provided in the Evidence Act (Cap. 97) for the authentication of computer output.
(7) For the avoidance of doubt —
(a)
an electronic record of any notice that was served through the electronic service; or
(b)
any copy or print-out of that electronic record,
shall not be inadmissible in evidence merely because the notice was served without the delivery of any equivalent document or counterpart in paper form.
(8) For the purposes of this section, a certificate —
(a)
giving the particulars of —
(i)
any person whose authentication code was used to serve the notice; and
(ii)
any person or device involved in the production or transmission of the electronic record of the notice, or the copy or print-out thereof;
(b)
identifying the nature of the electronic record or copy or print-out thereof; and
(c)
purporting to be signed by the Authority or by a person occupying a responsible position in relation to the operation of the electronic service at the relevant time,
shall be sufficient evidence that the electronic record, copy or print-out has been duly authenticated, unless the court, in its discretion, calls for further evidence on this issue.
(9) Where the electronic record of any notice, or a copy or print-out of that electronic record, is admissible under subsection (6), it shall be presumed, until the contrary is proved, that the electronic record, copy or print-out accurately reproduces the contents of that document.
(10) The Authority may make regulations which are necessary or expedient for carrying out the purposes of this section, including regulations prescribing the procedure for the use of the electronic service, including the procedure in circumstances where there is a breakdown or interruption of the electronic service.
87.
—(1) Subject to this section, a copy of or an extract from a book mentioned in this Act that is proved to be a true copy of the book or of the relevant part of the book is admissible in evidence as if it were the original book or the relevant part of the original book.
(2) For the purposes of subsection (1), evidence that a copy of or an extract from a book is a true copy of the book or of a part of the book may be given by a person who has compared the copy or extract with the book or the relevant part of the book and may be given orally or by an affidavit sworn, or by a declaration made, before a person authorised to take affidavits or statutory declarations.
88. Nothing in this Act, with the exception of sections 58, 59, 60, 62 and 79, shall affect the operation of the Companies Act (Cap. 50) in relation to its application to a company that is designated as the deposit insurance and policy owners’ protection fund agency under section 56.
89. The provisions of the Insurance Act (Cap. 142) (except where expressly mentioned) shall not apply to the Agency and anything done by it under this Act.
90.
—(1) The Minister may at any time, by order published in the Gazette, amend any Schedule except the Fifth, Sixth and Seventh Schedules.
(2) The Minister may, in any order made under subsection (1), make such incidental, consequential or supplementary provisions as may be necessary or expedient.
(3) Any order made under subsection (1) shall be presented to Parliament as soon as possible after publication in the Gazette.
91.
—(1) The Minister may, with the exception of those matters which may be prescribed by the Authority under this Act, make regulations for carrying out the purposes and provisions of this Act and for the due administration thereof.
(2) Except as otherwise expressly provided in this Act, regulations made under this Act may —
(a)
be of general or specific application; and
(b)
provide that a contravention thereof shall be punishable —
(i)
in the case of an individual, with a fine not exceeding $12,500 or with imprisonment for a term not exceeding 12 months or both and, in the case of a continuing offence, with a further fine not exceeding $1,250 for every day or part thereof during which the offence continues after conviction; or
(ii)
in the case of a company or body corporate, with a fine not exceeding $25,000 and, in the case of a continuing offence, with a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.
92. The Deposit Insurance Act (Cap. 77A) is repealed.
93.
—(1) The Banking Act (Cap. 19, 2008 Ed.) is amended —
(a)
by deleting the words “Deposit Insurance Act (Cap. 77A) or any rules issued by the deposit insurance agency under the Deposit Insurance Act” in section 20(1)(a)(viii) and substituting the words “Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 or any Rules issued by the deposit insurance and policy owners’ protection fund agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011”;
(b)
by deleting the words “Deposit Insurance Act (Cap. 77A)” in section 62(1)(a) and substituting the words “Deposit Insurance and Policy Owners’ Protection Schemes Act 2011”;
(c)
by deleting paragraph (b) of section 62(1) and substituting the following paragraph:
“(b)
secondly, liabilities incurred by the bank in respect of insured deposits, up to the amount of compensation paid or payable out of the DI Fund by the Agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of such insured deposits;”;
(d)
(e)
by deleting the words “Deposit Insurance Act (Cap. 77A)” in the first column of item 9 in Part I of the Third Schedule and substituting the words “Deposit Insurance and Policy Owners’ Protection Schemes Act 2011”;
(f)
by deleting item 10 in Part II of the Third Schedule and substituting the following item:
First column | Second column | Third column | ||
Purpose for which customer information may be disclosed | Persons to whom information may be disclosed | Conditions | ||
10. Disclosure is solely in connection with the payment of compensation under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 to insured depositors or persons referred to in section 22(7) of that Act. | (a) The deposit insurance and policy owners’ protection fund agency; | (a) The disclosure by the deposit insurance and policy owners’ protection fund agency or the Public Trustee to any person referred to in paragraph (c) of the second column shall be subject to such conditions as may be specified in a notice issued by the Authority or otherwise imposed by the Authority. | ||
(b) the Public Trustee; or | (b) The disclosure by any person referred to in paragraph (a), (b) or (c) of the second column to any other person referred to in the same paragraph shall be subject to such conditions as may be specified in a notice issued by the Authority or otherwise imposed by the Authority. | |||
(c) any person authorised or appointed by the deposit insurance and policy owners’ protection fund agency or the Public Trustee (as the case may be) to perform its functions under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011. | (c) The Public Trustee may disclose customer information to such persons or class of persons and subject to such conditions, as may be determined by the Minister. |
(g)
by deleting the definition of “deposit insurance agency” in Part III of the Third Schedule and substituting the following definition:
“ “deposit insurance and policy owners’ protection fund agency” means the deposit insurance and policy owners’ protection fund agency designated under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;”; and
(h)
by deleting the words “Deposit Insurance Act” in the definition of “insured depositor” in Part III of the Third Schedule and substituting the words “Deposit Insurance and Policy Owners’ Protection Schemes Act 2011”.
(2) The Finance Companies Act (Cap. 108, 2000 Ed.) is amended —
(a)
by deleting the words “Deposit Insurance Act 2005 or any rules issued by the deposit insurance agency under the Deposit Insurance Act 2005” in section 15(1)(a)(vi) and substituting the words “Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 or any Rules issued by the deposit insurance and policy owners’ protection fund agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011”;
(b)
by deleting the words “Deposit Insurance Act 2005” in section 44A(1)(a) and substituting the words “Deposit Insurance and Policy Owners’ Protection Schemes Act 2011”;
(c)
by deleting paragraph (b) of section 44A(1) and substituting the following paragraph:
“(b)
secondly, liabilities incurred by the finance company under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of insured deposits, up to the amount of compensation paid or payable out of the DI Fund by the Agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of such insured deposits.”; and
(3) The Monetary Authority of Singapore Act (Cap. 186, 1999 Ed.) is amended by deleting item 6 in the Schedule and substituting the following item:
“6. Deposit Insurance and Policy Owners’ Protection Schemes Act 2011”.
(4) The Public Trustee Act (Cap. 260, 1985 Ed.) is amended by deleting the full-stop at the end of paragraph (b) of section 4(1A) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:
“(c)
undertake such role, functions and duties as set out in the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011.”.
94.
—(1) Any exemption granted by the Authority under section 6(2) of the repealed Act immediately before the appointed day —
(a)
shall continue and be deemed to have been granted under section 6(2) of this Act; and
(b)
any condition to which the exemption was subject immediately before that day shall continue and be deemed to have been imposed under section 6(5) of this Act.
(2) Any assets, investments or moneys which were part of the DI Fund established under section 9(1) of the repealed Act (whether held in the name of the DI Fund or otherwise) immediately before the appointed day, shall be deemed to be assets, investments and moneys forming part of the DI Fund reconstituted under section 9(1) of this Act.
(3) Any approval granted by the Minister under section 11 of the repealed Act in respect of the types of investments that the Agency may invest any money in the DI Fund, shall continue and be deemed to have been granted by the Minister under section 11 of this Act.
(4) Any director holding office at the company designated by the Minister under section 12 of the repealed Act to be the deposit insurance agency immediately before the appointed day, shall continue to hold appointment as such at the company designated by the Minister under section 56 of this Act.
(5) The following provisions shall apply to the Chief Executive, other officers, employees, consultants and agents appointed as such by the company designated by the Minister under section 12 of the repealed Act to be the deposit insurance agency, pursuant to section 18 of that Act immediately before the appointed day:
(a)
the Chief Executive, other officers, employees, consultants and agents shall continue to hold such appointments and be deemed to have been appointed as such under section 62 of this Act; and
(b)
the terms and conditions to which their appointments were subject to immediately before the appointed day shall continue and be deemed to have been imposed under or pursuant to this Act.
(6) Subject to subsection (8), every DI Scheme member which has received a notice to pay a premium contribution under section 23 of the repealed Act for the premium year beginning on 1st April 2011 and ending on 31st March 2012, may from the appointed day be required to pay a further premium contribution under this Act in respect of the period commencing on the appointed day until 31st March 2012 (both days inclusive).
(7) Sections 12, 14, 16, 17 and 18 of this Act shall apply, with the necessary modifications, to any payment of further premium contribution.
(8) Notwithstanding subsection (7), the Authority shall, when computing the amount of further premium contribution payable by a DI Scheme member, take into consideration any premium contribution which that DI Scheme member has paid under the repealed Act for the premium year beginning on 1st April 2011 and ending on 31st March 2012.
(9) Section 19 of this Act shall apply, with the necessary modifications, to any premium contribution which a DI Scheme member has received a notice to pay under section 23 of the repealed Act for the premium year beginning on 1st April 2011 and ending on 31st March 2012.
(10) Any act or purported act of the Agency (including the entering into of an agreement by the Agency and any act done on behalf of the Agency by an officer or agent of the Agency under any purported authority, whether express or implied, of the Agency) in respect of the PPF Scheme after the appointed day but before the memorandum and articles of association of the Agency have been amended shall not be invalid by reason only of the fact that the Agency was without capacity or power to do such act.
(11) For the avoidance of doubt, section 25(2) and (3) of the Companies Act (Cap. 50) shall not apply to any act or purported act of the Agency referred to in subsection (10).
(12) For a period of 2 years after the appointed day, the Minister may, by regulations published in the Gazette, prescribe such additional provisions of a savings or transitional nature consequent on the enactment of this Act, as he may consider necessary or expedient.
(13) In this section, a reference to a provision of the repealed Act is a reference to that provision of that Act in force immediately before the appointed day.