—(1) Where, on or after the appointed day —
an order is made by a court in Singapore or elsewhere to wind up a DI Scheme member; or
the Authority is of the opinion that a DI Scheme member is insolvent, unable or likely to become unable to meet its obligations, or about to suspend payments,
the Authority may determine that compensation shall be paid out of the DI Fund to the insured depositors of the DI Scheme member in accordance with this Act.
(2) Where the Authority determines that compensation shall be paid out of the DI Fund under subsection (1), the Authority shall immediately give notice in writing to the Agency of its determination.
(3) The notice in writing referred to in subsection (2) shall be in such form and contain such information as may be agreed between the Authority and the Agency.
(4) The Agency shall, as soon as practicable upon receiving the notice referred to in subsection (2), publish a notice in the Gazette stating that a payment of compensation shall be made out of the DI Fund.