s 62A Priorities for set-off in winding up of bank
62A.—(1) Despite any written law or rule of law relating to the winding up of companies, in the event of the winding up of a bank in Singapore, a liquidator must first set‑off a depositor’s liabilities to the bank against any deposit of the depositor placed with the bank that is accepted —(a) in Singapore dollars; or (b) on terms under which the deposit may be repaid by the bank in Singapore dollars.[1/2020] (2) In this section, “deposit” means —(a) a sum of money paid on terms —(i) under which it will be repaid, with or without interest or a premium, or with any consideration in money or money’s worth, either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it; and (ii) which are not referable to the provision of property or services or to the giving of security; and (b) any other prescribed product.[1/2020]