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Memorandum Of Deposit for Singapore

Memorandum Of Deposit Template for Singapore

A legally binding document governed by Singapore law that formally records and evidences the deposit of assets, securities, or funds by one party (depositor) with another party (typically a financial institution). The document details the terms, conditions, and obligations related to the deposit, including any security interests, withdrawal rights, and applicable interest rates. It provides legal protection for both parties and ensures compliance with Singapore's banking and securities regulations.

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What is a Memorandum Of Deposit?

The Memorandum of Deposit is a crucial document in Singapore's financial and banking sector, used when assets, securities, or funds need to be formally deposited with a financial institution or other entity. It is particularly relevant when the deposit serves as security for obligations or when formal documentation of the deposit arrangement is required for regulatory compliance. The document complies with Singapore's regulatory framework, including the Securities and Futures Act and Banking Act, and provides clear evidence of the deposit arrangement, protecting both depositor and depositee rights and obligations. This document is commonly used in banking transactions, security arrangements, and investment management scenarios.

What sections should be included in a Memorandum Of Deposit?

1. Parties: Identifies and defines the depositor and depositee

2. Background: Explains context and purpose of the deposit

3. Definitions: Defines key terms used in the document

4. Description of Deposit: Details of what is being deposited

5. Terms of Deposit: Duration, conditions, and requirements of the deposit

6. Rights and Obligations: Responsibilities of each party regarding the deposit

7. Governing Law: Specifies Singapore law as governing law

What sections are optional to include in a Memorandum Of Deposit?

1. Interest Provisions: Include when deposit earns interest - applicable for interest-bearing deposits

2. Security Provisions: Details of security arrangements - applicable when deposit serves as security

3. Early Withdrawal: Terms for early withdrawal - applicable for fixed-term deposits

4. Assignment Rights: Rights to assign the deposit - applicable when assignment is permitted

What schedules should be included in a Memorandum Of Deposit?

1. Schedule of Assets: Detailed list of deposited assets

2. Interest Rate Schedule: Details of applicable interest rates

3. Security Documents: Related security documentation

4. Required Notices: Forms of notices required under the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Publisher

Ƶ

Document Type

Memorandum

Cost

Free to use
Relevant legal definitions






























Clauses


























Industries

Securities and Futures Act (SFA): Primary legislation governing securities, futures contracts, and financial instruments. Essential for deposits involving securities and regulating their treatment and handling.

Banking Act: Core legislation governing banking institutions and banking operations in Singapore. Relevant for deposits made with financial institutions and banking regulatory compliance.

Companies Act: Fundamental legislation for corporate entities, crucial if any party to the deposit is a company. Governs corporate actions and documentation requirements.

Contract Law (Chapter 53): Forms the basic legal framework for agreements in Singapore, ensuring the enforceability of the memorandum and defining contractual obligations.

Stamp Duties Act: Legislation determining stamp duty requirements and payments on documents, including requirements for proper stamping of memorandums.

Personal Data Protection Act (PDPA): Legislation governing the collection, use, and disclosure of personal data, relevant for handling personal information of parties involved in the deposit.

AML/CFT Regulations: Anti-Money Laundering and Countering the Financing of Terrorism regulations that set compliance requirements for certain types of deposits and financial transactions.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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