Singapore legislation
Section 103
Section 103
Bank account
(1)
Subject to subsection (2), all moneys paid to the Board must immediately be paid into such bank or banks as may from time to time be approved by the Chairperson.
(2)
Subsection (1) does not apply to —
(a)
moneys paid for the purposes of a pension scheme or schemes or a provident fund or funds established under section 48;
(b)
moneys paid for the purposes of any separate fund or funds which the Board may by any written law or by any direction or sanction of the Minister under the provisions of this Act be required to administer; or
(c)
moneys deposited by any person in connection with the person’s tender to the Board.[75