Singapore legislation
Section 57
Section 57
General Endowment Fund
(1)
A fund called the General Endowment Fund is established.
(2)
Except as otherwise provided under the provisions of this Act, the Fund consists of all money and property, movable or immovable, which by the Muslim law or under the provisions of this Act or rules made under subsection (6) accrues or is contributed by any person to the Fund.
(3)
All money and property in the Fund are vested in the Majlis which is to administer all such money and property in accordance with the rules made under this Act.
(4)
Any investments of assets and funds vested in the Majlis may be sold, realised and disposed of.
(5)
The Majlis may invest any money in the Fund in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.
(6)
Subject to the provisions of this Act, the Majlis, with the approval of the Minister, may make rules for the collection, administration and distribution of all property of the Fund.