Singapore legislation
Section 32
Section 32
Establishment of Fuel Equalisation Fund
(1)
Every person to whom a Class 1 bus service licence or a licence under Part 3 of the Rapid Transit Systems Act 1995 has been granted must —
establish and maintain a Fuel Equalisation Fund (called in this Part the Fund) for the purpose of mitigating the effects of any increase in fuel price and electricity tariff; and
pay into the Fund an annual contribution of such amount as the Council may, from time to time, determine.
(2)
A person mentioned in subsection (1) must not withdraw any sum of money from the Fund except with the approval of the Council.
(3)
An application to withdraw any sum of money from the Fund must be made to the Council in such form or manner as the Council may require.
(4)
Upon receiving an application under subsection (3), the Council may —
grant the application to withdraw the sum of money from the Fund in full or in part, subject to such conditions as the Council thinks fit; or
reject the application.[22A