Singapore legislation
Section 7
Section 7
Establishment of Edusave Pupils Fund
(1)
For the purposes of this Act, a fund called the Edusave Pupils Fund is established, into which must be paid —
all contributions under section 9;
all the income of that Fund; and
any cash grant made by the Government,and out of which must be met all payments authorised to be made under this Act.
(2)
A public officer who is appointed by the Minister as the Edusave Scheme Administrator must administer the Edusave Pupils Fund on behalf of the Minister, and all moneys belonging to that Fund may be —
deposited in any bank approved by the Edusave Scheme Administrator; and
invested in any securities that trustees may by any written law be authorised to invest.
(3)
The Edusave Scheme Administrator must maintain for each member of the Edusave Pupils Fund in respect of the money standing to the member’s credit in that Fund an account called the Edusave account from which withdrawals may be made under section 13 or 14.
(4)
The Edusave Scheme Administrator has the powers and must perform the duties given or imposed by this Act or directed by the Minister, and the Minister or the Edusave Scheme Administrator may by instrument in writing delegate to any person all or any of those powers and duties, except the power of delegation conferred by this subsection.
(5)
The Minister may authorise the transfer to the Endowment Fund of any moneys in the Edusave Pupils Fund which, in the Minister’s opinion, are not immediately required to meet the purposes of the Edusave Pupils Fund, and those moneys form part of the income of the Endowment Fund.