Singapore legislation

Section 12

Establishment of Endowment Fund

There shall be established an Endowment Fund which shall vest in the Council and shall consist of —

(a)

all donations and gifts accepted by the Council for the Endowment Fund;

(b)

all reserves of the Council in excess of two years of its operating expenditure; and

(c)

such other moneys as the Council may determine to transfer to the Endowment Fund.

Any interest, dividends and other income derived from the Endowment Fund shall be credited to the General Fund.

The Endowment Fund may be applied for such purposes as may be approved by the Minister in writing.