Singapore legislation
Section 6
Section 6
Responsible Ministers in charge of accounts in Fund
(1)
The Minister may, if it appears to him or her expedient in the interests of the improved management and sound and more efficient investment of any part of the moneys in the Fund, by order direct that, as of a date appointed in that order, an account within the Fund be established comprising those moneys and placed under the control, supervision and management of a Minister who is assigned in that order (called in this Act the responsible Minister).
(2)
In discharging his or her functions in relation to the Fund or an account established under subsection (1), it is the duty of the Minister or responsible Minister, as the case may be —
to manage the Fund or account (as the case may be) so that the revenue of the Fund or account is not less than sufficient to meet expenses which are properly chargeable to the Fund or account;
to establish and adhere to investment policies, and adopt standards and procedures that a reasonable prudent person would apply to a portfolio of investments to avoid undue risk of loss and to obtain a reasonable return; and
in the case of the responsible Minister, to achieve any specific developmental objectives that the Minister may by order under subsection (1), after consultation with the responsible Minister, determine to be desirable of achievement.