Section 3

to encourage married women to have more children, by the provision of financial assistance for the development of the children of families through a co-savings arrangement;

to facilitate the provision of cash grants made by the Government from time to time for the development of children;

to facilitate the making of financial provision for the development of a child, whether or not the child is eligible for a co‑savings arrangement, through the making of contributions to the child’s bank account by or on behalf of any parent of the child; and

to make financial provision for a child whose parents have obtained a judgment for the dissolution or annulment of their marriage or judicial separation, through the transfer of matrimonial assets divided between the parents by a court pursuant to the divorce, annulment or judicial separation proceedings into the child’s bank account.

different types of membership of the Scheme, and the eligibility criteria, benefits and terms and conditions for each type of membership of the Scheme;

the appointment of one or more managing agents responsible for the operation and administration of the Scheme and the powers, functions and duties of the managing agents, including the duty of the managing agents to comply with any requirement relating to confidentiality of information;

the payment of contributions to the Scheme by or on behalf of any parent of a member, whether or not the member is eligible for a co‑savings arrangement;

the payment of moneys to a member, and the amount, mode, manner and terms and conditions of any such payment;

the opening of and the type of bank account for each member into which moneys will be paid;

the suspension or termination of such bank account and the circumstances in which the account may be suspended or terminated;

the terms and conditions governing the relationship between the bank at which a bank account under the Scheme is opened and maintained and the member and the trustee of the bank account;

the purposes for which the moneys paid under the Scheme can be utilised and the terms and conditions subject to which withdrawals of the moneys can be made;

the transfer of any moneys standing to the credit of a member in his or her bank account to his or her PSE account or one or more other accounts opened for the member’s benefit as may be prescribed, or the withdrawal of such moneys, at such time, in such manner and in such circumstances, as may be prescribed;

the consequences for any breach of the regulations, including making any act or omission in contravention of the regulations an offence and prescribing penalties for such offence not exceeding a fine of $20,000 or imprisonment for a term not exceeding 12 months or both; and

different provisions in respect of a child eligible for membership of the Scheme whose parents have not attained the age of majority.