Singapore legislation

Section 11

of Education Service Incentive Payment Act 2001

Section 11

Establishment of CONNECT Fund

(1)

A fund called the CONNECT Fund is established, into which must be paid all the following moneys:

(a)

the sums appropriated from the Consolidated Fund and authorised to be paid into the Fund by or under any written law as contributions under the CONNECT Plan or to enable the Fund to meet its liabilities under this Act or any other written law;

(b)

all revenues of Singapore allocated by written law to the Fund;

(c)

the net income from investments of moneys in the Fund authorised to be made by this Act or any other written law.

(2)

The Fund must be regarded as a Government fund and as comprising public moneys for the purposes of any other written law.

(3)

For the purposes of subsection (1)(c), the net income from investments is the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Fund any profit derived or loss sustained (as the case may be) from the realisation of those investments.

Read in full context — Education Service Incentive Payment Act 2001 →