Singapore legislation
Section 12
Section 12
Establishment of INVEST Fund
(1)
There is established a fund called the INVEST Fund into which must be paid all the following moneys:
the sums appropriated from the Consolidated Fund and authorised to be paid into the Fund by or under any written law to enable the Fund to meet its liabilities under this Act or any other written law;
all revenues of Singapore allocated by written law to the Fund;
the net income from investments of moneys in the Fund authorised to be made by this Act or any other written law.
(2)
There must also be paid into the Fund such sum from the Pension Fund established by the Pension Fund Act 1995 as the Minister for Finance may determine as the value of that part of the Pension Fund relating to all those officers in the uniformed services referred to in section 4(1)(a) who exercise an option in favour of joining the INVEST Plan in accordance with the regulations.
(3)
The moneys referred to in subsections (1)(a) and (b) and (2) must be paid into the INVEST Fund as capital money, and must not be used to make payment of any dividend under the INVEST Plan.
(4)
The Fund is deemed to be a Government fund for the purposes of any other written law.
(5)
The Fund must be held, managed and administered separately from other Government funds.
(6)
Except as otherwise expressly provided in this Act or regulations made under section 26, the Financial Procedure Act 1966 applies to the Fund.
(7)
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 the investments.