Singapore legislation
Clause 5
Clause 5
Application of Fund and transfer of assets
(1)
The Minister shall, not later than six months after the coming into operation of this Ordinance, convert into cash all the assets of the Fund as do not consist of cash, and shall apply the proceeds of such conversion and all other cash in hand —
in payment of the expenses of or incidental to the issue and redemption of the Certificates issued under the principal Ordinance;
subject to the aforesaid payments, after giving due notice to holders of unredeemed certificates, in repayment of the principal and payment of the interest due on such Certificates; and
subject to all the aforesaid payments, in payment of all the expenses of or incidental to the operation of the principal Ordinance and this Ordinance and to the winding up of the Fund:Provided that if, upon the expiry of such period of six months, there shall be any dispute in relation to any such payment or repayment or if any such payment or repayment be outstanding, the Minister may pay into court the amount of such payment or repayment as the case may be or make such other provision for such payment or repayment as he thinks fit, and, subject thereto, shall deposit with or assign to the Accountant-General the balance, if any, of the Fund and any assets pertaining thereto which may remain in his custody or control.
(2)
Any assets of the Fund which may come into the custody or control of the Minister after the date of the coming into operation of this Ordinance shall be deposited with or assigned to the Accountant-General as the case may be.