Singapore legislation

Clause 4

of Central Provident Fund (Amendment) Ordinance

Clause 4

Amendment of section 6

Section 6 of the principal Ordinance is hereby amended by deleting subsections (3) and (4) thereof and substituting therefor the following: —“(3) Interest shall be payable on contributions to the Fund at such rate per annum, not being less than two and one-half per centum, as the Board may declare after and in respect of each year ending on the 31st day of December:Provided that the Board shall not declare a rate of interest exceeding two and one-half per centum per annum except with the approval of the Minister for Finance.(4) If the Board is at any time unable to pay any sum which the Fund is required to pay under this Ordinance, the sum required to be so paid shall be charged on and advanced to the Board from the Consolidated Fund and the Board shall as soon as practicable repay to the Government the sum so advanced.”.