Singapore legislation
Clause 8
Clause 8
Deposit Accounts
(1)
The Minister shall establish such deposit accounts as may be necessary for the proper accounting of moneys received subject to a trust.
(2)
The following moneys shall be paid to the credit of the deposit account to which they relate: —
all moneys deposited with any accounting officer, not being revenues of Singapore;
all moneys received from the sale to any person or department of any articles purchased or produced, or for work paid for, with moneys standing to the credit of a deposit account; and
all moneys paid by any person for the purpose of any deposit account.
(3)
Subject to the provisions of any law and the terms of any trust, the Minister shall in respect of any such deposit account or class of deposit accounts specify the persons by whom and the manner in which such account or class of accounts shall be controlled.
(4)
Subject to the provisions of any law and the terms of any trust, the Minister may direct that any deposit account shall be closed and thereupon after all liabilities of the account have been met the account shall be closed accordingly.
(5)
Subject to the provisions of any law and the terms of any trust, the Minister may direct that any moneys standing to the credit of any deposit account which are not required for the purposes of that account and the balance of moneys standing to the credit of a deposit account closed under subsection (4) shall be paid into the Consolidated Revenue Account.