Singapore legislation
Clause 13
Clause 13
Establishment and administration of the Fund
(1)
There shall be established a fund to be called the “Singapore Rubber Fund” (hereinafter in this Act referred to as “the Fund”) which shall be controlled and administered by the Committee, subject to the directions of the Minister.
(2)
All moneys received by the Committee from any source whatsoever including the proceeds of any cess as is referred to in section 14 of this Act shall be paid into the Fund.
(3)
The Fund shall be devoted to the following purposes: —
the payment of the expenses of, or connected with, the administration of the Committee; and
the payment of all expenses necessary for carrying out the purposes of this Act.
(4)
The Corporation shall keep a full and correct account of all moneys received and expended by it and shall before the expiry of three months after every calendar year submit a report accompanied by a statement of its revenue and expenditure to the Minister.
(5)
The accounts of the Corporation under this Part of this Act shall be subject to audit by an auditor approved by the Minister.