Singapore legislation
Clause 35
Clause 35
Establishment of the Timber Industry Board Fund
(1)
The Board shall establish and administer a fund to be known as “the Timber Industry Board Fund” which shall be controlled and administered by the Board subject to the directions of the Minister.
(2)
The Fund shall be used for —
the payment of the expenses of or connected with the administration of the Board; and
the payment of all expenses necessary for carrying out the purposes of this Act.
(3)
There shall be paid into the Fund all monies —
transferred under section 36;
collected or paid under section 37;
derived from investments under subsection (4);
collected under any regulations made pursuant to this Act and specified therein as payable to the Fund; and
belonging or otherwise payable to the Board.
(4)
The Board may, from time to time, subject to the approval of the Minister, invest the Fund or part thereof, not immediately required for meeting or discharging the Board’s obligations or functions, respectively, in such investments or securities as the Board may determine.