Singapore legislation

Clause 13

Compensation Fund

(1)

The Board shall establish and keep a Compensation Fund which shall be administered by a Compensation Fund Committee on behalf of the Board.

(2)

The Committee shall consist of such number of members as the Minister sees fit to appoint.

(3)

The assets of the Compensation Fund shall be the property of the Board but shall be kept separate from all other property and shall be held in trust for the purposes set out in this section.

(4)

The Compensation Fund shall consist of —

(a)

all moneys paid to the Board by persons carrying on the business of a travel agent in accordance with the provisions of this Part;

(b)

the interest and profits from time to time accruing from the investment of the Compensation Fund;

(c)

all moneys paid to the Compensation Fund by the Board; and

(d)

all other moneys lawfully paid into the Compensation Fund.

(5)

All the moneys from time to time forming part of the Compensation Fund and all investments of the Compensation Fund may be applied for —

(a)

the payment of any costs, charges and expenses of establishing, maintaining and administering the Compensation Fund;

(b)

the payment of any costs, charges and expenses of the Committee and the Board for administering this Act; and

(c)

the payment of any grants which the Committee may make under this Part.

Read in full context — Travel Agents Bill →