Singapore legislation
Clause 19
Clause 19
Application of income and property
The income and property of the Foundation whencesoever derived shall be applied solely towards the promotion of the objects of the Foundation as set out in section 4, and no portion thereof shall be paid or transferred directly or indirectly by way of dividend, bonus, profit or otherwise to members or directors:Provided that nothing in this section shall be construed as preventing the payment, in good faith, of —
remuneration to employees of the Foundation;
remuneration to the director charged with general administrative control over the work of the Foundation as provided in section 9;
out-of-pocket and travelling expenses to any director; and
other proper charges and expenses of the Foundation.