Singapore legislation

Clause 6

of Central Provident Fund (Amendment) Bill

Clause 6

Amendment of section 5

Section 5 of the principal Act is amended by deleting subsection (2) and substituting the following subsections: —“(2) The Board shall be the trustee of the Fund and all moneys belonging to the Fund may be —

(a)

deposited in a bank or banks approved by the Board; or

(b)

invested in any of the investments authorised by law for the investment of trust money and the Board shall have power to convert the same into cash; or

(c)

used for the purchase of any property and for the construction of buildings for the purposes of the Board and to let the same or part thereof for the purposes of deriving income therefrom and the Board may dispose of all or any part of the aforesaid property and buildings.(2A) The land situate at 79 Robinson Road, Singapore, acquired by the Board, and the building constructed thereon prior to the commencement of the Central Provident Fund (Amendment) Act, 1980, shall be deemed to have been purchased and constructed by the Board in pursuance of the powers conferred upon the Board by paragraph (c) of subsection (2) of this section.”.

Read in full context — Central Provident Fund (Amendment) Bill →