Clause 15

On the death of a member, the total amount standing to his credit in the EduSave account shall be paid to the Public Trustee for disposal in accordance with any written law for the time being in force.

The receipt of the Public Trustee shall be a good discharge to the Board for such portions of the moneys payable out of the EduSave Fund on the death of a member as are payable to the Public Trustee under subsection (1).

All moneys paid out of the EduSave Fund on the death of any member shall be deemed to be impressed with a trust in favour of the person or persons determined by the Public Trustee in accordance with subsection (1) to be entitled thereto but shall, without prejudice to the Estate Duty Act [Cap. 96], be deemed not to form part of the deceased member’s estate or to be subject to his debts.