Clause 3

For the purposes of this Act, there shall be established a fund to be called the Education Endowment Fund into which shall be paid all capital money provided by Parliament pursuant to this Act and all income of that Fund and out of which shall be met all payments authorised to be paid under this Act.

The Minister shall be responsible for the administration of the Endowment Fund and all moneys belonging to that Fund may be deposited in any bank and invested in any investment authorised under the Financial Procedure Act [Cap. 109].

The Endowment Fund shall be deemed to be a Government fund for the purposes of any written law.