Singapore legislation
Clause 5
Clause 5
Establishment of EduSave Fund
(1)
For the purposes of this Act, there shall be established a fund to be called the EduSave Fund into which shall be paid all contributions made under sections 7 and 8 and all income of that Fund and out of which shall be met all payments authorised to be paid under this Act.
(2)
The Board shall administer the EduSave Fund and all moneys belonging to that Fund may be —
deposited in a bank or banks approved by the Board; and
invested in such securities as trustees may by any written law be authorised to invest.
(3)
The Board shall maintain for each member in respect of the money standing to his credit in the EduSave Fund an account to be called the EduSave account from which withdrawals may be made under section 11 or 12.
(4)
The Board shall have such powers and shall perform such duties as are given or imposed by this Act or as may be prescribed by the Minister and the Minister or the Board may by instrument in writing delegate to any person all or any of those powers and duties.