Singapore legislation
Clause 7
Clause 7
Establishment of Edusave Pupils Fund
(1)
For the purposes of this Act, there shall be established a fund to be called the Edusave Pupils Fund into which shall be paid all contributions made under section 9 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 Pupils Fund on behalf of the Minister and all moneys belonging to that Fund may be —
deposited into 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 Pupils Fund an account to be called the Edusave account from which withdrawals may be made under section 12 or 13.
(4)
The Board shall have such powers and shall perform such duties as are given or imposed by this Act or as may be directed 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.