Singapore legislation

Clause 3

of Medical and Elderly Care Endowment Schemes Bill

Clause 3

Reconstitution of Medical Endowment Fund

(1)

For the purposes of this Part, the Medical Endowment Fund or Medifund shall continue and be reconstituted in accordance with this Act.

(2)

There shall be paid into the Medifund —

(a)

all capital moneys as are appropriated from time to time from the Consolidated Fund and authorised to be paid into the Medifund by this Act or any other written law;

(b)

gifts or bequests given or made for the purposes of Medifund; and

(c)

the net income from investments of capital moneys in the Medifund.

(3)

The Minister shall be responsible for the administration of the Medifund and all moneys belonging to the Medifund may be deposited in any bank and invested in any investment authorised under the Financial Procedure Act (Cap. 109).

(4)

The Medifund shall be regarded as a Government fund and as comprising public moneys for the purposes of any written law.

Read in full context — Medical and Elderly Care Endowment Schemes Bill →