Singapore legislation

Clause 11

of Education Service Incentive Payment Bill

Clause 11

Establishment of CONNECT Fund

(1)

There shall be established a fund to be called the CONNECT Fund into which shall be paid all the following moneys:

(a)

such sums appropriated from the Consolidated Fund and authorised to be paid into the Fund by or under any written law as contributions under the CONNECT Plan or to enable the Fund to meet its liabilities under this Act or any other written law;

(b)

all revenues of Singapore allocated by written law to the Fund; and

(c)

the net income from investments of moneys in the Fund authorised to be made by this Act or any other written law.

(2)

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

(3)

For the purposes of subsection (1)(c), the net income from investments shall be the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Fund any profit derived or loss sustained, as the case may be, from the realisation of such investments.

Read in full context — Education Service Incentive Payment Bill →