Clause 6

by deleting subsection (1) and substituting the following subsection:“(1) The Minister may by regulations establish a scheme to be called the Child Development Co-Savings Scheme —

to encourage married women to have more children, by the provision of financial assistance for the development of the children of families through a co-savings arrangement under the Scheme whereby the Government will make contributions, to the bank account of a child who is eligible for that arrangement, equal to the contributions made by or on behalf of any parent of the child;

to facilitate the provision of cash grants made by the Government from time to time for the development of children;

to facilitate the making of financial provision for the development of a child, whether or not the child is eligible for the co-savings arrangement referred to in paragraph (a), through the making of contributions to the child’s bank account by or on behalf of any parent of the child; and

to make financial provision for a child whose parents have obtained a judgment for the dissolution or annulment of their marriage or judicial separation, through the transfer of matrimonial assets divided between the parents by a court pursuant to the divorce, annulment or judicial separation proceedings into the child’s bank account.”;

by deleting paragraph (a) of subsection (2) and substituting the following paragraph:“(a)different types of membership of the Scheme, and the eligibility criteria, benefits and terms and conditions for each type of membership of the Scheme;”;

by deleting paragraphs (c) and (d) of subsection (2) and substituting the following paragraphs:“(c)the payment of contributions to the Scheme by or on behalf of any parent of a member, whether or not the member is eligible for the co-savings arrangement referred to in subsection (1)(a);

the payment of moneys to a member, and the amount, mode, manner and terms and conditions of any such payment;”;

by deleting the words “eligible children” in subsection (2)(k) and substituting the words “a child eligible for membership of the Scheme”; and

by deleting the word “Children” in the section heading and substituting the word “Child”.