Clause 5

by deleting subsection (2) and substituting the following subsection:“(2) A public officer who is appointed by the Minister as the Edusave Scheme Administrator shall administer the Edusave Pupils Fund on behalf of the Minister, and all moneys belonging to that Fund may be deposited in any bank approved by the Edusave Scheme Administrator and invested in such securities as trustees may by any written law be authorised to invest.”;

by deleting the word “Board” wherever it appears in subsections (3) and (4) and substituting in each case the words “Edusave Scheme Administrator”; and

by inserting, immediately after the words “powers and duties” in subsection (4), the words “, except the power of delegation conferred by this subsection”.