Clause 7

by deleting subsections (1), (2) and (3) and substituting the following subsections:“(1) It shall be lawful for the Edusave Scheme Administrator to pay, out of the income of the Endowment Fund, to any member of the Edusave Pupils Fund in each year a single contribution of an amount prescribed for that year if, at any time during that year, the member —

is a full-time student of a prescribed school and receiving primary or secondary education; or

is between the Edusave Qualifying Ages, if the member is not schooling at any time during that year.(2) The Edusave Scheme Administrator must also cause to be paid out of the income of the Edusave Pupils Fund, to the Edusave account of each member of that Fund, at such intervals as the Edusave Scheme Administrator may determine, interest at the rate referred to in subsection (4) on the amount standing to the member’s credit in his Edusave account.(3) The amount of contribution that a member of the Edusave Pupils Fund is eligible to receive under subsection (1) in a year is as follows:

for an individual who becomes such a member for the first time under section 8(1), the amount prescribed for the member (or the class to which the member belongs) on the date the individual first becomes a member;

for any other member, the amount prescribed for the member (or the class to which the member belongs) on the qualifying date in the year prescribed for that member (or the class to which that member belongs).(3A) Unless the member dies, the amount of contribution that a member of the Edusave Pupils Fund is eligible to receive under subsection (1) in a year must be paid —

not later than 31 January in that year in the case of a member referred to in subsection (1)(a);

not later than 30 April in that year in the case of a member referred to in subsection (1)(b); or

despite paragraphs (a) and (b), as soon as practicable after the date the individual first becomes a member of the Edusave Pupils Fund in the case of a member referred to in subsection (3)(a).(3B) Where a member of the Edusave Pupils Fund belongs to 2 or more classes on the qualifying date prescribed for any year, the Edusave Scheme Administrator may, for the purposes of this section, determine that the member belongs for that year to the class the Edusave Scheme Administrator considers appropriate; and the decision of the Edusave Scheme Administrator is final and conclusive.”; and

by deleting subsections (5) and (6) and substituting the following subsection:“(5) The Minister may, by an order published in the Gazette, prescribe for each year —

different amounts of contributions for different members or different classes of members of the Edusave Pupils Fund; and (b)different qualifying dates in the year for different members or different classes of members of the Edusave Pupils Fund for the purposes of subsection (3)(b).”.