Singapore legislation
Clause 5
Clause 5
Purposes of Fund
(1)
The moneys in the Fund may be withdrawn and applied only for all or any of the following purposes:
to provide financial assistance to Pioneers in accordance with section 16(1) and grants by way of reimbursement in accordance with section 16(2);
to fund all or any part of the cost of any prescribed public scheme but only to the extent that Pioneers are eligible to participate in or receive benefits under that public scheme;
to meet the payment of expenses referred to in section 6, and any terms of appointment of a public authority and organisation under section 19(1)(b) and (c), respectively;
for such other purposes as are authorised under this Act to be paid out of the Fund.
(2)
The moneys in the Fund may be deposited in any bank account and invested in any investment authorised under the Financial Procedure Act (Cap. 109).