Singapore legislation
Section 19
Section 19
Establishment of Post-Secondary Education Fund
(1)
For the purposes of this Act, a fund called the Post‑Secondary Education Fund is established, into which must be paid —
all contributions under section 21;
all the income of that Fund;
all moneys transferred to any PSE account under the Child Development Co‑Savings Act 2001;
all sums transferred to any PSE account under —
section 14(1); or
section 13(2) or (3) of this Act as in force immediately before 10 November 2014; and
any cash grant made by the Government,and out of which must be met all payments authorised to be made under this Act.
(2)
The PSE Scheme Administrator must administer the PSE Fund on behalf of the Minister, and all moneys belonging to that Fund may be —
deposited in a bank or banks approved by the PSE Scheme Administrator; and
invested in any securities that trustees may by any written law be authorised to invest.
(3)
The PSE Scheme Administrator must maintain for each member of the PSE Fund in respect of the money standing to the member’s credit in that Fund an account to be called the PSE account from which withdrawals may be made under section 22, 23 or 24.
(4)
The PSE Scheme Administrator has the powers and must perform the duties given or imposed by this Act or directed by the Minister, and the PSE Scheme Administrator may by instrument in writing delegate to any person all or any of those powers and duties, except the power of delegation conferred by this subsection.
(5)
The Minister may, by warrant under his or her hand, authorise the transfer to the Consolidated Fund of any moneys in the PSE Fund which, in the opinion of the Minister and the Minister for Finance, are not immediately required to meet the liabilities or purposes of the PSE Fund.
(6)
For the purpose of providing additional income to the PSE Fund, the Minister for Finance may, from time to time, pay to that Fund such sum of money as Parliament may provide.[16A