Singapore legislation
Regulation 9
of Education Endowment and Savings Schemes (Edusave Pupils Fund) Regulations
Regulation 9
Where moneys withdrawn from Edusave account are not used for purpose of withdrawal
Subregulation 1
Where an amount transferred from a member’s Edusave account to another person’s designated bank account referred to in regulation 7(1) is not used or not fully used (called the unused amount), that other person must refund an amount equal to the unused amount.
Subregulation 2
The unused amount must be refunded in such manner as the Edusave Scheme Administrator may require and the refund must be made —
to the Edusave Pupils Fund to the member’s credit; or
where the member’s Edusave account is closed when the refund is to be made and the member is a member of the PSE Fund, to the PSE Fund to the member’s credit as a member of that Fund.