Clause 10
Medifund Account
of Medical and Elderly Care Endowment Schemes Bill
BillNot in forceProvision 18 of 47
Clause 10
(1)
Every Medifund committee which receives a grant under section 5 shall establish and maintain an account to be called a Medifund Account with a bank in Singapore.
(2)
The Medifund committee shall pay into the Medifund Account all moneys received as a grant under section 5 and any interest accruing thereon shall be paid into and form part of the moneys in the Medifund Account.