In forceAmended2020 Revised Edition

Contents

Monetary Authority of Singapore Act 1970 · 2020 Revised Edition · Part 5 · Financial Sector Development Fund

127. Establishment of Financial Sector Development Fund

Amended

Last amended by an amending law of 2017.

(1)

There is established a fund to be called the Financial Sector Development Fund (called in this Part the Fund) which is, subject to the directions of the Minister, controlled and administered by the Authority.

(2)

The Fund consists of —

(a)

such proceeds raised in connection with the sale of the transferee holding company’s shares as is referred to in section 10 of the Exchanges (Demutualisation and Merger) Act 1999;

(b)

all moneys contributed by the Government to the Fund;

(c)

all donations and gifts accepted by the Authority for the Fund; and

(d)

any interest, dividend and other income derived from the investment of the moneys in the Fund.

(3)

The Fund is to be used for the objects and purposes set out in section 128 and is deemed not to be a fund of the Authority for the purposes of any written law.