Singapore legislation

Clause 13

Establishment of Singapore Arts Endowment Fund

(1)

There shall be established a fund to be known as the Singapore Arts Endowment Fund which shall vest in the Council and consist of —

(a)

all moneys transferred to the Council pursuant to section 15(a);

(b)

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

(c)

such contributions to the Fund as the Minister may specify from moneys provided by Parliament; and

(d)

such other moneys as the Council may decide to transfer to the Fund.

(2)

Any interest, dividends and other income derived from the Fund shall be credited to the general funds of the Council.

(3)

For the purposes of this section, “general funds of the Council” means the funds of the Council other than the Fund.

(4)

The Fund shall not, except with the prior written approval of the Minister, be applied, disposed of or alienated otherwise than as specified in section 12(2) and (3).

Read in full context — National Arts Council Bill →