Singapore legislation
Regulation 1A
Regulation 1A
Purposes for which sinking fund may be used
Amended byS 800/2017 wef 01/01/2018
For the purposes of section 61(3)(c) of the Act, a sinking fund established and maintained under section 61(3) of the Act for a wakaf or nazar am may be used for the following purposes:
(a)
investing any portion of the net annual income of that wakaf or nazar am that is transferred to the sinking fund under section 61(4) of the Act;
(b)
distributing monetary gifts to the beneficiaries of that wakaf or nazar am.