Singapore legislation
Regulation 12
Regulation 12
Sinking fund for Majlis wakaf
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 Majlis wakaf may be used for any of the following purposes:
(a)
investing any portion of the net annual income of the Majlis wakaf that is transferred to the sinking fund under section 61(4) of the Act;
(b)
distributing monetary gifts to the beneficiaries of the Majlis wakaf.