Singapore legislation
Regulation 6
of Singapore Armed Forces (Central Welfare Fund) Regulations
Regulation 6
Income
Subregulation 1
The sources of income of the Fund shall be —
the sources specified in the Schedule; and
any other source which the Minister for Finance may authorise.
Subregulation 2
The management and operation of the Fund shall be in accordance with the provisions of General Orders of MINDEF made from time to time by the Armed Forces Council, and such guidelines as the Welfare Council may, from time to time, make.
Subregulation 3
All moneys received for the Fund shall be paid into one or more banks to current accounts or savings accounts or both in the name of the “Singapore Armed Forces Central Welfare Fund”, the “Singapore Armed Forces Welfare Council” or the “SAF Benevolent Fund”.
Subregulation 4
Notwithstanding paragraph (3), the Armed Forces Council may, from time to time, direct that any moneys of the Fund not immediately required for carrying out the objects of the Fund be placed in a deposit account or invested in any investment that trustees may by any written law be authorised to invest.
Subregulation 5
The Welfare Council may invest the Fund within the guidelines set by the Armed Forces Council and the interests or dividends or profits received from such investments shall accrue to the Fund.
Subregulation 6
No payment shall be made out of the Fund except with the approval of 2 of the following persons:
the Chairman of the Welfare Council;
the Honorary Treasurer of the Welfare Council;
the Secretary of the Welfare Council; and
an officer appointed in writing by the Chairman of the Welfare Council.
Subregulation 7
The Welfare Council may appoint sub-committees to carry out investment activities.