Singapore legislation

Regulation 5

of Education Service Incentive Payment (CONNECT Fund) Rules 2002

Regulation 5

Income Account

Subregulation 1

The income from the investment of moneys in the CONNECT Fund must be paid into the Income Account.

Subregulation 2

There are to be charged on the Income Account —

(a)

all expenses incurred in connection with the administration of the CONNECT Fund, including the cost of auditing the accounts of the Fund and examining the Fund in accordance with section 16 of the Act;

(b)

all expenses incurred in connection with the investment of moneys in the CONNECT Fund, including any fee or commission payable to agents for managing such investments; and

(c)

all losses sustained from the realisation of such investments.

Subregulation 3

The Minister may transfer such moneys in the Income Account to the Contribution Account as he or she thinks fit to meet contributions or payments of awards under the Education Service Incentive Payment (CONNECT Plan) Regulations 2002 or to meet future transactions or contingencies.

Read in full context — Education Service Incentive Payment (CONNECT Fund) Rules 2002 →