s 11–s 14 · 4 sections
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Establishment of CONNECT Fund
11.—(1) A fund called the CONNECT Fund is established, into which must be paid all the following moneys:(a)
the sums appropriated from the Consolidated Fund and authorised to be paid into the Fund by or under any written law as contributions under the CONNECT Plan or to enable the Fund to meet its liabilities under this Act or any other written law;
(b)
all revenues of Singapore allocated by written law to the Fund;
(c)
the net income from investments of moneys in the Fund authorised to be made by this Act or any other written law.
(2) The Fund must be regarded as a Government fund and as comprising public moneys for the purposes of any other written law.
(3) For the purposes of subsection (1)(c), the net income from investments is the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Fund any profit derived or loss sustained (as the case may be) from the realisation of those investments.
Purposes of Fund
12. The moneys in the Fund may only be withdrawn and applied to meet any one or more of the following purposes:(a)
the payment of any award under the CONNECT Plan;
(b)
all expenses incidental to or arising from the administration, investment and management of the Fund, including the cost of auditing the accounts of the Fund;
(c)
any other purposes related to aided schools or Government schools that may be prescribed by the Minister by notification in the Gazette.
Fund surpluses
13. The Minister may, by warrant under the hand of the Minister, authorise the transfer to the Consolidated Fund any moneys in the Fund which, in the opinion of the Minister and the Minister for Finance, are not immediately required to meet the liabilities or the purposes of the Fund.
Withdrawals
14.—(1) Moneys must not be withdrawn from the Fund unless they are charged upon the Fund or are authorised or directed to be withdrawn or transferred under this Act.
(2) A payment must not be made out of the Fund unless the payment is authorised by the Minister.
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
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