Establishment of ElderCare Fund
Open ↗18.—(1) A fund called the ElderCare Fund is established, into which must be paid —(a)
all capital moneys as are appropriated from time to time from the Consolidated Fund and authorised to be paid into the ElderCare Fund by this Act or any other written law;
(b)
gifts or bequests given or made for the purpose of the ElderCare Fund; and
(c)
the net income from investments of capital moneys in the ElderCare Fund.
(2) The ElderCare Fund must be regarded as a Government fund and as comprising public moneys for the purposes of any other written law.
Administration of ElderCare Fund
Open ↗19. The Minister is responsible for the administration of the ElderCare Fund and all moneys belonging to that Fund may be deposited in any bank and invested in any investment authorised under the Financial Procedure Act 1966.
Capital moneys of ElderCare Fund
Open ↗20.—(1) As from 27 March 2000, a sum that the Minister for Finance may determine out of moneys to be provided by Parliament must be paid into the ElderCare Fund as capital moneys.
(2) The Minister for Finance may, from time to time, after 27 March 2000 pay into the ElderCare Fund such sums of capital money as the Minister may determine out of moneys to be provided by Parliament.
(3) Despite the terms of any gift or bequest, all gifts and bequests given or made for the purposes of the ElderCare Fund must be paid into the Fund as capital moneys.
(4) The capital moneys of the ElderCare Fund must not be used for any purpose other than for investment.
(5) Where at any time there is a permanent diminution of the capital moneys of the ElderCare Fund, the Minister must, before paying out the income of the ElderCare Fund, make good such diminution from that income.
Application of income of ElderCare Fund
Open ↗21. The income of the ElderCare Fund may be paid out and expended for all or any of the following purposes only:(a)
for the provision of subventions to any approved providers of step-down care for the purpose of defraying in whole or in part the recurrent costs in providing step‑down care;
(b)
for purposes authorised under this Act to be paid out from the Fund;
(c)
for any other purposes relating to step-down care that may be prescribed.
