§ 59 — Use of funds for political purposes and investment of those funds

59.—(1) The funds of a registered platform work association must not be applied either directly or indirectly in payment of contributions to a political party or for a political purpose.(2) The funds of a registered platform work association must, subject to the rules of the platform work association and the provisions of this Act, be invested only in —(a)

investments authorised by law for the investment of trust money;

(b)

interest‑earning deposits in banks or finance companies;

(c)

shares of co‑operative societies established by any registered platform work association or any trade union registered under the Trade Unions Act 1940; or

(d)

any undertaking, enterprise or scheme, the promoter or proprietor of which is the Singapore Labour Foundation or a company formed by or related to the Singapore Labour Foundation, as the Minister may approve for the purposes of this paragraph.

(3) In this section, “Singapore Labour Foundation” means the Singapore Labour Foundation established under section 3 of the Singapore Labour Foundation Act 1977.

(4) For the purposes of this section, a company is deemed to be related to the Singapore Labour Foundation if it is related to the Singapore Labour Foundation within the meaning of section 6 of the Companies Act 1967.

—(1) The funds of a registered platform work association must not be applied either directly or indirectly in payment of contributions to a political party or for a political purpose.

(2) The funds of a registered platform work association must, subject to the rules of the platform work association and the provisions of this Act, be invested only in —(a)

investments authorised by law for the investment of trust money;

(b)

interest‑earning deposits in banks or finance companies;

(c)

shares of co‑operative societies established by any registered platform work association or any trade union registered under the Trade Unions Act 1940; or

(d)

any undertaking, enterprise or scheme, the promoter or proprietor of which is the Singapore Labour Foundation or a company formed by or related to the Singapore Labour Foundation, as the Minister may approve for the purposes of this paragraph.

(3) In this section, “Singapore Labour Foundation” means the Singapore Labour Foundation established under section 3 of the Singapore Labour Foundation Act 1977.

(4) For the purposes of this section, a company is deemed to be related to the Singapore Labour Foundation if it is related to the Singapore Labour Foundation within the meaning of section 6 of the Companies Act 1967.