s 32 Establishment of Fuel Equalisation Fund
32. —(1) Every person to whom a Class 1 bus service licence or a licence under Part 3 of the Rapid Transit Systems Act 1995 has been granted must — ( a ) establish and maintain a Fuel Equalisation Fund (called in this Part the Fund) for the purpose of mitigating the effects of any increase in fuel price and electricity tariff; and ( b ) pay into the Fund an annual contribution of such amount as the Council may, from time to time, determine. [30/2015] (2) A person mentioned in subsection (1) must not withdraw any sum of money from the Fund except with the approval of the Council. (3) An application to withdraw any sum of money from the Fund must be made to the Council in such form or manner as the Council may require. (4) Upon receiving an application under subsection (3), the Council may — ( a ) grant the application to withdraw the sum of money from the Fund in full or in part for the purpose mentioned in subsection (1)( a ), subject to such conditions as the Council thinks fit; or [Act 17 of 2025 wef 23/09/2026] ( b ) reject the application. [22A (5) Despite subsection (4), the Council may, subject to such conditions as the Council thinks fit, grant an application to withdraw any sum of money from the Fund, for a purpose other than the purpose mentioned in subsection (1)( a ), if — ( a ) the Fund is established and maintained by a person to whom a Class 1 bus service licence has been granted (called A ); ( b ) the application is made by A ; ( c ) the sum of money applied to be withdrawn does not exceed Z; and ( d ) the sum of money that is applied to be withdrawn does not include any amount paid into the Fund under subsection (1)( b ) on or after the date of commencement of section 4 of the Transport Sector (Miscellaneous Amendments) Act 2025. [Act 17 of 2025 wef 23/09/2026] (6) In subsection (5)( c ), Z is an amount determined in accordance with the formula X – Y, where — ( a ) X is the amount standing in the Fund immediately before 1 January 2014; and ( b ) Y is the aggregate of the sum of moneys withdrawn from the Fund under subsection (4)( a ) or (5) (as the case may be) on or after 1 January 2014 but prior to the application in question. [Act 17 of 2025 wef 23/09/2026] —(1) Every person to whom a Class 1 bus service licence or a licence under Part 3 of the Rapid Transit Systems Act 1995 has been granted must — ( a ) establish and maintain a Fuel Equalisation Fund (called in this Part the Fund) for the purpose of mitigating the effects of any increase in fuel price and electricity tariff; and ( b ) pay into the Fund an annual contribution of such amount as the Council may, from time to time, determine. [30/2015] (2) A person mentioned in subsection (1) must not withdraw any sum of money from the Fund except with the approval of the Council. (3) An application to withdraw any sum of money from the Fund must be made to the Council in such form or manner as the Council may require. (4) Upon receiving an application under subsection (3), the Council may — ( a ) grant the application to withdraw the sum of money from the Fund in full or in part for the purpose mentioned in subsection (1)( a ), subject to such conditions as the Council thinks fit; or [Act 17 of 2025 wef 23/09/2026] ( b ) reject the application. [22A (5) Despite subsection (4), the Council may, subject to such conditions as the Council thinks fit, grant an application to withdraw any sum of money from the Fund, for a purpose other than the purpose mentioned in subsection (1)( a ), if — ( a ) the Fund is established and maintained by a person to whom a Class 1 bus service licence has been granted (called A ); ( b ) the application is made by A ; ( c ) the sum of money applied to be withdrawn does not exceed Z; and ( d ) the sum of money that is applied to be withdrawn does not include any amount paid into the Fund under subsection (1)( b ) on or after the date of commencement of section 4 of the Transport Sector (Miscellaneous Amendments) Act 2025. [Act 17 of 2025 wef 23/09/2026] (6) In subsection (5)( c ), Z is an amount determined in accordance with the formula X – Y, where — ( a ) X is the amount standing in the Fund immediately before 1 January 2014; and ( b ) Y is the aggregate of the sum of moneys withdrawn from the Fund under subsection (4)( a ) or (5) (as the case may be) on or after 1 January 2014 but prior to the application in question. [Act 17 of 2025 wef 23/09/2026]