FINANCIAL SECTOR DEVELOPMENT FUND
—(1) There shall be established a fund to be called the Financial Sector Development Fund (referred to in this Part as the Fund) which shall, subject to the directions of the Minister, be controlled and administered by the Authority.
(2) The Fund shall consist of —
such proceeds raised in connection with the sale of the transferee holding company’s shares as is referred to in section 10 of the Exchanges (Demutualisation and Merger) Act 1999 (Act 27 of 1999);
all moneys contributed by the Government to the Fund;
all donations and gifts accepted by the Authority for the Fund; and
any interest, dividend and other income derived from the investment of the moneys in the Fund.
—(1) The objects for which moneys of the Fund may be applied are as follows:
the promotion of Singapore as a financial centre;
the development and upgrading of skills and expertise required by the financial services sector;
the development and support of educational and research institutions, research and development programmes and projects relating to the financial services sector; and
the development of infrastructure to support the financial services sector in Singapore.
(2) In carrying out the objects of the Fund, the Authority may, from time to time, authorise moneys of the Fund to be paid out and expended for all or any of the following purposes carried out in Singapore or elsewhere:
establishing or expanding facilities or assisting in the maintenance of facilities for training courses and training programmes designed to promote the skills or expertise for purposes consistent with the objects of the Fund;
the provision of scholarships, grants, subsidies, rebates, loans or other financial assistance or incentives for purposes consistent with the objects of the Fund; and
such other purposes not inconsistent with the objects of the Fund as the Minister may approve.
(3) The Authority may also authorise moneys of the Fund to be used to pay the following:
all claims in satisfaction of any indemnity or warranty given by the Authority in relation to the sale of the transferee holding company’s shares as defined in the Exchanges (Demutualisation and Merger) Act 1999 (Act 27 of 1999);
all expenses incurred by the Authority or its employees or agents in the administration of the Fund; and
(4) The Minister may, from time to time, approve the payment of such sums in the Fund to the Consolidated Fund as the Minister may determine.
—(1) The Authority may invest the moneys of the Fund in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act (Cap. 1).
[45/2004 wef 15/12/2004]
(2) The Authority may delegate all or any of its powers and functions under subsection (1) to any employee or agent as it may appoint.