On 19/05/2013,
you requested for the version in force on 19/05/2013
incorporating all amendments published on or before 19/05/2013.
The closest version currently available is that of 01/01/2012.
7.
—(1) A registered grant-making philanthropic organisation shall use any tax deductible donation received by it in accordance with this regulation.
(2) Where the donor has specified the institution of a public character to which the tax deductible donation shall be made, the donation shall be made to the specified institution.
(3) Where the donor has not specified the institution of a public character to which the tax deductible donation shall be made, the donation shall be made to any institution of a public character.
(4) Subject to regulation 11, the registered grant-making philanthropic organisation shall disburse any tax deductible donation to the institution of a public character within 5 years from the date such donation was received by it.
(5) A registered grant-making philanthropic organisation which fails to comply with paragraph (2), (3) or (4) shall be liable to pay to the Comptroller a financial penalty under section 37(18B) of the Act.