—(1) The Minister may appoint one or more managing agents to operate and administer the Scheme for and on behalf of the Minister on the terms and conditions specified in the service agreement or agreements.
[S 324/2008 wef 01/08/2008]
(2) A managing agent shall have such powers and perform such duties as may be imposed by these Regulations or as may be specified in the service agreement.
(3) A managing agent shall, on receipt of an application under regulation 5(3A) and on the instruction of the Director, open and maintain for the member concerned a Child Development Account —
into which shall be credited —
in the case of a co-savings member, any co-investment sum contributed by or on behalf of any parent of the member under regulation 6(1);
in the case of a co-savings member, any co-payment sum contributed by the Government under regulation 6(2);
any other sum contributed by or on behalf of any parent of the member under regulation 6A(1);
in the case of a member whose parents have obtained a judgment for the dissolution or annulment of their marriage or judicial separation, any matrimonial assets divided between the parents by a court pursuant to the divorce, annulment or judicial separation proceedings and ordered to be transferred into the member’s Child Development Account;
any Child Development Credit for which the member is eligible; and
interest to be paid by the managing agent on the amount standing to the credit of the member’s Child Development Account at such rate per annum and at such intervals as the managing agent may determine; and
out of which shall be met all withdrawals authorised under regulation 9.
[S 226/2011 wef 01/05/2011]
(4) A managing agent may, with the approval of the Minister and by instrument in writing, delegate all or any of its powers and duties referred to in paragraph (2) to any person.
(5) Any power conferred on or duty imposed on a managing agent or delegated by a managing agent to another person shall be subject to the authority and directions of the Minister.