—(1) A registered grant-making philanthropic organisation shall —
channel the full amount of every tax deductible donation to a designated IPC fund;
ensure that the sums (including investment returns) standing in the designated IPC fund are not co-mingled with funds standing in any other fund or account;
ensure that the sums (including investment returns) standing in the designated IPC fund are not used for any purpose other than for disbursement to an institution of a public character;
upon dissolution of the designated IPC fund, distribute any residual funds or assets in the account of the designated IPC fund to specified institutions if any, and then to any one or more institutions of a public character;
institute proper procedures to ensure that every tax deductible donation is held and disbursed correctly and appropriately in accordance with these Regulations; and
subject the designated IPC fund to an external audit annually and submit to the Comptroller the audited accounts of the designated IPC fund within one month of the date of the audit report.
(2) A registered grant-making philanthropic organisation which fails to comply with paragraph (1)(c) shall be liable to pay to the Comptroller a financial penalty under section 37(18B) of the Act.