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On 17/04/2014, you requested the version in force on 17/04/2014 incorporating all amendments published on or before 17/04/2014. The closest version currently available is that of 01/09/2007.
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Moneys received by Corporation
20A.
—(1)  The Committee of Management shall, in each accounting period of the Corporation, set apart 75 per cent of the net income of the Corporation in that accounting period, and shall, by the end of the next accounting period, donate —
(a)
25 per cent of the net income to the Ngee Ann Polytechnic constituted under the Ngee Ann Polytechnic Act (Cap. 207);
(b)
40 per cent of the net income to such other educational institutions and in such manner as the Minister may approve; and
(c)
10 per cent of the net income to other charitable purposes in Singapore.
(2)  For the purposes of subsection (1), the net income of the Corporation in any accounting period of the Corporation shall be the amount determined in accordance with the following formula:
where A
is the amount of all moneys received by the Corporation in that accounting period by way of income from any source other than —
(a)
the sale, disposition or compulsory acquisition of any relevant asset or immovable property belonging to the Corporation; and
(b)
the withdrawal of any relevant deposit belonging to the Corporation;
B
is the amount which is the total of —
(a)
all operating expenses reasonably incurred by the Corporation during that accounting period; and
(b)
any depreciation in the value of the fixed assets of the Corporation during that accounting period; and
C
is the amount of all moneys received by the Corporation, whether by way of income or otherwise, in the accounting period immediately preceding that accounting period from —
(a)
the sale, disposition or compulsory acquisition of any relevant asset or immovable property belonging to the Corporation; and
(b)
the withdrawal of any relevant deposit belonging to the Corporation,
which at the end of the accounting period second-mentioned in this definition were not utilised for the purchase of any relevant asset or immovable property, or the making of any relevant deposit, by the Corporation.
(3)  Subject to subsections (1) and (2), no moneys received by the Corporation, whether by way of income or otherwise, from —
(a)
the sale, disposition or compulsory acquisition of any relevant asset or immovable property belonging to the Corporation; or
(b)
the withdrawal of any relevant deposit belonging to the Corporation,
shall be utilised otherwise than for the purchase of any relevant asset or immovable property, or the making of any relevant deposit, by the Corporation.
(4)  All moneys received by the Corporation, whether by way of income or otherwise, shall, as soon as practicable, be deposited in a relevant bank account pending the utilisation of those moneys.
(5)  Subject to subsections (1), (2) and (3), no moneys deposited in any relevant bank account shall be utilised otherwise than for —
(a)
the purchase of any relevant asset or immovable property, or the making of any relevant deposit, by the Corporation;
(b)
the payment of any operating expenses reasonably incurred by the Corporation;
(c)
the making of any donation referred to in subsection (1); or
(d)
the making of any donation for any purpose consistent with the objects and general purposes of the Corporation referred to in section 6.
(6)  The Minister, or any person authorised by the Minister, may require the Honorary Treasurer or the Committee of Management to furnish him with —
(a)
all accounting and other records relating, directly or indirectly, to the financial transactions of the Corporation; and
(b)
such other information in the possession of the Honorary Treasurer or the Committee of Management, or to which the Honorary Treasurer or the Committee of Management has access,
as he considers necessary for ascertaining whether subsections (1), (3), (4) and (5) have been complied with, and the Honorary Treasurer or Committee of Management, as the case may be, shall comply with that requirement.
(7)  The Minister may institute such proceedings as he considers necessary for ensuring compliance with this section and section 20B.
(8)  In this section —
“charitable purposes” has the same meaning as in section 2(1) of the Charities Act (Cap. 37);
“Minister” means the Minister charged with the responsibility for education;
“relevant asset” means any asset held or to be held for the purposes of investment;
“relevant bank account” means any bank account maintained and operated by the Corporation in the ordinary course of business for the purpose of depositing moneys received by the Corporation pending the utilisation of those moneys;
“relevant deposit” means any deposit made or to be made, as an investment, with —
(a)
any bank licensed under the Banking Act (Cap. 19);
(b)
any finance company licensed under the Finance Companies Act (Cap. 108); or
(c)
any merchant bank that is approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186),
but does not include any deposit in any relevant bank account.