CHILD DEVELOPMENT CO-SAVINGS SCHEME
—(1) The Minister may by regulations establish a scheme to be called the Child Development Co-Savings Scheme —
to encourage married women to have more children, by the provision of financial assistance for the development of the children of families through a co-savings arrangement under the Scheme whereby the Government will make contributions, to the bank account of a child who is eligible for that arrangement, equal to the contributions made by or on behalf of any parent of the child;
to facilitate the provision of cash grants made by the Government from time to time for the development of children;
to facilitate the making of financial provision for the development of a child, whether or not the child is eligible for the co-savings arrangement referred to in paragraph (a), through the making of contributions to the child’s bank account by or on behalf of any parent of the child; and
to make financial provision for a child whose parents have obtained a judgment for the dissolution or annulment of their marriage or judicial separation, through the transfer of matrimonial assets divided between the parents by a court pursuant to the divorce, annulment or judicial separation proceedings into the child’s bank account.
(2) Without prejudice to the generality of subsection (1), such regulations may provide for —
different types of membership of the Scheme, and the eligibility criteria, benefits and terms and conditions for each type of membership of the Scheme;
the appointment of one or more managing agents responsible for the operation and administration of the Scheme and the powers, functions and duties of such managing agents, including the duty of such managing agents to comply with any requirement relating to confidentiality of information;
the payment of moneys to a member, and the amount, mode, manner and terms and conditions of any such payment;
the opening of and the type of bank account for each member into which such moneys will be paid;
the suspension or termination of such bank account and the circumstances in which the account may be suspended or terminated;
the terms and conditions governing the relationship between the bank at which a bank account under the Scheme is opened and maintained and the member and the trustee of such bank account;
the purposes for which the moneys paid under the Scheme can be utilised and the terms and conditions subject to which withdrawals of such moneys can be made;
the transfer of any moneys standing to the credit of a member in his bank account to his PSE account or such other account in his name as may be prescribed, or the withdrawal of such moneys, at such time, in such manner and in such circumstances as may be prescribed;
the consequences for any breach of the regulations, including making any act or omission in contravention of such regulations an offence and prescribing penalties for such offence not exceeding a fine of $20,000 or imprisonment for a term not exceeding 12 months or both; and
different provisions in respect of a child eligible for membership of the Scheme whose parents have not attained the age of majority.
—(1) Unless otherwise provided in an order of court or directed by the Minister, the trustee of the moneys standing to the credit of a member’s bank account shall —
where the custody, care and control of the member is granted (under an order of court or by agreement between the parents of the member) to the parent of the member who is not the trustee, be substituted with the parent to whom custody, care and control has been granted;
where the care and control of the member is granted (under an order of court or by agreement between the parents of the member) to the parent of the member who is not the trustee, be substituted with the parent to whom care and control has been granted, notwithstanding that custody of the member remains with the parent who is the trustee;
where the custody, care and control, or care and control, of the member is granted (under an order of court or by agreement between the parents of the member) to a person other than the parents of the member, be substituted with the person granted custody, care and control, or care and control, of the member;
where the member is legally adopted by any person, be substituted with the adopter of the member;
where the trustee is dead and the member has no other legal guardian, be substituted with the personal representative of the trustee;
where the trustee is no longer able to act as trustee by reason that he lacks capacity (within the meaning of the Mental Capacity Act 2008) to exercise his functions as trustee and the member has no other legal guardian, be substituted with —
the deputy appointed or deemed to be appointed for such trustee by the High Court under that Act and who was conferred power to exercise the functions as trustee; or
if there is no such deputy, a person nominated by the Minister; and
[21/2008 wef 01/03/2010]
where the trustee is unable or unwilling to act as trustee for any other reason and the member has no other legal guardian, be substituted with the person nominated by the trustee and approved by the Minister to act in the place of the existing trustee.
(2) Notwithstanding subsection (1), the Minister may, if he considers it necessary, direct that a trustee be removed and substituted with such other person as the Minister may nominate.
(3) This section shall have effect notwithstanding anything to the contrary in the Trustees Act (Cap. 337).
5. Subject to the Education Endowment and Savings Schemes Act (Cap. 87A) and any regulations made under section 3 (in so far as they provide for the withdrawal, transfer or utilisation of any moneys paid into a member’s bank account), the ownership of any moneys paid into a member’s bank account by the Government or the parent of the member under the Scheme shall, with effect from the date of such payment, belong to the member absolutely and —
the payment by the parent shall not constitute “matrimonial asset” within the meaning of section 112 of the Women’s Charter (Cap. 353);
the moneys in the bank account of the member shall not be assignable or liable to be attached, sequestered or levied upon for or in respect of any debt or claim.
—(1) Where a member dies, the moneys standing to his credit in his bank account shall be paid to the Public Trustee for disposal in accordance with —
the Intestate Succession Act (Cap. 146), if the member was not a Muslim at the time of his death; or
(2) The receipt of the Public Trustee shall be a good discharge to the Minister and the managing agent for such portions of the moneys payable out of the bank account on the death of a member as are payable to the Public Trustee under subsection (1).
(3) All moneys paid out of the bank account on the death of any member shall be deemed to be impressed with a trust in favour of the person or persons determined by the Public Trustee in accordance with subsection (1) to be entitled thereto but shall, without prejudice to the Estate Duty Act (Cap. 96), be deemed not to form part of the deceased member’s estate or to be subject to his debts.
—(1) The Minister may make regulations to approve a person as an approved person for the purposes of the Scheme and for purposes connected therewith.
(2) Without prejudice to the generality of subsection (1), such regulations may —
prescribe the manner in which applications for approval as an approved person may be made;
require any refund of payment made for any service which has not been provided by an approved person to be credited into the bank account of the member;
require the approved person to execute a security bond as a pre-condition for such approval;
specify such other terms and conditions subject to which the approval of the Minister is granted; and
empower the Minister to revoke the approval granted to an approved person and prescribe the circumstances in which such power is to be exercised.
—(1) Where any payment has been made into a member’s bank account by the Government under the Scheme and such payment is —
made in reliance of any false or misleading statement or document made or furnished by the parent of the member;
made by reason of a mistake of fact; or
utilised for purposes not authorised by the Scheme,
the Government may recover such payment from any moneys standing to the credit of the member’s bank account.
(2) Where the Government is entitled to recover any payment from a member’s bank account under subsection (1), the bank at which the account is opened and maintained shall not authorise any further withdrawal from the account until the payment due to the Government has been deducted from the moneys standing to the credit of the account and paid to the Government.