CHILDREN DEVELOPMENT CO-SAVINGS
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- (h) 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;
- (i) the transfer of any moneys standing to the credit of a member’s bank account to his Edusave account at such time as may be prescribed or where the member does not have an Edusave account, the withdrawal of such moneys in such manner as may be prescribed;
- (j) 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
- (k) different provisions in respect of eligible children whose parents have not attained the age of majority.
Compulsory substitution of trustee
4.—(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—
- (a) 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;
- (b) 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;
- (c) 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;
