Page:Children Development Co-Savings Act 2001.pdf/9

Rh Moneys payable on death of member

6.—(1) On the death of a member, the moneys standing to his credit in his bank account shall be paid to the Public Trustee for disposal in accordance with any written law for the time being in force.

(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.

Approved persons

7.—(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—
 * (a) prescribe the manner in which applications for approval as an approved person may be made;
 * (b) 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;
 * (c) require the approved person to execute a security bond as a pre-condition for such approval;
 * (d) specify such other terms and conditions subject to which the approval of the Minister is granted; and
 * (e) empower the Minister to revoke the approval granted to an approved person and prescribe the circumstances in which such power is to be exercised.