Funds and property of Authority
Open ↗12.—(1) The funds and property of the Authority consist of —(a)
all grants-in-aid made under section 17;
(b)
all fees and other sums collected by the Authority or its officers under any written law unless otherwise expressly provided in subsection (2) or that other written law;
(c)
all moneys paid to the Authority for the purposes of the Authority;
(d)
all moneys paid to the Authority by way of grants, subsidies, donations, gifts and contributions;
(e)
all moneys received by the Authority by way of charges and fees for services rendered by the Authority to any person;
(f)
all moneys, dividends, royalties, interest or income received from any transaction made pursuant to the powers conferred on the Authority under this Act or any other written law;
(g)
all moneys borrowed by the Authority under this Act;
(h)
all other moneys and property lawfully received by the Authority for the purposes of the Authority; and
(i)
all accumulations of income derived from any such property or money.[18/2014]
(2) The following sums collected on or after 15 May 2015 by the Authority or any of its officers under this Act and any written law specified in the Second Schedule must be paid into the Consolidated Fund:(a)
any penalty for late payment or late filing;
(b)
any financial penalty, and interest for late payment of the financial penalty;
(c)
any sum for the composition of any offence.[18/2014]
(3) The Authority may recover on behalf of the Government any sum referred to in subsection (2)(a), (b) or (c) as though the sum were a civil debt due to the Authority.[18/2014]
(4) The Authority may waive, refund or remit, wholly or in part, any fee that is paid or is payable to the Authority under any written law and which forms or would form part of the funds and property of the Authority under subsection (1).[13
[18/2014]
Application of moneys
Open ↗13. The moneys of the Authority are to be applied only to pay expenses incurred by it in the discharge of its functions, obligations and liabilities and in making any payment that the Authority is authorised or required to make.[14
Bank accounts
Open ↗14.—(1) The Authority must open and maintain one or more accounts with any bank or banks that the Authority thinks fit.
(2) Every such account must be operated by any person or persons authorised to do so by the Authority.[15
Power of investment
Open ↗16. The Authority may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.[17
Grants-in-aids
Open ↗17. For the purpose of enabling the Authority to carry out its functions under this Act, the Minister may make grants-in-aids to the Authority of such sums of money, as the Minister may determine, out of moneys to be provided by Parliament.[18
Power to borrow
Open ↗18. For the discharge of its functions under this Act or any other written law, the Authority may raise loans from the Government or, with the approval of the Minister for Finance, raise loans from banks or other financial institutions (whether in Singapore or elsewhere) by —(a)
mortgage, overdraft or otherwise;
(b)
charge, whether legal or equitable, on any property vested in the Authority or on any other revenue receivable by the Authority under this Act or any other written law; or
(c)
the creation and issue of debentures or bonds.[19
Issue of shares, etc.
Open ↗19. As a consequence of the vesting of any property, rights or liabilities of the Government in the Authority under this Act, or of any capital injection or other investment by the Government in the Authority in accordance with any written law, the Authority must issue such shares or other securities to the Minister for Finance as that Minister may direct.[20
Financial year
Open ↗20. The financial year of the Authority begins on 1 April of each year and ends on 31 March of the succeeding year.[21
[5/2018]
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
