Financial year
s 11
11. The financial year of the Commission begins on 1 April of each year and ends on 31 March of the succeeding year.
Competition Act 2004 Division 4 — Financial provisions
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Minister’s approval of estimates
s 12
12.—(1) A copy of all annual estimates of revenue and expenditure and supplementary estimates must, upon their adoption by the Commission, be sent without delay to the Minister.[5/2018] (2) The Minister may approve or disallow any item or portion of any item shown in the annual estimates or supplementary estimates.[5/2018] (3) The Minister must return the annual estimates or supplementary estimates as amended under subsection (2) to the Commission, and the Commission is bound by the Minister’s decision.[5/2018] (4) However, the Commission may transfer all or any part of moneys assigned to one item of expenditure to any item under the same head of expenditure in any estimates approved by the Minister.[5/2018]
Moneys recovered or collected by Commission
s 13
13.—(1) All moneys recovered or charges or composition sums collected under this Act, other than financial penalties, must be paid into and form part of the moneys of the Commission. (2) All financial penalties collected under this Act must be paid into the Consolidated Fund.
Grants-in-aid
s 14
14. For the purpose of enabling the Commission to perform its functions and discharge its duties under this Act, the Minister may make grants‑in‑aid to the Commission of such sums of money, as the Minister may determine, out of moneys to be provided by Parliament.
Power to borrow
s 15
15.—(1) For the performance of its functions or discharge of its duties under this Act or any other written law, the Commission may raise loans from the Government or, with the Minister’s approval, raise loans within or outside Singapore from such source as the Minister may direct by —(a) mortgage, overdraft or other means, with or without security; (b) charge, whether legal or equitable, on any property vested in the Commission or on any other revenue receivable by the Commission under this Act or any other written law; or (c) the creation and issue of debentures, bonds or any other instrument as the Minister may approve. (2) For the purposes of this section, the power to raise loans includes the power to make any financial agreement whereby credit facilities are granted to the Commission for the purchase of goods, materials or things.
Issue of shares, etc.
s 16
16. As a consequence of — (a) the vesting of any property, rights or liabilities of the Government in the Commission under this Act; or (b) any capital injection or other investment by the Government in the Commission in accordance with any written law, the Commission must issue such shares or other securities to the Minister for Finance as that Minister may direct.
Bank account
s 17
17.—(1) The Commission must open and maintain an account with such bank as the Commission thinks fit.(2) Every such account must be operated by such person authorised to do so by the Commission. —(1) The Commission must open and maintain an account with such bank as the Commission thinks fit. (2) Every such account must be operated by such person authorised to do so by the Commission.
Application of moneys
s 18
18. The moneys of the Commission must be applied only in payment or discharge of the expenses, obligations and liabilities of the Commission and in making any payment that the Commission is authorised or required to make.
Investment
s 19
19. The Commission may, subject to the general or special direction of the Minister —(a) invest its moneys in such manner as it thinks fit; and (b) engage in any financial activity or participate in any financial arrangement for the purpose of managing or hedging against any financial risk that arises or is likely to arise from such investment.
Audit of accounts
s 21
21. The auditor must submit such periodical and special reports to the Minister and to the Commission as may appear to the auditor to be necessary or as the Minister or the Commission may require.
Back to Competition Act 2004 — full text
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