Financial year
s 18
18. The financial year of the College begins on 1 April each year and ends on 31 March of the succeeding year.
Civil Service College Act 2001 PART 5 — FINANCIAL PROVISIONS
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Estimates
s 19
19. A summary of the annual estimates and supplementary estimates adopted by the College must be published in the Gazette.
Funds of College
s 20
20. The funds of the College consist of —(a) all moneys transferred to the College under section 30; (b) all moneys received by the College by way of grants or subsidies; (c) all gifts, donations and contributions to the College; (d) all fees, charges, commissions, rents, interests, dividends and other income accruing to the College; (e) all moneys borrowed by the College under this Act; (f) all moneys recovered or collected under this Act by the College or any officer or employee of the College; and (g) all other moneys lawfully received by the College for the purposes of the College.
Grants-in-aid
s 21
21. For the purpose of enabling the College to carry out its functions under this Act, the Minister may make grants‑in‑aid to the College of such sums of money, as the Minister may determine, out of moneys to be provided by Parliament.
Power to borrow
s 22
22. For the discharge of its functions or duties under this Act or any other written law, the College 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 College or on any other revenue receivable by the College under this Act or any other written law; or (c) the creation and issue of debentures or bonds.
Issue of shares, etc.
s 22A
22A. As a consequence of the vesting of any property, rights or liabilities of the Government in the College under this Act, or of any capital injection or other investment by the Government in the College in accordance with any written law, the College must issue such shares or other securities to the Minister for Finance as that Minister may direct.
Bank accounts
s 23
23.—(1) The College must open and maintain one or more accounts with any bank or banks that the College thinks fit. (2) Every such account must only be operated by such person or persons as may be authorised in that behalf by the College.
Application of funds
s 24
24. The funds of the College must be applied only in payment or discharge of the expenses, obligations and liabilities of the College and in making any payment that the College is authorised or required to make.
Power of investment
s 25
25. The College may invest its funds in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.[45/2004]
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