s 17–s 20 · 4 sections
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Accounts to be kept
17.—(1) The Minister must —(a)
cause to be kept proper accounts and records of all transactions and affairs relating to the Fund;
(b)
do all things necessary to ensure that all payments out of the Fund are correctly made and properly authorised; and
(c)
ensure that adequate control is maintained over the assets and receipts of the Fund.
(2) Every responsible Minister has the same responsibilities as specified in subsection (1) in relation to all moneys in the account established under section 6(1) under his or her charge.
(3) Every responsible Minister must appoint a public officer or an officer of any public authority to be an accounting officer for the account established under section 6(1) under the responsible Minister’s charge, with responsibility for keeping proper accounts and records in relation to that account, and preparing and signing a statement of the accounts in respect of each financial year.
(4) Any officer of a public authority who is appointed under subsection (3) as an accounting officer is deemed to be —(a)
a public officer for the purposes of the Financial Procedure Act 1966, and section 20 of that Act applies to the officer even though the officer is not or was not in the employment of the Government; and
(b)
a public servant for the purposes of the Penal Code 1871.
Financial statements and audit reports
18. The Minister must, as soon as practicable after the close of each financial year, cause to be prepared and submitted to the Auditor‑General —(a)
the financial statements for the Fund relating to that financial year; or
(b)
if accounts have been established under section 6(1), the consolidated financial statements in respect of the Fund relating to that financial year,
and the Auditor-General must then audit and report on them.
Application of Financial Procedure Act 1966
19. Except as otherwise expressly provided in this Act, the Financial Procedure Act 1966 and any regulations made under that Act apply to the Fund.
Regulations
20. The Minister may make regulations for the sound and efficient management and investment of the Fund, including —(a)
prescribing the securities, funds and investments or classes of securities, funds and investments in which any moneys in the Fund may be invested for developmental purposes; and [Act 35 of 2021 wef 31/01/2022]
(b)
[Deleted by Act 35 of 2021 wef 31/01/2022]
(c)
prescribing all other matters that are necessary or expedient for carrying out or giving effect to the provisions of this Act.
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
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