Funds and property of Agency
14. The funds and property of the Agency consist of —(a)
all moneys paid to the Agency for the purposes of the Agency;
(b)
all moneys paid to the Agency by way of grants, subsidies, donations, gifts and contributions;
(c)
all moneys received by the Agency by way of charges and fees for services rendered by the Agency to any person;
(d)
all moneys, dividends, royalties, interest or income received from any transactions made pursuant to the powers conferred on the Agency under this Act;
(e)
all moneys borrowed by the Agency under this Act;
(f)
all other moneys and property lawfully received by the Agency for the purposes of the Agency; and
(g)
all accumulations of income derived from any such moneys or property.
Application of revenue
15.—(1) The revenue of the Agency in a financial year must be applied in payment of the following charges:(a)
sums required to be paid to the Government towards the repayment of any loan made by the Government to the Agency;
(b)
interest and principal on any loan payable by the Agency;
(c)
sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the repayment of borrowed money;
(d)
the salaries, fees and allowances of the directors of the Agency;
(e)
the salaries, fees, remuneration, provident fund contributions, pensions, superannuation allowances and gratuities of the officers, employees, former employees, agents, consultants and other persons appointed or employed by the Agency;
(f)
working and establishment expenses and expenditure on, or provision for, the maintenance of any of the property of the Agency, and the discharge of the functions of the Agency properly chargeable to revenue account;
(g)
such sums as the Agency may consider appropriate to set aside in respect of depreciation or renewal of the property of the Agency;
(h)
the cost, or any portion of the cost, of any new works, plant, vessels, vehicles, machinery, equipment or appliances not being a renewal of the property of the Agency, which the Agency may determine to charge to revenue;
(i)
expenses incurred or incidental to the investment or management of the Agency’s moneys;
(j)
such sums by way of contribution to the public or for charities, for such purposes associated with the objects of this Act as the Agency may determine;
(k)
any other expenditure authorised by the Agency and properly chargeable to revenue.
(2) The balance of the revenue of the Agency must be applied for the creation of a general reserve or such other reserves or capital funds as the Agency may consider appropriate.
Bank accounts and application of moneys
16.—(1) The Agency may open and maintain one or more accounts with any bank or banks that the Agency thinks fit.
(2) The moneys of the Agency must be applied only in payment or discharge of the expenses, obligations and liabilities of the Agency and in making any payment that the Agency is authorised or required to make.
Minister’s approval of estimates
17.—(1) A copy of all annual estimates of revenue and expenditure and supplementary estimates must, upon their adoption by the Agency, 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 Agency, and the Agency is bound by the Minister’s decision.[5/2018]
Power of investment
18. The Agency 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]
Grants
19. For the purpose of enabling the Agency to carry out its functions under this Act, the Minister may make grants to the Agency of such sums of money as the Minister may determine out of moneys to be provided by Parliament.
Power to borrow
20. The Agency may for the purposes of discharging its functions raise loans from the Government or, with the approval of the Minister for Finance or any person that the Minister for Finance may appoint, from any other source.
Issue of shares, etc.
20A. As a consequence of —(a)
the vesting of any property, rights or liabilities of the Government in the Agency under this Act; or
(b)
any capital injection or other investment by the Government in the Agency in accordance with any other written law,
the Agency must issue such shares or other securities to the Minister for Finance as that Minister may direct.
[5/2002]
Other financial provisions
21. The financial provisions set out in the Second Schedule apply to the Agency.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
