Financial year
s 36
Open ↗36. The financial year of the Board begins on 1 April of each year and ends on 31 March of the succeeding year.
Source
Enterprise Singapore Board Act 2018 PART 6 — FINANCIAL PROVISIONS
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Revenue and property of Board
s 37
Open ↗37.—(1) The funds and property of the Board include —(a) all moneys paid to the Board by way of grants, subsidies, donations, gifts and contributions for the purposes of the Board; (b) all moneys paid to, and all other moneys and property lawfully received by, the Board for the purposes of the Board; (c) all fees, charges and other sums payable to the Board under this Act or any other written law administered by the Board; (d) all moneys, dividends, royalties, interest or income received from any transaction made under the powers of the Board under this Act or any other written law administered by the Board; (e) all moneys borrowed by the Board under this Act; (f) the levies collected under section 38; (g) the Singapore Rubber Fund; and (h) all accumulations of income derived from any property or money mentioned in paragraphs (a) to (g). (2) The moneys of the Board are to be applied only in payment of expenses incurred by the Board in the discharge of its functions, obligations and liabilities, and in making any payment that the Board is authorised or required to make.
Levy in respect of export of goods
s 38
Open ↗38.—(1) The Board may, with the approval of the Minister, by order in the Gazette, impose a levy on the export of such goods as may be specified in the order. (2) Any order made under subsection (1) may provide for —(a) different rates of levy in respect of the export of different goods; (b) the recovery of the levy by the Board in such manner and through such channels as may be specified in the order; or (c) the exemption of any person or class of persons from the payment of the levy. (3) The levy collected under this section must be paid to the Board.
Singapore Rubber Fund
s 39
Open ↗39.—(1) The Singapore Rubber Fund must be administered by the Board in accordance with this Act. (2) The Singapore Rubber Fund may, subject to any direction of the Minister under section 7(1), be used for the following purposes:(a) the promotion, development, regulation and maintenance of the commodity trade and industry, including the commodity futures market in Singapore; (b) the payment of the Board’s expenses necessary for the participation in international natural rubber organisations and agreements established under these organisations; (c) the discharge of any outstanding liability incurred by the former Rubber Association of Singapore and transferred to the Board; (d) for the purposes provided in and generally for carrying into effect the Rubber Industry Act 1992 and for the discharge of any liability arising as a result of the exercise of the functions and duties under that Act; (e) any other purposes that are incidental or expedient for the purposes of the Singapore Rubber Fund.
Bank accounts
s 40
Open ↗40.—(1) The Board must open and maintain one or more accounts with such bank or banks as the Board thinks fit. (2) Every account under subsection (1) may only be operated by a person authorised to do so by the Board.
Power of investment
s 41
Open ↗41. The Board may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.
Grants
s 42
Open ↗42. For the purpose of enabling the Board to carry out its functions, the Minister may make grants to the Board of such sums of money as the Minister may determine out of money to be provided by Parliament.
Power to borrow
s 43
Open ↗43.—(1) The Board cannot raise loans for the performance of its functions except in accordance with this section. (2) Subject to subsection (3), the Board may raise loans by —(a) mortgage, overdraft or other means, with or without security; (b) charge, whether legal or equitable, on any property vested in the Board or on any other revenue receivable by the Board under this Act or any other written law; or (c) the creation and issue of debentures or bonds, or such other instrument as the Minister may approve. (3) The Board may —(a) raise loans under subsection (2) from the Government; (b) obtain a credit facility for the purchase of goods or services mentioned in subsection (4) from a bank or financial institution, whether in or outside Singapore; or (c) with the approval of the Minister, raise a loan or obtain a credit facility from any other source, whether in or outside Singapore. (4) For the purposes of this section, the power to raise loans includes the power to enter into any financial agreement or arrangement under which credit facilities are granted to the Board for the purchase of goods or services.
Issue of shares, etc.
s 44
Open ↗44. As a consequence of —(a) the vesting of any property, right or liability in the Board under this Act; or (b) any capital injection or other investment by the Government in the Board in accordance with any other written law, the Board must issue such shares or other securities to the Minister charged with the responsibility for finance as that Minister may direct.
Back to Enterprise Singapore Board Act 2018 — full text
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