Borrowing powers
95.—(1) The Board may, from time to time, for the purposes of this Act, raise loans —(a)
from the Government;
(b)
with the Minister’s approval and subject to the provisions of any written law, within or outside Singapore by any of the methods set out in subsection (3); or
(c)
from such other source within or outside Singapore as the Minister may direct.
(2) The Board must pay interest on the loans at such rate and at such times, and must make such provisions for the mode and time or times of repayment of principal, as the Minister may approve.
(3) The Board may, where the Minister’s approval has been obtained to borrow money under subsection (1), raise the money by —(a)
mortgage;
(b)
charge, whether legal or equitable, on any property vested in the Board or on any revenue receivable by the Board under this Act or any other Act; or
(c)
the creation and issue of debentures, stocks or bonds or otherwise.
(4) 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 Board for the purchase of goods, materials or things.[66
Issue of shares, etc.
96. As a consequence of the vesting of —(a)
any property, rights or liabilities of the Government in the Board under this Act; or
(b)
any capital injection or other investment by the Government in the Board in accordance with any written law,
the Board must issue such shares or other securities to the Minister for Finance as that Minister may from time to time direct.
[66A
Annual financial statement
97.—(1) The Board must, at the end of every financial year transmit to the Minister a statement showing —(a)
the amount of any loan outstanding at the end of that year; and
(b)
the amount standing to the credit of any sinking fund formed for the purpose of repayment of any loan and the manner in which that amount is for the time being invested.
(2) The annual statement referred to in subsection (1) must be published in the Gazette.[67
Budgets
98.—(1) The Board must, in every financial year, cause to be prepared in a form to be approved by the Minister a budget to be forwarded to the Minister not later than 15 November containing estimates of the income and expenditure of the Board for the ensuing financial year.
(2) In this Part, “financial year” means a period of 12 months ending on 31 March in any year.[68
Approval of budget by Minister
99.—(1) The Minister may approve or disallow any item or portion of any item shown in the budget, and must return the budget as amended by him or her to the Chairperson.
(2) Where the Minister has approved the budget pursuant to subsection (1) with or without amendments, the Board must present the budget to the President for his or her approval under Article 22B of the Constitution.
(3) The budget as approved by the Minister and the President must be published in the Gazette and the Board is bound thereby.[69
Supplemental budgets
100.—(1) The Board may at any time cause to be prepared a supplemental budget to provide, subject to section 104(2)(d), for unforeseen or urgently required expenditure containing —(a)
a revised estimate of the income for the current financial year;
(b)
a revised estimate of the expenditure for the current financial year; and
(c)
a statement showing how provision is therein made to meet additional expenditure.
(2) A supplemental budget must be dealt with in the manner provided in section 99 for the annual budget.[70
Accounts
101.—(1) The accounts of the Board must be kept by the Chief Financial Officer.(2) The accounts of the Board must be made up yearly to 31 March.[71
—(1) The accounts of the Board must be kept by the Chief Financial Officer.
(2) The accounts of the Board must be made up yearly to 31 March.[71
Presentation of financial statements and audit reports
102.—(1) As soon as the accounts of the Board and the financial statements have been audited, a copy of the audited financial statements signed by the Chairperson and the Chief Financial Officer or the Chairperson and such officer of the Board as may be authorised in writing by the Board, together with a copy of any report made by the auditor, must be submitted to the Minister and the President.[5/2018]
(2) The auditor may at any other time report to the Minister and the President upon any matter arising out of the performance of the auditor’s audit.[73
[5/2018]
Bank account
103.—(1) Subject to subsection (2), all moneys paid to the Board must immediately be paid into such bank or banks as may from time to time be approved by the Chairperson.
(2) Subsection (1) does not apply to —(a)
moneys paid for the purposes of a pension scheme or schemes or a provident fund or funds established under section 48;
(b)
moneys paid for the purposes of any separate fund or funds which the Board may by any written law or by any direction or sanction of the Minister under the provisions of this Act be required to administer; or
(c)
moneys deposited by any person in connection with the person’s tender to the Board.[75
Payments to be made in accordance with budget
104.—(1) Payment must not be made by the Board unless the expenditure of the Board is covered by an item in a budget and a sufficient balance for the item is available.
(2) Despite the absence of such provision, the Board may pay —(a)
sums deposited by contractors or other persons whenever by the conditions of the deposit the sum has become repayable;
(b)
sums collected and credited to the funds of the Board in error;
(c)
sums payable by the Board under any award of a Collector or under any of the provisions of this Act or of any other written law relating to the acquisition of land for a public purpose or under any judgment or order of any court; and
(d)
any expenditure incurred to secure the proper execution of the functions and duties of the Board under this Act which in the opinion of the Board cannot be postponed except that the Board must report the payment immediately to the Minister and the President.
(3) Provision must be made in a supplemental budget for any payment made under subsection (2)(c) or (d).[76
Transfer of sums from one item to another
105. Despite any of the provisions of this Part, the Board may transfer all or any part of moneys assigned to one item of expenditure to another item under the same head of expenditure in a budget approved by the Minister and the President, except that the transfer is not inconsistent with any provision in any other Part.[77
Power of investment
106. 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.[78
[45/2004]
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
