Financial year
s 46
Open ↗46. The financial year of the Authority begins on 1 April of each year and ends on 31 March of the succeeding year.
Source
Info-communications Media Development Authority Act 2016 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 Authority
s 47
Open ↗47.—(1) The funds and property of the Authority include —(a) all moneys paid to the Authority by way of grants, subsidies, donations, gifts and contributions for the purposes of the Authority; (b) all moneys paid to, and all other moneys and property lawfully received by, the Authority for the purposes of the Authority; (c) all fees, charges and other sums paid to the Authority (or an employee of the Authority or any other person acting on behalf of the Authority), under this Act or any other Act administered by the Authority, except as otherwise provided in section 48 or that other Act; (d) all moneys, dividends, royalties, interest or income received from any transaction made under the powers of the Authority under this Act or any other Act administered by the Authority; (e) all moneys borrowed by the Authority under this Act; and (f) all accumulations of income derived from any property or money mentioned in paragraphs (a) to (e). (2) The moneys of the Authority are to be applied only in payment of expenses incurred by it in the discharge of its functions, obligations and liabilities, and in making any payment that the Authority is authorised or required to make.
Payments into Consolidated Fund
s 48
Open ↗48. All sums collected for the composition of an offence under this Act or any other Act administered by the Authority must be paid into the Consolidated Fund.
Bank accounts
s 49
Open ↗49.—(1) The Authority must open and maintain one or more accounts with such bank or banks as the Authority thinks fit. (2) Every account mentioned in subsection (1) may only be operated by a person who is authorised to do so by the Authority.
Power of investment
s 52
Open ↗52. The Authority may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.
Issue of shares, etc.
s 53
Open ↗53. As a consequence of —(a) the vesting of any property, right or liability in the Authority under this Act; or (b) any capital injection or other investment by the Government in the Authority in accordance with any other written law, the Authority must issue such shares or other securities to the Minister for Finance as that Minister may direct.
Borrowing power
s 54
Open ↗54.—(1) The Authority cannot raise loans for the performance of its functions under this Act or any other Act administered by the Authority except in accordance with this section. (2) Subject to subsection (3), the Authority 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 Authority or on any other revenue receivable by the Authority 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 Authority may raise loans under subsection (2) —(a) from the Government; or (b) with the approval of the Minister, from another 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 Authority for the purchase of goods or services.
Back to Info-communications Media Development Authority Act 2016 — full text
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Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
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