Funds and property of Office
13. The funds and property of the Office consist of —(a)
grants made under section 18;
(b)
all fees paid into the funds of the Office under any written law;[Act 7 of 2022 wef 26/05/2022]
(c)
all moneys paid to the Office for the purposes of the Office;
(d)
all moneys paid to the Office by way of grants, subsidies, donations, gifts and contributions;
(e)
all moneys received by the Office by way of charges and fees for services rendered by the Office to any person;
(f)
all moneys, dividends, royalties, interest or income received from any transaction made pursuant to the powers conferred on the Office under this Act or any other written law;
(g)
all moneys borrowed by the Office under this Act;
(h)
all other moneys and property lawfully received by the Office for the purposes of the Office; and
(i)
all accumulations of income derived from any such property or money.
Application of moneys
14. The moneys of the Office must be applied only in payment or discharge of the expenses, obligations and liabilities of the Office and in making any payment that the Office is authorised or required to make.
Bank accounts and application of revenue
15.—(1) The Office must open and maintain an account or accounts with such bank or banks as the Office thinks fit.
(2) Every such account must be operated by such person or persons authorised to do so by the Office.
Minister’s approval of estimates
16.—(1) A copy of all annual estimates of revenue and expenditure and supplementary estimates must, upon their adoption by the Office, 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 Office, and the Office is bound by the Minister’s decision.[5/2018]
Power of investment
17. The Office may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.[45/2004]
Grants
18. For the purpose of enabling the Office to carry out its functions under this Act, the Minister may make grants to the Office of such sums of money as the Minister may determine out of moneys to be provided by Parliament.
Power to borrow
19. For the discharge of its functions or duties under this Act or any other written law, the Office may raise loans from the Government or, with the approval of the Minister for Finance, raise loans from banks or other financial institutions (whether in Singapore or elsewhere) by —(a)
mortgage, overdraft or otherwise;
(b)
a charge, whether legal or equitable, on any property vested in the Office or on any other revenue receivable by the Office under this Act or any other written law; or
(c)
the creation and issue of debentures or bonds.
Issue of shares, etc.
19A. As a consequence of the vesting of any property, rights or liabilities of the Government in the Office under this Act, or of any capital injection or other investment by the Government in the Office in accordance with any written law, the Office must issue such shares or other securities to the Minister for Finance as that Minister may direct.
Financial year
20. The financial year of the Office begins on 1 April of each year and ends on 31 March of the succeeding year.[5/2018]
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
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