Funds of Authority
Open ↗12. The funds of the Authority consist of —(a)
all moneys received by the Authority for services rendered by the Authority to the Government as its agent or for services rendered by the Authority to any person;
(b)
all moneys received by the Authority by way of grants;
(c)
all moneys derived from the disposal, lease or hire of, or any other dealing with, any property vested in or acquired by the Authority;
(d)
all moneys derived as income from investment by the Authority;
(e)
all moneys borrowed by the Authority under this Act; and
(f)
all other moneys lawfully received by the Authority for the purposes of the Authority.
Power to borrow
Open ↗13.—(1) For the discharge of its functions or duties under this Act or any other written law, the Authority may raise loans from the Government or, with the approval of the Minister, raise loans within or outside Singapore from such source as the Minister may direct 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, bonds or any other instrument as the Minister may approve.
(2) 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 Authority for the purchase of goods or services.
Issue of shares, etc.
Open ↗13A. As a consequence of —(a)
the vesting of any property, rights or liabilities of the Government in the Authority under this Act; or
(b)
any capital injection or other investment by the Government in the Authority in accordance with any written law,
the Authority must issue such shares or other securities to the Minister for Finance as that Minister may direct.
Grants
Open ↗14. For the purpose of enabling the Authority to carry out its functions under this Act, the Minister may make grants‑in‑aid to the Authority of such sums of moneys as the Minister may determine out of moneys to be provided by Parliament.
Bank accounts and application of revenue
Open ↗15.—(1) The Authority must open and maintain an account or accounts with such bank or banks as the Authority thinks fit; and every such account must be operated as far as practicable by cheque signed by such person or persons authorised to do so by the Authority.
(2) The moneys of the Authority must be applied only in payment or discharge of the expenses, obligations and liabilities of the Authority and in making any payments that the Authority is authorised or required to make.
Power of investment
Open ↗16. The Authority may invest its funds in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.
Financial year
Open ↗17. The financial year of the Authority 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.
