Land Transport Revenue Account
12. —(1) The Authority must establish, maintain and operate a Land Transport Revenue Account into which must be paid, except where expressly provided otherwise in section 13A or 13B — ( a ) all taxes, fees and charges specified in the Second Schedule; ( b ) all fees received by the Authority for services rendered by the Authority to any person, including any collection agency fee; ( 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 income derived from the investment of moneys in the Account, including any gains made on the sale of any investment of moneys of the Account, and interest or gains thereon; ( e ) the balance of the fees, rental or other revenue lawfully received by the Authority — (i) for or in connection with the hiring or leasing of buses, bus stops, bus interchanges or terminals or bus parks from the Authority; or (ii) for or in connection with the advertising on such buses or at such bus stops, bus interchanges or terminals or bus parks, after deducting such proportion of those fees, rental or other revenue as the Minister has approved for the Bus Service Enhancement Fund under section 13B(1)( h ); ( f ) all moneys borrowed by the Authority under this Act; and ( g ) all other moneys lawfully received by the Authority for the purposes of the Authority. [17/2012] (2) The Land Transport Revenue Account must be managed and administered by the Authority, subject to the directions of the Minister.
—(1) The Authority must establish, maintain and operate a Land Transport Revenue Account into which must be paid, except where expressly provided otherwise in section 13A or 13B — ( a ) all taxes, fees and charges specified in the Second Schedule; ( b ) all fees received by the Authority for services rendered by the Authority to any person, including any collection agency fee; ( 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 income derived from the investment of moneys in the Account, including any gains made on the sale of any investment of moneys of the Account, and interest or gains thereon; ( e ) the balance of the fees, rental or other revenue lawfully received by the Authority — (i) for or in connection with the hiring or leasing of buses, bus stops, bus interchanges or terminals or bus parks from the Authority; or (ii) for or in connection with the advertising on such buses or at such bus stops, bus interchanges or terminals or bus parks, after deducting such proportion of those fees, rental or other revenue as the Minister has approved for the Bus Service Enhancement Fund under section 13B(1)( h ); ( f ) all moneys borrowed by the Authority under this Act; and ( g ) all other moneys lawfully received by the Authority for the purposes of the Authority. [17/2012]
(2) The Land Transport Revenue Account must be managed and administered by the Authority, subject to the directions of the Minister.
Application of revenue
13. —(1) The revenue of the Land Transport Revenue Account for any financial year must be applied in defraying the following charges: ( a ) the remuneration, fees and allowances of the members of the Authority and the remuneration of the auditor of the Authority; ( b ) the salaries, fees, remuneration, pensions, superannuation allowances and gratuities of the officers, agents, employees, advisers and former employees of the Authority; ( c ) working and establishment expenses and expenditure on, or provision for, the maintenance of any of the property of the Authority, and the discharge of the functions of the Authority properly chargeable to revenue account; ( d ) expenses incurred or incidental to the investment or management of moneys in the Account; ( e ) interest on any loan raised by the Authority; ( f ) sums required to be paid to the Government towards repayment of any loan made by the Government to the Authority; ( g ) sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the repayment of borrowed money; ( h ) any sums that may be deemed appropriate to set aside in respect of depreciation or renewal of the property of the Authority, having regard to the amount set aside out of revenue under paragraphs ( c ) and ( f ); ( i ) the cost, or any portion of the cost, of any new works, plant, vessels or appliances not being a renewal of the property of the Authority, which the Authority may determine to charge to revenue; ( j ) sums to be transferred to the Railway Sinking Fund mentioned in section 13A to fund expenditure — (i) for the cost (or part of the cost) of any capital equipment including new works, plant, equipment, trains, vessels or appliances related to the operation and maintenance of the railway network under the Rapid Transit Systems Act 1995; or (ii) for the cost of acquiring any estate or interest in any area or space within a station, or any area or space abutting a station the access to which is limited to an entrance or exit to the station; ( k ) any sums by way of contribution, for the purposes associated with the objects of this Act as the Authority may determine, to the public or for charities; ( l ) grants, loans or guarantees to any holder of a bus service licence for the purpose of improving and expanding the range and reliability of the bus services provided by the holders of such licences, including but not limited to meeting such expenditure for the delivery of bus services as the Authority may approve; and ( m ) any other expenditure authorised by the Authority and properly chargeable to revenue account. [21/2010; 17/2012; 30/2015; 5/2018] (2) The balance of the revenue of the Land Transport Revenue Account may be applied to the creation of a general reserve and any other reserves that the Authority thinks fit.
—(1) The revenue of the Land Transport Revenue Account for any financial year must be applied in defraying the following charges: ( a ) the remuneration, fees and allowances of the members of the Authority and the remuneration of the auditor of the Authority; ( b ) the salaries, fees, remuneration, pensions, superannuation allowances and gratuities of the officers, agents, employees, advisers and former employees of the Authority; ( c ) working and establishment expenses and expenditure on, or provision for, the maintenance of any of the property of the Authority, and the discharge of the functions of the Authority properly chargeable to revenue account; ( d ) expenses incurred or incidental to the investment or management of moneys in the Account; ( e ) interest on any loan raised by the Authority; ( f ) sums required to be paid to the Government towards repayment of any loan made by the Government to the Authority; ( g ) sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the repayment of borrowed money; ( h ) any sums that may be deemed appropriate to set aside in respect of depreciation or renewal of the property of the Authority, having regard to the amount set aside out of revenue under paragraphs ( c ) and ( f ); ( i ) the cost, or any portion of the cost, of any new works, plant, vessels or appliances not being a renewal of the property of the Authority, which the Authority may determine to charge to revenue; ( j ) sums to be transferred to the Railway Sinking Fund mentioned in section 13A to fund expenditure — (i) for the cost (or part of the cost) of any capital equipment including new works, plant, equipment, trains, vessels or appliances related to the operation and maintenance of the railway network under the Rapid Transit Systems Act 1995; or (ii) for the cost of acquiring any estate or interest in any area or space within a station, or any area or space abutting a station the access to which is limited to an entrance or exit to the station; ( k ) any sums by way of contribution, for the purposes associated with the objects of this Act as the Authority may determine, to the public or for charities; ( l ) grants, loans or guarantees to any holder of a bus service licence for the purpose of improving and expanding the range and reliability of the bus services provided by the holders of such licences, including but not limited to meeting such expenditure for the delivery of bus services as the Authority may approve; and ( m ) any other expenditure authorised by the Authority and properly chargeable to revenue account. [21/2010; 17/2012; 30/2015; 5/2018]
(2) The balance of the revenue of the Land Transport Revenue Account may be applied to the creation of a general reserve and any other reserves that the Authority thinks fit.
Railway Sinking Fund
13A. —(1) There is established by the Authority a Railway Sinking Fund comprising — ( a ) all charges and cash‑bids (if any) that are payable under section 13A of the Rapid Transit Systems Act 1995; ( b ) all moneys authorised by or under any other written law to be paid into the Railway Sinking Fund; ( c ) all moneys borrowed or raised by the Authority for the purposes of the Railway Sinking Fund; ( d ) all grants by any person or organisation to the Authority for the purposes of the Railway Sinking Fund; ( e ) all interest payable under section 19B of the Rapid Transit Systems Act 1995 on outstanding amounts of — (i) any charge and cash‑bid (if any) imposed under section 13A of that Act in respect of a licence; or (ii) any financial penalty imposed before 1 April 2016 under section 19(1)( k ) of that Act in respect of a licensee which is granted a licence on or after 13 September 2010; ( f ) all financial penalties imposed before 1 April 2016 under section 19(1)( k ) of the Rapid Transit Systems Act 1995 in respect of licences granted on or after 13 September 2010; ( g ) all amounts paid to the Authority by way of discharge of any insurance claims in respect of any property of the Authority paid for with money from the Railway Sinking Fund; ( h ) all interest received on investments belonging to the Railway Sinking Fund, and all amounts received by the Authority from the sale of any investments or other property paid for with money from the Railway Sinking Fund; and ( i ) all investments and other property purchased out of moneys in the Railway Sinking Fund, including the net income from those investments. [21/2010; 31/2015] (2) Moneys must not be withdrawn by the Authority from the Railway Sinking Fund except for all or any of the following purposes: ( a ) to meet any of the following expenditure to the extent not expressly provided as may be met from the Rail Infrastructure Fund: (i) for the cost (or part of the cost) of any capital equipment including new works, plant, equipment, trains, vessels or appliances related to the operation and maintenance of the railway network under the Rapid Transit Systems Act 1995; (ii) for the cost of acquiring any estate or interest in any area or space within a station, or any area or space abutting a station the access to which is limited to an entrance or exit to the station; ( b ) to pay insurance premiums on capital equipment, area, space or other investment acquired using moneys of the Railway Sinking Fund; ( c ) to pay any principal or interest on moneys borrowed or raised by the Authority for the purposes of the Railway Sinking Fund; ( d ) to pay any expenses properly attributable to the setting up of the Railway Sinking Fund, the administration and management of moneys in the Railway Sinking Fund, or the borrowing or raising of moneys for the purposes of the Railway Sinking Fund; ( e ) to refund any sums collected as charges or cash‑bids that are in excess of what is payable under section 13A of the Rapid Transit Systems Act 1995; ( f ) for investment of moneys in the Railway Sinking Fund in accordance with section 17; ( g ) to pay all amounts relating to the sale, disposal or write‑off of any investments paid for with money from the Railway Sinking Fund; ( h ) to pay all reasonable legal costs incurred by the Authority and all reasonable expenses incurred by the Authority in connection with the collection or attempted collection of any outstanding amounts (including any interest on the amounts) of — (i) any charge and cash‑bid (if any) imposed under section 13A of the Rapid Transit Systems Act 1995 in respect of a licence; or (ii) any financial penalty imposed before 1 April 2016 under section 19(1)( k ) of that Act in respect of a licensee which is granted a licence on or after 13 September 2010. [21/2010; 31/2015; 49/2018] (3) For the purposes of subsection (1)( i ), the net income from investments is the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Railway Sinking Fund any gain derived or loss sustained, realised or unrealised (as the case may be) from those investments. [21/2010; 49/2018] (4) The Railway Sinking Fund must be managed and administered by the Authority subject to the directions of the Minister. [21/2010]
—(1) There is established by the Authority a Railway Sinking Fund comprising — ( a ) all charges and cash‑bids (if any) that are payable under section 13A of the Rapid Transit Systems Act 1995; ( b ) all moneys authorised by or under any other written law to be paid into the Railway Sinking Fund; ( c ) all moneys borrowed or raised by the Authority for the purposes of the Railway Sinking Fund; ( d ) all grants by any person or organisation to the Authority for the purposes of the Railway Sinking Fund; ( e ) all interest payable under section 19B of the Rapid Transit Systems Act 1995 on outstanding amounts of — (i) any charge and cash‑bid (if any) imposed under section 13A of that Act in respect of a licence; or (ii) any financial penalty imposed before 1 April 2016 under section 19(1)( k ) of that Act in respect of a licensee which is granted a licence on or after 13 September 2010; ( f ) all financial penalties imposed before 1 April 2016 under section 19(1)( k ) of the Rapid Transit Systems Act 1995 in respect of licences granted on or after 13 September 2010; ( g ) all amounts paid to the Authority by way of discharge of any insurance claims in respect of any property of the Authority paid for with money from the Railway Sinking Fund; ( h ) all interest received on investments belonging to the Railway Sinking Fund, and all amounts received by the Authority from the sale of any investments or other property paid for with money from the Railway Sinking Fund; and ( i ) all investments and other property purchased out of moneys in the Railway Sinking Fund, including the net income from those investments. [21/2010; 31/2015]
(2) Moneys must not be withdrawn by the Authority from the Railway Sinking Fund except for all or any of the following purposes: ( a ) to meet any of the following expenditure to the extent not expressly provided as may be met from the Rail Infrastructure Fund: (i) for the cost (or part of the cost) of any capital equipment including new works, plant, equipment, trains, vessels or appliances related to the operation and maintenance of the railway network under the Rapid Transit Systems Act 1995; (ii) for the cost of acquiring any estate or interest in any area or space within a station, or any area or space abutting a station the access to which is limited to an entrance or exit to the station; ( b ) to pay insurance premiums on capital equipment, area, space or other investment acquired using moneys of the Railway Sinking Fund; ( c ) to pay any principal or interest on moneys borrowed or raised by the Authority for the purposes of the Railway Sinking Fund; ( d ) to pay any expenses properly attributable to the setting up of the Railway Sinking Fund, the administration and management of moneys in the Railway Sinking Fund, or the borrowing or raising of moneys for the purposes of the Railway Sinking Fund; ( e ) to refund any sums collected as charges or cash‑bids that are in excess of what is payable under section 13A of the Rapid Transit Systems Act 1995; ( f ) for investment of moneys in the Railway Sinking Fund in accordance with section 17; ( g ) to pay all amounts relating to the sale, disposal or write‑off of any investments paid for with money from the Railway Sinking Fund; ( h ) to pay all reasonable legal costs incurred by the Authority and all reasonable expenses incurred by the Authority in connection with the collection or attempted collection of any outstanding amounts (including any interest on the amounts) of — (i) any charge and cash‑bid (if any) imposed under section 13A of the Rapid Transit Systems Act 1995 in respect of a licence; or (ii) any financial penalty imposed before 1 April 2016 under section 19(1)( k ) of that Act in respect of a licensee which is granted a licence on or after 13 September 2010. [21/2010; 31/2015; 49/2018]
(3) For the purposes of subsection (1)( i ), the net income from investments is the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Railway Sinking Fund any gain derived or loss sustained, realised or unrealised (as the case may be) from those investments. [21/2010; 49/2018]
(4) The Railway Sinking Fund must be managed and administered by the Authority subject to the directions of the Minister. [21/2010]
Bus Service Enhancement Fund
13B. —(1) There is established by the Authority a Bus Service Enhancement Fund comprising — ( a ) all moneys from time to time appropriated from the Consolidated Fund or the Development Fund and authorised to be paid into the Bus Service Enhancement Fund by any written law; ( b ) all moneys authorised by or under any other written law to be paid into the Bus Service Enhancement Fund; ( c ) all moneys borrowed or raised by the Authority for the purposes of the Bus Service Enhancement Fund; ( d ) all gifts or donations by any person or organisation to the Authority for the purposes of the Bus Service Enhancement Fund; ( e ) all investments and other property purchased out of moneys in the Bus Service Enhancement Fund, including the net income from such investments; ( f ) all interest received on investments belonging to the Bus Service Enhancement Fund, and all amounts received by the Authority from the sale of any investments or other property paid for with money from the Bus Service Enhancement Fund; ( g ) all sums received by way of repayment of any loan or advance from the Bus Service Enhancement Fund, and any interest and late payment charge from any such loan or advance; ( h ) such proportion as the Minister may approve of the fees, rental or other revenue lawfully received by the Authority for or in connection with the hiring or leasing of buses, bus stops, bus interchanges or terminals or bus parks from the Authority, or for or in connection with the advertising on such buses or at such bus stops, bus interchanges or terminals or bus parks; and ( i ) all damages, cost or other moneys lawfully received by the Authority from any holder of a bus service licence on account of any breach by the holder of such a licence of any term in a grant or loan from or in a lease, contract or other arrangement with the Authority, made in connection with improving and expanding the range and reliability of bus services provided by the holders of bus service licences. [17/2012; 30/2015] (2) The moneys in the Bus Service Enhancement Fund may be withdrawn by the Authority only for all or any of the following purposes: ( a ) to provide grants or loans to any holder of a bus service licence for the purpose of improving and expanding the range and reliability of the bus services provided by the holders of such licences, including but not limited to meeting such expenditure for the delivery of bus services as the Authority may approve; ( b ) to pay all reasonable legal costs incurred by the Authority and all reasonable expenses incurred by the Authority in connection with the collection or attempted collection of any outstanding amounts (including any interest on the amounts) of any sums due under any loan or grant made out of moneys in the Bus Service Enhancement Fund; ( c ) to acquire any property, movable or immovable, including but not limited to buses, with the object of improving and expanding the range and reliability of the bus services provided by all or any of the holders of bus service licences; ( d ) for investments in accordance with section 17 of moneys in the Bus Service Enhancement Fund; ( e ) to pay all amounts relating to the sale, disposal or write‑off of any investments paid for with money from the Bus Service Enhancement Fund; ( f ) to pay any principal or interest on moneys borrowed or raised by the Authority for the purposes of the Bus Service Enhancement Fund; ( g ) to pay any expenses properly attributable to the setting up of the Bus Service Enhancement Fund and the administration and management of moneys in that Fund. [17/2012; 30/2015] (3) For the purposes of subsection (1)( e ), the net income from investments is the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Bus Service Enhancement Fund any gain derived or loss sustained, realised or unrealised (as the case may be) from those investments. [17/2012] (4) No loan made or investments paid for with moneys from the Bus Service Enhancement Fund is to be written‑off without the prior approval of the Minister. [17/2012] (5) Without limiting subsection (4), the Bus Service Enhancement Fund must be managed and administered by the Authority subject to the directions of the Minister. [17/2012] (6) Upon dissolution of the Bus Service Enhancement Fund during any term of office of the Government (within the meaning of the Constitution), the balance of the moneys remaining in that Fund must be transferred to the Consolidated Fund and be added to the reserves of the Government not accumulated by it during that term of office. [17/2012]
—(1) There is established by the Authority a Bus Service Enhancement Fund comprising — ( a ) all moneys from time to time appropriated from the Consolidated Fund or the Development Fund and authorised to be paid into the Bus Service Enhancement Fund by any written law; ( b ) all moneys authorised by or under any other written law to be paid into the Bus Service Enhancement Fund; ( c ) all moneys borrowed or raised by the Authority for the purposes of the Bus Service Enhancement Fund; ( d ) all gifts or donations by any person or organisation to the Authority for the purposes of the Bus Service Enhancement Fund; ( e ) all investments and other property purchased out of moneys in the Bus Service Enhancement Fund, including the net income from such investments; ( f ) all interest received on investments belonging to the Bus Service Enhancement Fund, and all amounts received by the Authority from the sale of any investments or other property paid for with money from the Bus Service Enhancement Fund; ( g ) all sums received by way of repayment of any loan or advance from the Bus Service Enhancement Fund, and any interest and late payment charge from any such loan or advance; ( h ) such proportion as the Minister may approve of the fees, rental or other revenue lawfully received by the Authority for or in connection with the hiring or leasing of buses, bus stops, bus interchanges or terminals or bus parks from the Authority, or for or in connection with the advertising on such buses or at such bus stops, bus interchanges or terminals or bus parks; and ( i ) all damages, cost or other moneys lawfully received by the Authority from any holder of a bus service licence on account of any breach by the holder of such a licence of any term in a grant or loan from or in a lease, contract or other arrangement with the Authority, made in connection with improving and expanding the range and reliability of bus services provided by the holders of bus service licences. [17/2012; 30/2015]
(2) The moneys in the Bus Service Enhancement Fund may be withdrawn by the Authority only for all or any of the following purposes: ( a ) to provide grants or loans to any holder of a bus service licence for the purpose of improving and expanding the range and reliability of the bus services provided by the holders of such licences, including but not limited to meeting such expenditure for the delivery of bus services as the Authority may approve; ( b ) to pay all reasonable legal costs incurred by the Authority and all reasonable expenses incurred by the Authority in connection with the collection or attempted collection of any outstanding amounts (including any interest on the amounts) of any sums due under any loan or grant made out of moneys in the Bus Service Enhancement Fund; ( c ) to acquire any property, movable or immovable, including but not limited to buses, with the object of improving and expanding the range and reliability of the bus services provided by all or any of the holders of bus service licences; ( d ) for investments in accordance with section 17 of moneys in the Bus Service Enhancement Fund; ( e ) to pay all amounts relating to the sale, disposal or write‑off of any investments paid for with money from the Bus Service Enhancement Fund; ( f ) to pay any principal or interest on moneys borrowed or raised by the Authority for the purposes of the Bus Service Enhancement Fund; ( g ) to pay any expenses properly attributable to the setting up of the Bus Service Enhancement Fund and the administration and management of moneys in that Fund. [17/2012; 30/2015]
(3) For the purposes of subsection (1)( e ), the net income from investments is the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Bus Service Enhancement Fund any gain derived or loss sustained, realised or unrealised (as the case may be) from those investments. [17/2012]
(4) No loan made or investments paid for with moneys from the Bus Service Enhancement Fund is to be written‑off without the prior approval of the Minister. [17/2012]
(5) Without limiting subsection (4), the Bus Service Enhancement Fund must be managed and administered by the Authority subject to the directions of the Minister. [17/2012]
(6) Upon dissolution of the Bus Service Enhancement Fund during any term of office of the Government (within the meaning of the Constitution), the balance of the moneys remaining in that Fund must be transferred to the Consolidated Fund and be added to the reserves of the Government not accumulated by it during that term of office. [17/2012]
Rail Infrastructure Fund
13C. —(1) The Rail Infrastructure Fund is established consisting of — ( a ) all moneys from time to time appropriated from the Consolidated Fund or Development Fund and authorised to be paid into the Rail Infrastructure Fund by Supply law; ( b ) all moneys authorised by or under any other written law to be paid into the Rail Infrastructure Fund; ( c ) any gifts or donations made by any person for the purposes of the Rail Infrastructure Fund; and ( d ) all investments of moneys in the Rail Infrastructure Fund authorised to be made by this Act and the proceeds of any such investments, including the net income from those investments. [49/2018] (2) On 15 January 2019, the Government must pay into the Rail Infrastructure Fund such sum as the Minister for Finance may determine out of moneys to be provided by Parliament for the Rail Infrastructure Fund. [49/2018] (3) For the purposes of subsection (1)( d ), the net income from investments is the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Rail Infrastructure Fund any gain derived or loss sustained, realised or unrealised (as the case may be) from those investments. [49/2018] (4) Upon the dissolution of the Rail Infrastructure Fund during any term of office of the Government (within the meaning of the Constitution), the balance then remaining in that Fund must be transferred to the Consolidated Fund and added to the reserves of the Government not accumulated by it during that term of office. [49/2018]
—(1) The Rail Infrastructure Fund is established consisting of — ( a ) all moneys from time to time appropriated from the Consolidated Fund or Development Fund and authorised to be paid into the Rail Infrastructure Fund by Supply law; ( b ) all moneys authorised by or under any other written law to be paid into the Rail Infrastructure Fund; ( c ) any gifts or donations made by any person for the purposes of the Rail Infrastructure Fund; and ( d ) all investments of moneys in the Rail Infrastructure Fund authorised to be made by this Act and the proceeds of any such investments, including the net income from those investments. [49/2018]
(2) On 15 January 2019, the Government must pay into the Rail Infrastructure Fund such sum as the Minister for Finance may determine out of moneys to be provided by Parliament for the Rail Infrastructure Fund. [49/2018]
(3) For the purposes of subsection (1)( d ), the net income from investments is the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Rail Infrastructure Fund any gain derived or loss sustained, realised or unrealised (as the case may be) from those investments. [49/2018]
(4) Upon the dissolution of the Rail Infrastructure Fund during any term of office of the Government (within the meaning of the Constitution), the balance then remaining in that Fund must be transferred to the Consolidated Fund and added to the reserves of the Government not accumulated by it during that term of office. [49/2018]
Purposes of Rail Infrastructure Fund
13D. —(1) The moneys in the Rail Infrastructure Fund may be withdrawn by the Authority only for the following purposes: ( a ) for the Authority to carry on any construction, improvement or extension, or any demolition and replacement, of any railway (in whole or part), the operation of which is or is to be subject to the Rapid Transit Systems Act 1995; ( b ) for the acquisition by the Authority of capital machinery or equipment required for or in connection with the start of operations of — (i) a railway (or a part of a railway) the construction, or demolition and replacement, of which (as the case may be) was paid for with money from the Rail Infrastructure Fund; or (ii) an improved or extended railway (or an improved or extended part of a railway) the improvement or extension of which was paid for with money from the Rail Infrastructure Fund; ( c ) for the Authority to carry on any associated design, investigative and engineering studies, survey or research preparatory to the undertaking of any work or acquisition mentioned in paragraph ( a ) or ( b ); ( d ) to pay any of the following which is incurred or payable (as the case may be) for the purposes of the construction, improvement or extension, or the demolition and replacement (as the case may be) by the Authority of a railway, the operation of which is or is to be subject to the Rapid Transit Systems Act 1995: (i) the costs incurred by the Collector of Land Revenue in the acquisition under the Land Acquisition Act 1966 of any land; (ii) the compensation payable for the acquisition under the Land Acquisition Act 1966 of any land that is the subject of a notice under section 7 of the Rapid Transit Systems Act 1995; ( e ) to pay insurance premiums on capital equipment or other investments acquired, and land (including structures) acquired and constructed, using money from the Rail Infrastructure Fund; ( f ) to pay all amounts relating to the sale, disposal or write‑off of any investments paid for with money from the Rail Infrastructure Fund; ( g ) to invest in accordance with section 17; ( h ) to pay any expenses properly attributable to the setting up of the Rail Infrastructure Fund and the administration, management and investment of moneys in that Fund. [49/2018] (2) However, no investment paid for with money from the Rail Infrastructure Fund may be written off by the Authority without the prior approval of the Minister. [49/2018]
—(1) The moneys in the Rail Infrastructure Fund may be withdrawn by the Authority only for the following purposes: ( a ) for the Authority to carry on any construction, improvement or extension, or any demolition and replacement, of any railway (in whole or part), the operation of which is or is to be subject to the Rapid Transit Systems Act 1995; ( b ) for the acquisition by the Authority of capital machinery or equipment required for or in connection with the start of operations of — (i) a railway (or a part of a railway) the construction, or demolition and replacement, of which (as the case may be) was paid for with money from the Rail Infrastructure Fund; or (ii) an improved or extended railway (or an improved or extended part of a railway) the improvement or extension of which was paid for with money from the Rail Infrastructure Fund; ( c ) for the Authority to carry on any associated design, investigative and engineering studies, survey or research preparatory to the undertaking of any work or acquisition mentioned in paragraph ( a ) or ( b ); ( d ) to pay any of the following which is incurred or payable (as the case may be) for the purposes of the construction, improvement or extension, or the demolition and replacement (as the case may be) by the Authority of a railway, the operation of which is or is to be subject to the Rapid Transit Systems Act 1995: (i) the costs incurred by the Collector of Land Revenue in the acquisition under the Land Acquisition Act 1966 of any land; (ii) the compensation payable for the acquisition under the Land Acquisition Act 1966 of any land that is the subject of a notice under section 7 of the Rapid Transit Systems Act 1995; ( e ) to pay insurance premiums on capital equipment or other investments acquired, and land (including structures) acquired and constructed, using money from the Rail Infrastructure Fund; ( f ) to pay all amounts relating to the sale, disposal or write‑off of any investments paid for with money from the Rail Infrastructure Fund; ( g ) to invest in accordance with section 17; ( h ) to pay any expenses properly attributable to the setting up of the Rail Infrastructure Fund and the administration, management and investment of moneys in that Fund. [49/2018]
(2) However, no investment paid for with money from the Rail Infrastructure Fund may be written off by the Authority without the prior approval of the Minister. [49/2018]
Funds for construction, etc., projects
14. —(1) For the purpose of enabling the Authority to carry out its function and duty of constructing any railway or roads or other related facilities, the Minister for Finance must, from time to time, provide funds by way of grants, subject to any conditions that he or she may impose, to the Authority out of moneys provided by Parliament. (2) The Authority may, from time to time and with the approval of the Minister for Finance, borrow or otherwise raise money in any currency in Singapore or elsewhere for the purposes referred to in subsection (1) and on any terms and conditions that the Authority thinks fit. (3) The repayment of money borrowed or raised by the Authority for the purposes referred to in subsection (1), and interest, premium and other charges thereon and costs and fees incurred for the purpose of borrowing or raising such money must be met out of funds provided to the Authority by the Minister for Finance. (4) Nothing in this section restricts the power of the Authority to borrow or raise or secure the repayment of money for purposes other than the purposes referred to in subsection (1).
—(1) For the purpose of enabling the Authority to carry out its function and duty of constructing any railway or roads or other related facilities, the Minister for Finance must, from time to time, provide funds by way of grants, subject to any conditions that he or she may impose, to the Authority out of moneys provided by Parliament.
(2) The Authority may, from time to time and with the approval of the Minister for Finance, borrow or otherwise raise money in any currency in Singapore or elsewhere for the purposes referred to in subsection (1) and on any terms and conditions that the Authority thinks fit.
(3) The repayment of money borrowed or raised by the Authority for the purposes referred to in subsection (1), and interest, premium and other charges thereon and costs and fees incurred for the purpose of borrowing or raising such money must be met out of funds provided to the Authority by the Minister for Finance.
(4) Nothing in this section restricts the power of the Authority to borrow or raise or secure the repayment of money for purposes other than the purposes referred to in subsection (1).
Issue of shares, etc.
14A. 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. [5/2002]
Operating expenses
15. —(1) It is the duty of the Authority to exercise and perform its functions under this Act so as to secure that the total revenues of the Authority are sufficient, taking one financial year with another, to meet its total operating expenses properly chargeable to the Land Transport Revenue Account. (2) In this section, “operating expenses” does not include — ( a ) operating expenses associated directly with the function and duty mentioned in section 14(1); and ( b ) interests, fees and other charges in respect of loans incurred under section 14(2), the payment of which must be met from funds provided by the Minister for Finance to the Authority pursuant to section 14(1).
—(1) It is the duty of the Authority to exercise and perform its functions under this Act so as to secure that the total revenues of the Authority are sufficient, taking one financial year with another, to meet its total operating expenses properly chargeable to the Land Transport Revenue Account.
(2) In this section, “operating expenses” does not include — ( a ) operating expenses associated directly with the function and duty mentioned in section 14(1); and ( b ) interests, fees and other charges in respect of loans incurred under section 14(2), the payment of which must be met from funds provided by the Minister for Finance to the Authority pursuant to section 14(1).
Bank accounts and application of revenue
16. —(1) The Authority must open and maintain one or more 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.
—(1) The Authority must open and maintain one or more 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
17. The Authority may invest its funds in the Land Transport Revenue Account, the Railway Sinking Fund, the Rail Infrastructure Fund or the Bus Service Enhancement Fund in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965. [45/2004; 21/2010; 17/2012; 49/2018]
Financial year
18. 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.
