Funds and property of Council
12.—(1) The funds and property of the Council include —(a)
all moneys and property transferred to the Council under section 15;
(b)
all gifts, donations and contributions to the Council;
(c)
contributions from moneys provided by Parliament; and
(d)
all fees, commissions, rents, interests, dividends and other income accruing to the Council.
(2) The Council may open and maintain an account or accounts with any bank or banks as the Council thinks fit.
(3) The Council may invest its funds in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.
(4) Subject to the terms of any trust or endowment, the funds and property of the Council must be applied solely for the purposes of or in connection with the performance of the functions, powers and duties of the Council under this Act, and no portion thereof may be paid or transferred, directly or indirectly, by way of dividend, bonus or otherwise by way of profit to its members.
(5) Nothing in this section prevents the payment in good faith of remuneration to any employees of the Council.
Issue of shares, etc.
12A. As a consequence of the vesting of any property, rights or liabilities of the Government in the Council under this Act, or of any capital injection or other investment by the Government in the Council in accordance with any written law, the Council must issue such shares or other securities to the Minister for Finance as that Minister may direct.
Establishment of Singapore Arts Endowment Fund
13.—(1) A fund called the Singapore Arts Endowment Fund is established, which vests in the Council and consists of —(a)
all moneys transferred to the Council under section 15(a);
(b)
all donations and gifts accepted by the Council for the Fund;
(c)
such contributions to the Fund as the Minister may specify from moneys provided by Parliament; and
(d)
any other moneys that the Council may decide to transfer to the Fund.
(2) Any interest, dividends and other income derived from the Fund must be credited to the general funds of the Council.
(3) In this section, “general funds of the Council” means the funds of the Council other than the Fund.
(4) The Fund must not, except with the prior written approval of the Minister, be applied, disposed of or alienated otherwise than as specified in section 12(2) and (3).
Financial provisions
14. The financial provisions set out in the Second Schedule apply to the Council.
