Funds and property of Board
Open ↗31.—(1) The funds and property of the Board include —(a)
all moneys and property transferred to the Board under section 37;
(b)
all gifts, donations and contributions to the Board;
(c)
all moneys received by the Board by way of grants;
(d)
all fees, commissions, rents, interests, dividends and other income accruing to the Board;
(e)
all moneys borrowed by the Board under this Act; and
(f)
all moneys recovered or collected by the Board or any officer or employee of the Board (excluding sums collected for the composition of offences) under this Act or any other written law that is administered and enforced by the Board.[36/2021]
(2) The Board may open and maintain an account or accounts with any bank or banks as the Board thinks fit.
(3) The Board 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 Board must be applied solely for the purposes of or in connection with the performance of the functions, powers and duties of the Board under this Act.
Power to borrow
Open ↗32.—(1) For the performance of its functions or discharge of its duties under this Act or any other written law, the Board may raise loans from the Government or, with the approval of the Minister, raise loans within or outside Singapore from any source that 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 Board or on any other revenue receivable by the Board 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 Board for the purchase of goods, materials or things.
Issue of shares, etc.
Open ↗32A. As a consequence of the vesting of any property, rights or liabilities of the Government in the Board under this Act, or of any capital injection or other investment by the Government in the Board in accordance with any written law, the Board must issue such shares or other securities to the Minister for Finance as that Minister may direct.
Grants
Open ↗33. For the purpose of enabling the Board to carry out its functions under this Act, the Minister may make grants to the Board of any sum of money that the Minister may determine out of moneys to be provided by Parliament.
Income of Board to be exempt from income tax, etc.
Open ↗34. The Board is deemed to be —(a)
an institution specified in the First Schedule to, and under section 13(1)(e) of, the Income Tax Act 1947; and
(b)
an institution of a public character approved under the Charities Act 1994.
Establishment of National Heritage Endowment Fund
Open ↗35.—(1) A fund called the National Heritage Endowment Fund is established, which vests in the Board and consists of —(a)
all moneys received by the Board by gift, bequest or otherwise for the Fund;
(b)
any contributions to the Fund that the Minister may specify from moneys provided by Parliament; and
(c)
any other moneys that the Board 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 Board.
(3) For the purposes of this section, “general funds of the Board” means the funds of the Board 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 31(3) and (4).
Financial year
Open ↗36. The financial year of the Board 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.
