Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Grants
14. For the purpose of enabling the Board to carry out its functions under this Act, the Minister may, from time to time, make grants to the Board of such sums of money as the Minister may determine out of moneys to be provided by Parliament.[15
Issue of shares, etc.
15. 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.[15A
Bank accounts and payments
16.—(1) The Board may open and maintain an account or accounts with such bank or banks as the Board 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 Board. (2) The moneys of the Board are to be applied only in payment or discharge of the expenses, obligations and liabilities of the Board and in making any payment that the Board is authorised or required to make.
Power of investment
17. The Board may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.
Minister’s approval of estimates
18.—(1) A copy of all annual estimates of revenue and expenditure and supplementary estimates must, upon their adoption by the Board, 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 Board, and the Board is bound by the Minister’s decision.[5/2018]
Financial year
19. The financial year of the Board begins on 1 April of each year and ends on 31 March of the succeeding year.[5/2018]
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
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