Responsibility for Fund
s 8
8. The Fund is managed and administered by the Board subject to the direction of the Council.
National Research Fund Act 2006 PART 3 — ADMINISTRATION OF FUND
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
National Research Foundation Board
s 9
9.—(1) There is established a body called the National Research Foundation Board comprising any number of members that the Minister thinks fit. (2) Each member of the Board must be appointed by the Minister and holds office for such period (not exceeding 3 years) as the Minister may in any case determine. (3) Subject to subsection (4), the functions and duties of the Board are —(a) to coordinate research and development activities undertaken or promoted by the Government, public authorities whose objects are similar to the object of the Fund, enterprises, educational institutions or other persons in Singapore, and to facilitate cooperation, communication, collaboration and exchange of ideas and knowledge between them; (b) to investigate and evaluate the requirement for funding any research and development activity generally or specifically; (c) to develop policies and plans for research and development activities in Singapore in the national interest; (d) to approve the payment of money from the Fund; (e) to advise the Minister on any matter relating to the management and administration of the Fund that the Board considers appropriate or that is referred to the Board by the Minister; (f) to submit to the Minister for approval, not later than 30 days before the end of each financial year of the Fund, a budget for the Fund in respect of the financial year next following in relation to that Fund; (g) to submit to the Minister an annual report respecting the Fund not later than 30 days after the end of each financial year in relation to that Fund; and (h) to exercise such other powers and perform such other functions and duties with respect to the management, operation and administration of the Fund as may be prescribed. (4) The Board must, in the exercise of its powers and the performance of its functions and duties under this Act, comply with any directives that the Council may issue.
Research, Innovation and Enterprise Council
s 10
10. There is established a body called the Research, Innovation and Enterprise Council comprising any persons from the private sector and public sector that the Minister thinks fit, and whose functions are —(a) to provide advice and guidance to the Government in the formulation of its policies and laws on all types of research and development activities and innovation in Singapore; and (b) to lead in the promotion of all aspects of research and development activities and innovation in Singapore, by —(i) identifying and promoting activities and programmes that will make Singapore more internationally competitive; and (ii) alerting the public and private sectors to any new business opportunities that arise from the exploitation of results of any research and development activities or innovation.
Accounts to be kept
s 11
11.—(1) The Board must —(a) cause to be kept proper accounts and records of all transactions and affairs relating to the Fund; (b) do all things necessary to ensure that payments out of the Fund are properly authorised and correctly made; and (c) ensure that adequate control is maintained over the assets and receipts of the Fund. (2) The Board must appoint a public officer to be an accounting officer of the Fund with responsibility for keeping proper accounts and records in relation to the Fund, and preparing and signing a statement of the Fund’s accounts in respect of each financial year.
Financial statements and audit reports
s 12
12.—(1) The Board must, as soon as practicable after the close of each financial year of the Fund, cause to be prepared and submitted to the Auditor‑General the financial statements and accounts for the Fund relating to that financial year, and the Auditor‑General must then audit or cause an audit of the statements and accounts and report on them. (2) The financial year of the Fund is a period of 12 months ending on 31 March in any year. (3) The remuneration of the auditor must be paid out of the Fund. (4) As soon as the accounts of the Fund and the financial statements have been audited in accordance with this Act, a copy of the audited financial statements, together with a copy of any report made by the auditor, must be submitted to the Board. (5) Where the Auditor‑General is not the auditor of the Fund, a copy of the audited financial statements and any report made by the auditor must be forwarded to the Auditor‑General at the same time they are submitted to the Board. (6) The Minister must as soon as practicable cause a copy of the audited financial statements of the Fund and the auditor’s report to be presented to Parliament.
Application of Financial Procedure Act 1966
s 13
13. The Financial Procedure Act 1966 applies to the Fund to the extent that it is not inconsistent with any of the provisions of this Act.
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