Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Borrowing powers
13. The Corporation may, with the consent of the Minister and subject to any terms that the Minister thinks fit, borrow money and issue bonds, debentures or mortgage or charge any of its property for the purpose of meeting its obligations or discharging its functions under this Act.[11
Provision of working capital
14. For the purpose of enabling the Corporation to carry out its functions and to defray expenditure properly chargeable to capital account, including defraying initial expenses, and for the provision of working capital, the Minister may authorise payment to the Corporation of such sums as the Minister may determine.[12
Issue of shares, etc.
15. As a consequence of the vesting of —(a) any property, rights or liabilities of the Government in the Corporation under this Act; or (b) any capital injection or other investment by the Government in the Corporation in accordance with any written law, the Corporation must issue such shares or other securities to the Minister for Finance as that Minister may direct. [12A [5/2002]
Power of investment
16. The Corporation may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.[13 [45/2004]
Bank accounts
17.—(1) The Corporation may open at any bank or banks, or at any branch or agency of such banks, such accounts as it considers necessary or desirable for the exercise of its functions and powers. (2) Every account under this section must be operated upon by cheque signed by such person authorised to do so by the Corporation.[14
Application of profits of Corporation
18. The Minister may, after consultation with the Corporation, give directions to the Corporation as to the manner in which its profits are to be applied.
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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