Financial year
s 19
19. The financial year of the Board begins on 1 April of each year and ends on 31 March of the succeeding year.
Singapore Examinations and Assessment Board Act 2003 PART 5 — FINANCIAL PROVISIONS
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Funds of Board
s 21
21. The funds of the Board consist of —(a) all moneys transferred to the Board under section 32; (b) all moneys received by the Board by way of grants or subsidies; (c) all gifts, donations and contributions to the Board; (d) all fees, charges, commissions, rents, interests, dividends and other income accruing to the Board; (e) all moneys borrowed by the Board under this Act; (f) all moneys recovered or collected by the Board or any officer or employee thereof (including sums collected for the composition of offences) under this Act or any other written law administered by the Board; and (g) all other moneys lawfully received by the Board for the purposes of the Board.
Grants
s 22
22. For the purpose of enabling the Board to carry out its functions under this Act, the Minister may make grants to the Board of such sums of money, as the Minister may determine, out of moneys to be provided by Parliament.
Power to borrow
s 23
23. For the discharge of its functions or duties under this Act or any other written law, the Board may raise loans from the Government or, with the approval of the Minister for Finance, raise loans from banks or other financial institutions (whether in Singapore or elsewhere) by —(a) mortgage, overdraft or otherwise; (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 or bonds.
Issue of shares, etc.
s 24
24. As a consequence of —(a) the vesting of any property, rights or liabilities of the Government in the Board under this Act; or (b) 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.
Bank accounts
s 25
25.—(1) The Board must open and maintain one or more accounts with such bank or banks as the Board thinks fit.(2) Every such account must be operated by such person authorised to do so by the Board. —(1) The Board must open and maintain one or more accounts with such bank or banks as the Board thinks fit. (2) Every such account must be operated by such person authorised to do so by the Board.
Application of moneys
s 26
26. The moneys of the Board must 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
s 27
27. 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.
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