Financial year
s 36
36. The financial year of the Agency begins on 1 April of each year and ends on 31 March of the succeeding year.
Singapore Food Agency Act 2019 PART 6 — FINANCIAL PROVISIONS
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Revenue and property of Agency
s 37
37. The funds and property of the Agency include —(a) all moneys paid to the Agency by way of grants, subsidies, donations, gifts and contributions for the purposes of the Agency; (b) all moneys paid to, and all other moneys and property lawfully received by, the Agency for the purposes of the Agency; (c) all fees and charges payable to the Agency under this Act or any other Act administered by the Agency; (d) all moneys, dividends, royalties, interest or income received from any transaction made pursuant to the powers of the Agency under this Act or any other Act administered by the Agency; (e) all moneys borrowed by the Agency under this Act; and (f) all accumulations of income derived from any property or money mentioned in paragraphs (a) to (e).
Bank accounts
s 38
38.—(1) The Agency must open and maintain one or more accounts with such bank or banks as the Agency thinks fit. (2) Every such account may only be operated by a person who is authorised to do so by the Agency.
Financial accounts and records
s 39
39. The Agency must —(a) keep proper accounts and records of its transactions and affairs; and (b) do all things necessary to ensure that —(i) all payments out of its moneys are correctly made and properly authorised; and (ii) adequate control is maintained over the property and assets of, or in the custody of, the Agency and over the expenditure incurred by the Agency.
Power of investment
s 40
40. The Agency may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.
Issue of shares, etc.
s 41
41. As a consequence of —(a) the vesting of any property, rights or liabilities in the Agency under this Act; or (b) any capital injection or other investment by the Government in the Agency in accordance with any other written law, the Agency must issue such shares or other securities to the Minister for Finance as that Minister may direct.
Borrowing power
s 42
42.—(1) The Agency cannot raise loans for the performance of its functions under this Act or any other Act administered by the Agency except in accordance with this section. (2) Subject to subsection (3), the Agency may raise loans by —(a) mortgage, overdraft or other means, with or without security; (b) charge, whether legal or equitable, on any property vested in the Agency or on any other revenue receivable by the Agency 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. (3) The Agency may raise loans —(a) from the Government; or (b) with the approval of the Minister, from another source, whether within or outside Singapore. (4) For the purposes of this section, the power to raise loans includes the power to make any financial agreement under which credit facilities are granted to the Agency for the purchase of goods, materials or things.
Back to Singapore Food Agency Act 2019 — full text
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