Funds and property of Authority
14. The funds and property of the Authority consist of —(a)
grants made under section 19;
(b)
all moneys paid to the Authority by way of grants, subsidies, donations, gifts and contributions;
(c)
all fees and charges payable to the funds of the Authority under any written law;[Act 42 of 2022 wef 01/11/2024]
(d)
all moneys received by the Authority by way of charges and fees for services rendered by the Authority to any person, including any collection agency fee;
(e)
all moneys derived from the disposal, lease or hire of, or any other dealing with, any property vested in or acquired by the Authority;
(f)
all accumulations of income derived from any such property or money, including any gains made on the sale of any investment of such money, and interest or gains thereon;
(g)
all moneys borrowed by the Authority under this Act; and
(h)
all other moneys and property lawfully received by the Authority for the purposes of the Authority.
Application of moneys
15. The moneys of the Authority for any financial year must be applied in defraying the following charges:(a)
the remuneration, fees and allowances of the members of the Authority;
(b)
the salaries, fees, remuneration, pensions, superannuation allowances and gratuities of the officers, agents, employees, advisers and former employees of the Authority;
(c)
working and establishment expenses and expenditure on, or provision for, the maintenance of any of the property of the Authority, and the discharge of the functions of the Authority properly chargeable to revenue account;
(d)
expenses incurred or incidental to the investment or management of the moneys or property of the Authority;
(e)
interest on any loan raised by the Authority;
(f)
sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the repayment of borrowed money;
(g)
any sums that may be deemed appropriate to set aside in respect of depreciation or renewal of the property of the Authority, having regard to the amount set aside out of revenue under paragraphs (c) and (f);
(h)
the cost, or any portion of the cost, of any new works, plant, vessels or appliances not being a renewal of the property of the Authority, which the Authority may determine to charge to revenue;
(i)
any sums by way of contribution, for the purposes associated with the objects of this Act that the Authority may determine, to the public or for charities; and
(j)
any other expenditure authorised by the Authority and properly chargeable to revenue account.
Bank accounts
16.—(1) The Authority must open and maintain an account or accounts with such bank or banks as the Authority thinks fit.
(2) Every such account must be operated by such person or persons authorised to do so by the Authority.
Minister’s approval of estimates
17.—(1) A copy of all annual estimates of revenue and expenditure and supplementary estimates must, upon their adoption by the Authority, 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 Authority, and the Authority is bound by the Minister’s decision.[5/2018]
Power of investment
18. The Authority may invest its funds in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.[45/2004]
Grants
19. For the purpose of enabling the Authority to carry out its functions under this Act, the Minister may make grants to the Authority of such sums of money as the Minister may determine out of moneys to be provided by Parliament.
Power to borrow
20. For the discharge of its functions or duties under this Act or any other written law, the Authority 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 Authority or on any other revenue receivable by the Authority under this Act or any other written law; or
(c)
the creation and issue of debentures or bonds.
Issue of shares, etc.
20A. As a consequence of —(a)
the vesting of any property, rights or liabilities of the Government in the Authority under this Act; or
(b)
any capital injection or other investment by the Government in the Authority in accordance with any written law,
the Authority must issue such shares or other securities to the Minister for Finance as that Minister may direct.
[5/2002]
Financial year
21. The financial year of the Authority begins on 1 April of each year and ends on 31 March of the succeeding year.[5/2018]
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
