Application of income and property
Open ↗19.—(1) Subject to subsection (2), the income and property of the Foundation from wherever derived must be applied solely towards the promotion of the objects of the Foundation as set out in section 4, and no portion of that income or property may be paid or transferred directly or indirectly by way of dividend, bonus, profit or otherwise to members or directors.
(2) Nothing in subsection (1) is to be construed as preventing the payment, in good faith, of —(a)
remuneration to employees of the Foundation;
(b)
remuneration to the director charged with general administrative control over the work of the Foundation as provided in section 9;
(c)
out-of-pocket and travelling expenses to any director; and
(d)
other proper charges and expenses of the Foundation.
Issue of shares, etc.
Open ↗19A. As a consequence of the vesting of any property, rights or liabilities of the Government in the Foundation under this Act, or of any capital injection or other investment by the Government in the Foundation in accordance with any written law, the Foundation must issue the shares or other securities to the Minister for Finance that the Minister for Finance may direct.
Presentation of accounts
Open ↗20. The Board must, at every annual general meeting, cause to be prepared and to be laid before the Foundation an income and expenditure account, a balance sheet and a financial report in respect of the preceding year.
Auditors
Open ↗21. The auditors to be appointed by the Foundation at a general meeting must be public accountants within the meaning of the Companies Act 1967.
Annual report
Open ↗22. The Board must, as soon as practicable after the close of each financial year, submit to the Minister an annual report on the activities of the Foundation during that year, and the Minister must cause a copy of every such report to be presented to Parliament.
Protection from liability for bona fide acts
Open ↗23. No matter or thing done and no contract of any kind entered into by the Board and no matter or thing done by any director or member or by any employee engaged by the Board shall, if the matter or thing was done or the contract was entered into bona fide for the purpose of carrying out the provisions of this Act, subject any such director, member or employee to any action, liability, claim or demand whatsoever in respect thereof.
Common seal
Open ↗24.—(1) The Foundation must have and may use the common seal which may be broken, changed, altered or made anew as the Board may think fit.
(2) The Board must provide for the safe custody of the seal which must only be used by the authority of the Board and every instrument to which the seal is affixed must be signed by the Chairperson or a director and must be countersigned by a second director or some other person appointed by the Board for the purpose; and such signing is sufficient evidence that the common seal of the Foundation has been duly and properly affixed and that the seal is the lawful seal of the Foundation.
Rules
Open ↗25.—(1) The Board may make rules, not inconsistent with the provisions of this Act, for the carrying into effect of any of the purposes or provisions of this Act.
(2) All rules made under this section must be published in the Gazette.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
