Funds and property of Council
Open ↗19. The funds and property of the Council consist of —(a)
all moneys and property which are vested in the Council by section 11;
(b)
all moneys paid to the Council by way of donations, contributions, fees, subscriptions, rents and interest;
(c)
loans or grants made to the Council by the Government or any person;
(d)
subventions and contributions from Singapore Pools (Private) Limited; and
(e)
all moneys and property which may be payable to or vested in the Council in the course of the discharge of its functions.
Borrowing powers
Open ↗20.—(1) The Council may raise loans —(a)
from the Government;
(b)
with the approval in writing of the Minister, from any person, and for the purpose of securing such loans may mortgage, charge, or pledge any right, title, estate or interest in any of its property; or
(c)
with the approval in writing of the Minister, by the creation and issue of debentures or bonds.
(2) The Council may borrow, by way of overdraft from a bank or otherwise, any sum which it may temporarily require —(a)
for the purpose of defraying expenses pending the receipt of revenues receivable by it in respect of the period of account in which those expenses are chargeable; or
(b)
for the purpose of defraying, pending the receipt of money due in respect of any loan raised under subsection (1), expenses intended to be defrayed by such loan.
Issue of shares, etc.
Open ↗20A. As a consequence of —(a)
the vesting of any property, rights or liabilities of the Government in the Council under this Act; or
(b)
any capital injection or other investment by the Government in the Council in accordance with any written law,
the Council must issue such shares or other securities to the Minister for Finance as that Minister may direct.
Moneys of Council
Open ↗21.—(1) The Council must open and maintain such accounts with a bank or banks as it considers necessary.
(2) The moneys and property of the Council must be applied solely for the purpose of making payments in or in connection with the performance of its functions, powers and duties under this Act, and no portion thereof may be paid or transferred directly or indirectly by way of dividend, bonus or otherwise by way of profit to its members.
(3) The Council may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.
Financial provisions
Open ↗22. The financial provisions set out in the Schedule have effect with respect to the Council.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
