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← Saint Andrew’s Mission Hospital Ordinance 1934

Saint Andrew’s Mission Hospital Ordinance 1934 s 6

s 6 Application of income

6. The income of the Corporation shall be applied solely towards the promotion of the objects of the Corporation as set forth in this Ordinance, and no portion thereof shall be paid or transferred directly or indirectly by way of dividend, bonus or otherwise howsoever by way of profits to the members of the Corporation:Provided that nothing herein contained shall prevent the payment in good faith of remuneration to any officers or servants of the Corporation or to any member thereof in return for services actually rendered to the Corporation or the payment of interest upon money borrowed from any member of the Corporation, or the payment to the donor of any money or securities or his or her nominee or nominees of any annuity by way of annual interest guaranteed by the Corporation on the amount of such gift during a period not exceeding the life of the donor or such nominee or nominees.

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Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗

Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.

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