Development Fund Act
(Original Enactment: Ordinance 52 of 1959)
REVISED EDITION 1995
(15th March 1995)
An Act to define the purposes of and to regulate the Development Fund and to provide for the payment into the Development Fund of sums raised under any Loan Act.
[14th September 1959]
2. There shall be in and for Singapore a Development Fund into which, subject to the provisions of any other written law, shall be paid —
all moneys from time to time appropriated and authorised to be paid into the Development Fund by this Act or by any other written law;
all sums representing the proceeds of any loan raised by Singapore for the purposes of the Development Fund and appropriated to such purposes by the law authorising the raising of the loan;
all loans or grants from time to time made to Singapore for the purposes of or properly allocable to the Development Fund;
all revenues of Singapore allocated to the Development Fund;
all interest on investments of moneys in the Development Fund authorised to be made by this Act or by any other written law, and all profits arising from the realisation of any such investments; and
all sums representing repayments of any loans made from the Development Fund, or payments of interest on such loans.
3. The moneys in the Development Fund shall be applied only to the purposes or any one or more thereof specified in the Schedule and in accordance with a Supply or Supplementary Supply law appropriating and directing the expenditure of such moneys.
—(1) The Minister for Finance may, by warrant under his hand, authorise the issue of any sum from the Development Fund to meet expenditure appropriated by a Supply or Supplementary Supply law.
(2) If it appears to the Minister for Finance to be necessary to alter the proportion assigned to any of the subheads of any head of expenditure appropriated by a Supply or Supplementary Supply law, or to create a new subhead, the Minister may, by warrant under his hand, authorise the transfer of a further sum out of any surplus arising on any other subhead of the same head, in aid of any subhead which may be deficient or of any new subhead except that the amount appropriated under any head of expenditure by a Supply or Supplementary Supply law shall not be thereby exceeded.
5. The proceeds of any loans which have been raised under any written law and which have not been spent as at 14th September 1959 may, notwithstanding any provision to the contrary in any such law, be directed by a resolution of Parliament to be paid into the Development Fund and to be applicable only to all or any of the purposes of that Fund in accordance with the provisions of this Act.
—(1) A Contingencies Fund is hereby created consisting of moneys from time to time appropriated thereto from the Development Fund.
(2) The Minister for Finance may, if he is satisfied that there has arisen an urgent and unforeseen need for expenditure for which no other provision exists and for which funds cannot be provided under section 4(1), and if the President, acting in his discretion, concurs with the making of an advance for such need, make advances from the Contingencies Fund to meet such need.
(3) Where any advance is made by virtue of the authority conferred under subsection (2), a supplementary estimate of the sum required to replace the amount so advanced shall, as soon as practicable, be presented to and voted on by Parliament and the sum shall be included in a Supplementary Supply or Final Supply law.