Long Title

Part I PRELIMINARY

Part II ESTABLISHMENT, INCORPORATION AND CONSTITUTION OF AUTHORITY

Part III FUNCTIONS AND POWERS OF AUTHORITY

Part IV PROVISIONS RELATING TO STAFF

Part V FINANCIAL PROVISIONS

Part VI TRANSFER OF PROPERTY, ASSETS, LIABILITIES AND EMPLOYEES

Part VII MISCELLANEOUS

FIRST SCHEDULE Constitution and Proceedings of Authority

SECOND SCHEDULE Written Laws Administered and Enforced by Authority

THIRD SCHEDULE Financial Provisions

Legislative History

Comparative Table

PART V
FINANCIAL PROVISIONS
Funds and property of Authority
13.  The funds and property of the Authority shall consist of —
(a)
all grants-in-aid made under section 18;
(b)
all fees, financial penalties and sums for the composition of offences collected by the Authority or its officers under any written law, unless such written law provides otherwise;
(c)
all moneys paid to the Authority for the purposes of the Authority;
(d)
all moneys paid to the Authority by way of grants, subsidies, donations, gifts and contributions;
(e)
all moneys received by the Authority by way of charges and fees for services rendered by the Authority to any person;
(f)
all moneys, dividends, royalties, interest or income received from any transaction made pursuant to the powers conferred on the Authority under this Act or any other written law;
(g)
all moneys borrowed by the Authority under this Act;
(h)
all other moneys and property lawfully received by the Authority for the purposes of the Authority; and
(i)
all accumulations of income derived from any such property or money.
Application of moneys
14.  The moneys of the Authority shall be applied only in payment of expenses incurred by it in the discharge of its functions, obligations and liabilities and in making any payment that it is authorised or required to make.
Bank accounts
15.
—(1)  The Authority shall open and maintain one or more accounts with such bank or banks as the Authority thinks fit.
(2)  Every such account shall be operated by such person or persons as may, from time to time, be authorised in that behalf by the Authority.
Annual estimates
16.
—(1)  The Authority shall, in every financial year, prepare or cause to be prepared and shall adopt annual estimates of income and expenditure of the Authority for the ensuing financial year.
(2)  Supplementary estimates may be adopted by the Authority at any of its meetings.
(3)  A copy of all annual estimates and supplementary estimates shall, upon their adoption by the Authority, be sent as soon as possible to the Minister.
(4)  A summary of the annual estimates and supplementary estimates adopted by the Authority shall be published in the Gazette.
Power of investment
17.  The Authority may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act (Cap. 1).
[45/2004]
Grants-in-aids
18.  For the purpose of enabling the Authority to carry out its functions under this Act, the Minister may, from time to time, make grants-in-aids to the Authority of such sums of money, as the Minister may determine, out of moneys to be provided by Parliament.
Power to borrow
19.  For the discharge of its functions under this Act or any other written law, the Authority may, from time to time, 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.
20.  As a consequence of the vesting of any property, rights or liabilities of the Government in the Authority under this Act, or of any capital injection or other investment by the Government in the Authority in accordance with any written law, the Authority shall issue such shares or other securities to the Minister for Finance as that Minister may from time to time direct.
Financial provisions
21.  The financial provisions specified in the Third Schedule shall have effect with respect to the Authority.