FUNCTIONS AND POWERS OF AUTHORITY
—(1) Subject to the provisions of this Act, the functions of the Authority shall be —
to administer the written laws specified in the Second Schedule;
to report and make recommendations to, and advise the Government on, matters relating to the registration and regulation of business entities and public accountants;
to establish and administer a repository of documents and information relating to business entities and public accountants and to provide access to the public to such documents and information;
to represent the Government internationally in respect of matters relating to the registration and regulation of business entities and public accountants;
to promote public awareness about new business structures, compliance requirements, corporate governance practices and any other matters under the purview of the Authority;
to provide a responsive and forward-looking regulatory environment for business entities and public accountants conducive to enterprise in Singapore; and
to carry out such other functions as may be conferred on the Authority by this Act or any other written law.
(2) The Authority may undertake such other functions as the Minister may from time to time, by notification in the Gazette, assign to the Authority and in so doing, the Authority shall be deemed to be fulfilling the purposes of this Act, and the provisions of this Act shall apply to the Authority in respect of such functions.
(3) Nothing in this section shall be construed as imposing on the Authority, directly or indirectly, any form of duty or liability enforceable by proceedings before any court to which it would not otherwise be subject.
—(1) The Authority shall have power to do anything for the purpose of discharging its functions under this Act or any other written law, or which is incidental or conducive to the discharge of those functions.
(2) Without prejudice to the generality of subsection (1) but subject to this Act, the powers of the Authority shall include the power —
to enter into such contracts as may be necessary or expedient for the purpose of discharging its functions;
with the approval of the Minister, to form or participate in the formation of any company or in any joint venture as a shareholder or partner or in any other capacity, with any firm, body corporate, society or institution for purposes that are necessary or expedient for the purpose of discharging its functions;
to become a member or an affiliate of any international body, the functions or objects of which are similar to or connected with those of the Authority;
to use all property of the Authority, whether movable or immovable, in such manner as the Authority may think expedient, including the raising of loans by mortgaging such property;
to establish and administer such systems or schemes as the Authority may consider necessary or expedient for the discharge of its functions;
to prescribe, regulate or implement measures and standards on any matter relating to or connected with its functions;
to engage in any activity, either alone or in conjunction with any other organisation or agency, whether local or international, that is connected with or that is conducive to the discharge of its functions;
to levy such charges or fees as may be reasonable for services and facilities provided by the Authority;
to receive donations, gifts, grants, subsidies and contributions from any source and raise funds by all lawful means;
to publish or sponsor the publication of periodicals, booklets and other written materials, or to produce or sponsor the production of documentary films and other audio-visual materials on any matter relating to or connected with its functions;
to organise courses and award certificates of proficiency, and provide bursaries, scholarships and training grants in the fields related to the functions of the Authority;
to provide advisory, consultancy and informational services on any matter related to its functions;
to promote or undertake publicity in any form;
to grant or guarantee loans to officers or employees of the Authority for any purpose specifically approved by the Authority;
to provide recreational facilities and to promote recreational activities for, and activities conducive to, the welfare of officers and employees of the Authority and members of their families;
to make provision for gratuities, pensions, allowances or other benefits for officers or employees, or former officers or employees, of the Authority; and
to do such other acts as are incidental or necessary to any of its functions and powers.
(3) This section shall not be construed as limiting any power of the Authority conferred by or under any other written law.
—(1) The Minister may give to the Authority such directions, not inconsistent with the provisions of this Act, as he thinks fit as to the performance of its functions and the exercise of its powers, and the Authority shall give effect to such directions.
(2) The Authority shall furnish the Minister with such information in respect of its property and activities in such manner and at such times as the Minister may require.
—(1) The Authority may, in its discretion, appoint from among its own members or from among other persons such number of committees as it thinks fit for purposes which, in the opinion of the Authority, would be more expediently carried out or managed by means of such committees.
(2) The Authority may, subject to such conditions or restrictions as it thinks fit, delegate —
to any of its members;
to its Chief Executive or any of its officers or employees;
to any committee appointed by it under subsection (1); or
to any other person as the Authority thinks fit,
any of the functions or powers of the Authority under this Act or any other written law, except the power of delegation conferred by this section and the power to make subsidiary legislation under this Act or such other written law.
(3) Any function or power delegated under subsection (2) to any person or committee may be performed or exercised by that person or committee in the name and on behalf of the Authority.
(4) No delegation under this section shall prevent the performance or exercise of any function or power by the Authority.