PROVISIONS RELATING TO CORPORATION
11. For the purpose of enabling the Corporation to carry out its objects and to defray expenditure properly chargeable to capital account, including defraying initial expenses, and for the provision of working capital, the Minister may authorise payment to the Corporation of such sums as he may determine.
—(1) The functions of the Corporation are —
to develop and manage sites, parks, estates, townships and other premises for industries and businesses in Singapore or elsewhere;
to provide facilities to enhance the operations of industries and businesses including social amenities for the advancement and the well-being of persons living and working in such sites, parks, estates and townships or otherwise; and
to participate in overseas ventures and developments which the Corporation has the expertise to engage or undertake in.
(2) The Corporation shall have power to do anything for the purpose of the discharge of its functions under this Act or which is incidental or conducive to the discharge of those functions and, in particular, may —
act in combination or association with other persons or organisations for the discharge of any of its functions;
promote the carrying on of any activities for the discharge of its functions by other persons or organisations;
purchase, acquire or lease any land and premises required for the purpose of the discharge of its functions under this Act;
sell or lease land and premises for the purpose of the discharge of its functions under this Act upon such terms as the Corporation may determine;
provide technical, managerial and other specialist services for industrial, business and other development and build up a corps of engineering, managerial and other specialist staff to provide such services;
prepare and execute proposals, plans and projects for the erection, conversion, improvement and extension of any building for sale, lease, rental or other purpose;
provide and maintain housing accommodation including convalescent or holiday houses for employees of the Corporation, provide and maintain for those employees clubs and playing fields and provide educational facilities for them;
grant loans to employees or to act as guarantor for loans taken by them, to enable them to purchase their own houses, furniture, fittings, home appliances and vehicles;
award scholarships or give loans to employees to obtain professional, technical or other training;
sell or lease flats, houses or other living accommodation and land for the housing of persons living and working in industrial and business sites, parks, estates and townships;
provide loans on mortgage at such interest as may be prescribed to enable persons, other than employees of the Corporation, to purchase any flat, house or building which is used or intended to be used solely for the purpose of human habitation;
with the written approval of the Minister, form or participate in the formation of a company or companies or enter into any joint venture or partnership in Singapore or elsewhere;
with the written approval of the Minister, grant loans to any company in which the Corporation or any of its subsidiary companies holds any shares;
with the written approval of the Minister and the President, guarantee the repayment of loans given to any company in which the Corporation or any of its subsidiary companies holds any shares; and
provide and maintain adequate and efficient port services and facilities in the Jurong Port.
—(1) The Corporation may, from time to time, for the purposes of this Act raise loans —
from the Government;
with the approval of the Minister and subject to the provisions of any written law, by any of the methods set out in section 14; or
from such other source as the Minister may direct.
(2) The Corporation shall pay interest on those loans at such rate and at such times, and shall make such provisions for the mode and time or times of repayment of principal as may be approved by the Minister.
(3) The Corporation may, from time to time, borrow by way of temporary loan or overdraft from a bank or otherwise any sum which it may temporarily require —
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
for the purpose of defraying, pending the receipt of money due in respect of any loan authorised to be raised under subsection (1), expenses intended to be defrayed by any such loan.
(4) Bonds and debentures of the Corporation issued before the commencement of subsection (5) shall be guaranteed by the Government as to the repayment of principal and the payment of interest at such rate as may be approved by the Minister.
(5) Bonds and debentures of the Corporation issued on or after the commencement of this subsection shall be guaranteed by the Government as to the repayment of principal and the payment of interest at such rate as may be approved by the Minister if the President, acting in his discretion, concurs with the giving of such guarantee.
(6) For the purposes of subsection (1), the power to raise loans shall include the power to make any financial agreement whereby credit facilities are granted to the Corporation for the purchase of goods, materials or things.
—(1) Where the Corporation is authorised to borrow money, the Corporation may, subject to the approval or direction of the Minister, raise money in any manner and, in particular, raise it by —
charge, whether legal or equitable, on any property vested in the Corporation or on any revenue receivable by the Corporation under this Act or any other written law; and
debentures, stocks, bonds or other instruments or securities issued by the Corporation.
(2) The Corporation may, with the approval or direction of the Minister, fix such rates of interest and such terms, conditions and periods to secure the repayment of the sums borrowed as it thinks fit.
14A. As a consequence of the vesting of any property, rights or liabilities of the Government in the Corporation under this Act, or of any capital injection or other investment by the Government in the Corporation in accordance with any written law, the Corporation shall issue such shares or other securities to the Minister for Finance as that Minister may from time to time direct.
[5/2002 wef 15/07/2002]
15. The Corporation shall in every financial year cause to be prepared in a form to be approved by the Minister a budget to be forwarded to the Minister not later than 31st January containing estimates of income and expenditure of the Corporation for the ensuing year —
on capital account;
relating to the management and maintenance of industrial sites, housing and ancillary services; and
relating to the execution of its powers, functions and duties.
[7/71; 11/78; 23/95]
—(1) The Minister may approve or disallow any item or portion of any item shown in the budget, and shall return the budget as amended by him to the Chairman.
(2) The Corporation shall present the budget which has been approved by the Minister to the President for his approval under Article 22B of the Constitution.
(3) The budget when approved by the President shall be published in the Gazette.
—(1) The Corporation may at any time cause to be prepared a supplemental budget to provide, subject to section 24(2)(d), for unforeseen or urgently required expenditure containing —
a revised estimate of the income for the current financial year;
a revised estimate of the expenditure for the current financial year; and
a statement showing how provision is therein made to meet additional expenditure.
(2) A supplemental budget shall be dealt with in the manner provided in section 16 for the annual budget.
—(1) The accounts of the Corporation shall be kept by a chief financial officer appointed by and responsible to the Corporation.
(2) The chief financial officer shall prepare in respect of each financial year a statement of accounts in a form approved by the Minister.
(3) The chief financial officer shall keep proper accounts and records of the transactions and affairs of the Corporation and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the Corporation and over the expenditure incurred by the Corporation.
—(1) The accounts of the Corporation shall be audited by the Auditor-General or by an auditor appointed annually by the Minister in consultation with the Auditor-General.
(2) The Corporation’s auditor shall be paid out of the funds of the Corporation such remuneration, expenses or fees as the Minister, after consultation with the Corporation, shall direct.
(3) The Corporation’s auditor shall be entitled to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the Corporation and may make copies of or extracts from any such accounting or other records.
(4) The Corporation’s auditor or a person authorised by him may require any person to furnish him with such information which that person possesses or has access to as the auditor or the duly authorised person considers necessary for the purposes of the functions of the auditor under this Act.
(5) An officer of the Corporation who refuses or fails without any reasonable cause to allow the Corporation’s auditor or a person authorised by him access to any accounting and other records of the Corporation in his custody or power or to give any information possessed by him as and when required or who otherwise hinders, obstructs or delays the Corporation’s auditor or any person authorised by him in the performance of his duties or the exercise of his powers shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $500 and, in the case of a continuing offence, to a further fine not exceeding $100 for every day or part thereof during which the offence continues after conviction.
—(1) The chief financial officer of the Corporation shall prepare the financial statements in respect of each preceding financial year and submit them to the Corporation’s auditor who shall audit and report on them to the Minister and the President.
(2) The Corporation’s auditor shall state in his report of his audit whether —
the financial statements show fairly the financial transactions and the state of affairs of the Corporation;
proper accounting and other records have been kept; and
the receipt, expenditure and investment of moneys and the acquisition and disposal of assets by the Corporation during the year have been in accordance with the provisions of this Act and the Constitution.
(3) The Corporation’s auditor shall report on any other matter arising from the audit as he considers necessary.
—(1) A copy of the audited financial statements signed by the Chairman, the chief executive officer and the chief financial officer, and certified by the Corporation’s auditor, together with a copy of any report made by the auditor, shall be submitted to the Minister not later than 8th September and to the President not later than 30th September in each year.
[29/74; 11/78; 23/95]
(2) Where the Auditor-General has not been appointed to be the auditor of the Corporation a copy of the audited financial statements and any report made by the auditor shall be forwarded to the Auditor-General at the same time as they are submitted to the Minister.
(3) The Minister shall present a copy of the audited financial statements and the report of the Corporation’s auditor to Parliament.
(4) The audited financial statements and the auditor’s report referred to in subsection (3) shall be published in the Gazette.
—(1) The Corporation shall, not later than 8th September in each year, unless the Minister otherwise authorises in writing, furnish to the Minister a report of its functions during the preceding year.
(2) The Minister shall cause a copy of every such report to be presented to Parliament.
—(1) All moneys paid to the Corporation shall forthwith be paid into such banks as may from time to time be decided by the Corporation.
(2) The accounting records of the Corporation shall distinguish between capital and revenue transactions.
(3) Moneys received by way of loans shall be shown separately in the books and accounts and in the balance-sheet of the Corporation.
—(1) No payment shall be made by the Corporation unless the expenditure is covered by an item in a budget and a sufficient balance for the item is available.
(2) Notwithstanding the absence of such provision, the Corporation may pay —
sums deposited by contractors or other persons whenever by the conditions of the deposit any such sum has become repayable;
sums collected and credited to the funds of the Corporation in error;
sums payable by the Corporation under any award of the Collector of Land Revenue or under any of the provisions of this Act or of any other written law relating to the acquisition of land for a public purpose or under any judgment or order of any court; and
any expenditure incurred to secure the proper execution of the functions and duties of the Corporation under this Act which, in the opinion of the Corporation, cannot be postponed.
25. Notwithstanding any of the provisions of this Act, the Corporation may transfer all or any part of moneys assigned to one item of expenditure to another item under the same head of expenditure in a budget approved by the Minister and the President.
27. [Repealed by Act 23/95]
—(1) Where any immovable property, not being State land, is needed for the purposes of the Corporation, the Corporation may request and the President may if he thinks fit direct the acquisition of that property.
(2) The property may be acquired in accordance with the provisions of any written law relating to the acquisition of land for a public purpose, and any declaration required under any such written law that the property is so needed may be made (notwithstanding that compensation is to be paid out of the funds of the Corporation) and the declaration shall have effect as if it were a declaration that such property is needed for a public purpose made in accordance with that written law.
—(1) No compulsory acquisition of any immovable property before 15th April 1983 shall be called in question in any court on the ground that the acquisition was not in compliance with section 28 as in force before that date.
(2) Any action or proceedings pending after 15th April 1983 in any court in respect of any matter to which subsection (1) applies shall be dismissed on application by any party, and the court may make such order as to costs as it thinks fit.
30. [Repealed by Act 23/95]
31. For the purposes of registration of an assurance relating to the sale by the Corporation of any land, the mortgage of such land in favour of the Corporation or the reconveyance or discharge of such mortgage —
—(1) The Minister may, after consultation with the Corporation, make such regulations as he may consider necessary or desirable for the proper conduct of the business of the Corporation and, in particular, for any of the following matters:
the convening of meetings of the Corporation and the procedure to be followed thereat;
the provision of a common seal and the custody and use thereof;
the manner in which documents, cheques and instruments of any description shall be signed or executed on behalf of the Corporation;
the manner and terms of issue and redemption of bonds and debentures by the Corporation; and
generally for the exercise of the powers of the Corporation under the provisions of this Act.
(2) All regulations made under this Act shall be presented to Parliament as soon as possible after publication in the Gazette.
33. Any person who obstructs any officer of the Corporation or any person duly authorised by the Corporation in that behalf in the performance of any thing which the Corporation is by this Act required or empowered to do shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 6 months.
34. As from 1st June 1968, such of the lands, buildings and other property, movable and immovable of the Economic Development Board constituted under the provisions of the Economic Development Board Act (Cap. 85), including all such assets, powers, rights, interests and privileges as well as such debts, liabilities and obligations in connection therewith or appertaining thereto as may be specified by the Minister by notification in the Gazette shall be deemed to have been transferred to and vested in the Corporation without further assurance.
—(1) The Corporation shall have the exclusive right to the use of —
the symbols which are set out in the Schedule; and
such other symbol as it may devise or adopt from time to time and thereafter display or exhibit in connection with its activities or affairs.
(2) The Corporation shall publish the symbol referred to in subsection (1)(b) in the Gazette.
(3) Any person who uses a symbol identical with, or which so resembles, any of the Corporation’s symbols as to or be likely to deceive or cause confusion, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 or to imprisonment for a term not exceeding 6 months or to both.
(4) Nothing in this section shall be construed to authorise the Corporation to use any symbol which any person has acquired the exclusive right to use the same under the Trade Marks Act 1998 or otherwise.
[46/98 wef 15/01/1999]