10. Section 23 of the principal Act is amended —
by deleting the words “powers, duties and functions transferred to it by virtue of section 21” in subsection (1) and substituting the words “functions referred to in section 4(2)”;
by inserting, immediately after paragraph (e) of subsection (1), the following paragraph:
grant any loan, advance, overdraft or other credit facility to the Government on such terms and conditions as the Authority thinks fit;”;
by deleting the words “securities and investments authorised by the President on the recommendation of the board” in subsection (1)(m) and substituting the words “such other securities, financial instruments and investments as may be approved by the board”; and
by inserting, immediately after subsection (2), the following subsections:
“(3) In subsection (1), a reference to the purchase of any securities or Treasury bills includes subscribing for such securities or Treasury bills.
(4) Notwithstanding subsection (1), the Authority shall not grant any loan, advance, overdraft or other credit facility to the Government, or underwrite any loan to the Government, unless the Authority is satisfied that such loan, advance, overdraft or credit facility is required by the Government to meet unexpected and temporary shortfall in the Government’s revenue relative to its expenditure.
(5) Notwithstanding subsection (1), the Authority shall not directly subscribe for any securities issued by the Government or any public authority.
(6) Subsection (5) shall not apply to any subscription for debt securities issued by the Government or any public authority that is made in connection with —
in the case of debt securities (including Treasury bills) issued by the Government, the conduct of monetary policy or the development of the bond market in Singapore; or
in the case of debt securities issued by any public authority, the development of the bond market in Singapore,
but only insofar as the subscription does not compromise the object of the Authority referred to in section 4(1)(a).
(7) Nothing in this section shall be construed as authorising the Authority to —
grant any loan, advance, overdraft or other credit facility to any public authority; or
underwrite any loan to any public authority.
(8) The Authority may, in addition to the powers, duties and functions set out in this Part, exercise all powers and perform all functions and duties conferred or imposed on the Authority under this Act, the written laws set out in the Schedule, and any other written law.
(9) The Minister may, from time to time, by order published in the Gazette, amend the Schedule.”.