On 22/05/2013,
you requested for the version in force on 22/05/2013
incorporating all amendments published on or before 22/05/2013.
The closest version currently available is that of 01/12/1999.
PART V
FINANCIAL PROVISIONS
13.
—(1) The revenue of the Authority for any financial year shall be applied in defraying the following charges:
(a)
the remuneration, fees and allowances of the members of the Authority;
(b)
the salaries, fees, remuneration, pensions, superannuation allowances and gratuities of the officers, agents, employees, advisers and former employees of the Authority or its predecessors;
(c)
working and establishment expenses and expenditure on, or provision for, the maintenance of any of the property of the Authority, and the discharge of the functions of the Authority properly chargeable to revenue account;
(d)
interest on any debentures issued, and on any loan raised, by the Authority;
(e)
sums required to be paid to the Government towards repayment of any loan made by the Government to the Authority;
(f)
sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the redemption of debentures or the repayment of other borrowed money;
(g)
such sums as may be deemed appropriate to set aside in respect of depreciation or renewal of the property of the Authority, having regard to the amount set aside out of revenue under paragraphs (c) and (f);
(h)
the cost, or any portion thereof, of any new works, plant, vessels or appliances not being a renewal of the property of the Authority, which the Authority may determine to charge to revenue;
(i)
such sums by way of contribution, for the purposes associated with the objects of this Act as the Authority may determine, to the public or for charities; and
(j)
any other expenditure authorised by the Authority and properly chargeable to revenue account.
(2) The balance of the revenue of the Authority shall be applied —
(a)
to the creation of a general reserve and such other reserves as the Authority may think fit; and
(b)
to the payment of such dividends on shares issued by the Authority as the Authority may, after consultation with the Minister for Finance, see fit to declare.
14.
—(1) The Authority shall open and maintain an account or accounts with such bank or banks as the Authority thinks fit; and every such account shall be operated upon as far as practicable by cheque signed by such person or persons as may from time to time be authorised in that behalf by the Authority.
(2) The moneys of the Authority shall be applied only in payment or discharge of the expenses, obligations and liabilities of the Authority and in making any payments that the Authority is authorised or required to make.
15. For the discharge of its functions or duties 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, raise loans from banks and 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 revenue receivable by the Authority under this Act or any other written law; or
(c)
the creation and issue of debentures or bonds.
16. The Authority may invest any of its funds available for investment in such shares, funds, securities or investments as may be authorised by the Minister.
17. The financial provisions set out in the Third Schedule shall have effect with respect to the Authority.