On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 31/10/2007.
18. The funds and property of the Authority shall consist of —
(a)
grants made under section 21;
(b)
all fees, fines, composition sums and financial penalties paid into the funds of the Authority under this Act;
(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.
19. The financial year of the Authority shall begin on 1st April of each year and end on 31st March of the succeeding year, except that the first financial year of the Authority shall begin on the appointed day and end on 31st March of the succeeding year.
20. Except where otherwise provided, all moneys recovered and charges, fees, fines, composition sums and financial penalties collected by the Authority under this Act shall be paid into and form part of the moneys of the Authority.
21. For the purpose of enabling the Authority to perform its functions and discharge its duties under this Act, the Minister may, from time to time, make grants-in-aid to the Authority of such sums of money, as the Minister may determine, out of moneys to be provided by Parliament.
22.
—(1) For the performance of its functions or discharge of its 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 within or outside Singapore from such source as the Minister may direct by —
(a)
mortgage, overdraft or other means, with or without security;
(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, bonds or any other instrument as the Minister may approve.
(2) For the purposes of this section, the power to raise loans shall include the power to make any financial agreement whereby credit facilities are granted to the Authority for the purchase of goods, materials or things.
23. 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.
25. 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 payment that the Authority is authorised or required to make.
26. 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).
27. The Authority shall keep proper accounts and records of its transactions and affairs and shall do all things necessary to ensure that —
(a)
all payments out of its moneys are correctly made and properly authorised; and
(b)
adequate control is maintained over the assets of, or in the custody of, the Authority and over the expenditure incurred by the Authority.
28.
—(1) The accounts of the Authority shall be audited by the Auditor-General or such other auditor as may be appointed annually by the Minister in consultation with the Auditor-General (referred to in this Act as the auditor).
(2) A person shall not be qualified for appointment as an auditor under subsection (1) unless he is a public accountant who is registered or deemed to be registered under the Accountants Act (Cap. 2).
(3) The Authority shall, as soon as practicable after the close of each financial year, prepare and submit the financial statements in respect of that year to the auditor who shall audit and report on them.
(4) The auditor shall in his report state —
(a)
whether the financial statements show fairly the financial transactions and the state of affairs of the Authority;
(b)
whether proper accounting and other records have been kept, including records of all assets of the Authority whether purchased, donated or otherwise;
(c)
whether the receipts, expenditure and investment of moneys and the acquisition and disposal of assets by the Authority during the financial year were in accordance with the provisions of this Act; and
(d)
such other matters arising from the audit as he considers necessary.
(5) The auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the Authority.
(6) The auditor shall submit such periodical and special reports to the Minister and to the Authority as may appear to him to be necessary or as the Minister or the Authority may require.
29.
—(1) The auditor or any person authorised by him shall be entitled at all reasonable times to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the Authority.
(2) The auditor or any person authorised by him may make copies of, or take extracts from, any such accounting or other records.
(3) The auditor or any person authorised by him may require any person to furnish him with such information in the possession of that person or to which that person has access as the auditor or the person authorised by him considers necessary for the performance of his functions under this Act.
(4) Any person who —
(a)
refuses or fails, without any reasonable cause, to allow the auditor or any person authorised by the auditor access to any accounting and other records of the Authority in his custody or power;
(b)
refuses or fails, without any reasonable cause, to give any information possessed by him as and when required by the auditor or person authorised by the auditor; or
(c)
hinders, obstructs or delays the auditor or any person authorised by the auditor in the performance of his functions,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 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.
30.
—(1) The Authority shall, as soon as its accounts and financial statements have been audited in accordance with the provisions of this Act, send to the Minister a copy of the audited financial statements, signed by the Chairman, together with a copy of the auditor’s report.
(2) Where the Auditor-General is not the auditor of the Authority, 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 they are submitted to the Authority.
(3) The Minister shall, as soon as practicable, cause a copy of the audited financial statements and of the auditor’s report referred to in subsection (1) to be presented to Parliament.