On 20/06/2013,
you requested for the version in force on 20/06/2013
incorporating all amendments published on or before 20/06/2013.
The closest version currently available is that of 31/07/2004.
PART V
FINANCIAL PROVISIONS
66.
—(1) The Board may, from time to time, for the purposes of this Act, raise loans —
(a)
from the Government;
(b)
with the approval of the Minister and subject to the provisions of any written law, within or outside Singapore by any of the methods set out in subsection (3); or
(c)
from such other source within or outside Singapore as the Minister may direct.
[41/98]
(2) The Board shall pay interest on such 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 Board may, where the approval of the Minister has been obtained to borrow money under subsection (1), raise the money by —
(a)
mortgage;
(b)
charge, whether legal or equitable, on any property vested in the Board or on any revenue receivable by the Board under this Act or any other Act; or
(c)
the creation and issue of debentures, stocks or bonds or otherwise.
[41/98]
(4) 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 Board for the purchase of goods, materials or things.
[41/98]
66A. As a consequence of the vesting of —
(a)
any property, rights or liabilities of the Government in the Board under this Act; or
(b)
any capital injection or other investment by the Government in the Board in accordance with any written law,
the Board shall issue such shares or other securities to the Minister for Finance as that Minister may from time to time direct.
[5/2002]
67.
—(1) The Board shall, at the end of every financial year transmit to the Minister a statement showing —
(a)
the amount of any loan outstanding at the end of that year; and
(b)
the amount standing to the credit of any sinking fund formed for the purpose of repayment of any loan and the manner in which that amount is for the time being invested.
(2) The annual statement referred to in subsection (1) shall be published in the Gazette.
68.
—(1) The Board 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 15th November containing estimates of the income and expenditure of the Board for the ensuing financial year.
[30/84]
(2) In this Part, “financial year” means a period of 12 months ending on 31st March in any year.
[33/73]
69.
—(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) Where the Minister has approved the budget pursuant to subsection (1) with or without amendments, the Board shall present the budget to the President for his approval under Article 22B of the Constitution.
[11/91]
(3) The budget as approved by the Minister and the President shall be published in the Gazette and the Board shall be bound thereby.
[11/91]
70.
—(1) The Board may at any time cause to be prepared a supplemental budget to provide, subject to section 76(2)(d), for unforeseen or urgently required expenditure containing —
(a)
a revised estimate of the income for the current financial year;
(b)
a revised estimate of the expenditure for the current financial year; and
(c)
a statement showing how provision is therein made to meet additional expenditure.
[33/73]
(2) A supplemental budget shall be dealt with in the manner provided in section 69 for the annual budget.
71.
—(1) The Board shall —
(a)
keep proper accounts and records of its transactions and affairs; and
(b)
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 Board and over the expenditure incurred by the Board.
[13/75]
(2) The accounts of the Board shall be kept by the Chief Financial Officer.
[13/75; 30/84; 41/98]
(3) The accounts of the Board shall be made up yearly to 31st March.
[13/75]
(4) The accounts of the Board shall be audited by the Auditor-General or by an auditor appointed annually by the Minister in consultation with the Auditor-General (referred to in this Act as the auditor).
[13/75]
(5) A person shall not be qualified for appointment as an auditor under subsection (4) unless he is a public accountant within the meaning of the Companies Act (Cap. 50).
[28/89]
(6) The remuneration of the auditor shall be paid out of the funds of the Board.
[13/75]
(7) The Board shall, as soon as practicable after the close of the financial year, prepare and submit the financial statements in respect of that year to the auditor who shall audit and report on them.
[13/75]
(8) The auditor shall in his report state —
(a)
whether the financial statements show fairly the financial transactions and the state of affairs of the Board;
(b)
whether proper accounting and other records have been kept, including records of all assets of the Board, whether purchased, donated or otherwise;
(c)
whether the receipts, expenditure and investment of moneys, and the acquisition and disposal of assets by the Board during the financial year have been in accordance with this Act and the Constitution; and
(d)
such other matters arising from the audit as he considers should be reported.
[30/84; 11/91]
(9) The auditor may at any other time report to the Minister and the President upon any matter arising out of the performance of his audit.
[28/89; 11/91]
72.
—(1) The auditor or any person authorised by him is 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 Board.
[13/75]
(2) The auditor or a person authorised by him may make copies of, or make extracts from, any such accounting and other records.
[13/75]
(3) The auditor or any person authorised by him may require any person to furnish him with such information which such person possesses or has access as the auditor or any duly authorised person considers necessary for the purposes of the functions of the auditor under this Act.
[13/75]
(4) Any officer of the Board who —
(a)
refuses or fails without any reasonable cause to allow the auditor access to any accounting and other records of the Board in his custody or power or to give any information possessed by him as and when required; or
(b)
otherwise hinders, obstructs or delays the auditor 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.
[13/75]
73.
—(1) As soon as the accounts of the Board and the financial statements have been audited in accordance with the provisions of this Act, a copy of the audited financial statements signed by the Chairman and the Chief Financial Officer or the Chairman and such officer of the Board as may be authorised in writing by the Board, together with a copy of any report made by the auditor, shall be submitted to the Minister and the President.
[13/75; 30/84; 11/91]
(2) Where the Auditor-General has not been appointed to be the auditor, 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 Board.
[13/75]
(3) The Minister shall cause a copy of the audited financial statements and of the auditor’s report to be published in the Gazette and to be presented to Parliament.
[13/75]
74. The Board shall, as soon as practicable after the close of each financial year, submit to the Minister an annual report of the activities of the Board during that year, and the Minister shall cause a copy of every such annual report to be presented to Parliament.
[13/75]
75.
—(1) Subject to subsection (2), all moneys paid to the Board shall immediately be paid into such bank or banks as may from time to time be approved by the Chairman.
[28/89]
(2) Subsection (1) shall not apply to —
(a)
moneys paid for the purposes of a pension scheme or schemes or a provident fund or funds established under section 42;
(b)
moneys paid for the purposes of any separate fund or funds which the Board may by any written law or by any direction or sanction of the Minister under the provisions of this Act be required to administer; or
(c)
moneys deposited by any person in connection with his tender to the Board.
[28/89; 7/97]
(3) All moneys standing to the credit of the Housing and Development Fund maintained by the Board prior to 1st April 1985 shall be transferred to and shall vest in such bank account or accounts opened and maintained by the Board under subsection (1) as the Chairman thinks fit.
[30/84]
76.
—(1) No payment shall be made by the Board unless the expenditure of the Board is covered by an item in a budget and a sufficient balance for the item is available.
[30/84]
(2) Notwithstanding the absence of such provision, the Board may pay —
(a)
sums deposited by contractors or other persons whenever by the conditions of the deposit any such sum has become repayable;
(b)
sums collected and credited to the funds of the Board in error;
(c)
sums payable by the Board under any award of a Collector 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
(d)
any expenditure incurred to secure the proper execution of the functions and duties of the Board under this Act which in the opinion of the Board cannot be postponed except that the Board shall report the payment immediately to the Minister and the President.
[11/91]
(3) Provision shall be made in a supplemental budget for any payment made under subsection (2)(c) or (d).
77. Notwithstanding any of the provisions of this Part, the Board 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, except that the transfer is not inconsistent with any provision in any other Part.
[11/91]
78. The Board may from time to time, with the approval of the Minister, invest moneys standing to the credit of the Board in —
(a)
the shares of any private or public company; or
(b)
any of the securities in which trust funds may, by any written law for the time being in force relating to trustees, be invested.
[28/89]