REPUBLIC OF SINGAPORE
Published by Authority
|NO. 7]||Friday, July 5||[2002|
The following Act was passed by Parliament on 24th May 2002 and assented to by the President on 31st May 2002:—
Statutory Corporations (Capital Contribution) Act 2002
(No. 5 of 2002)
S R NATHAN,
Date of Commencement: 29th July 2002
Date of Commencement: 15th July 2002
An Act to amend the Financial Procedure Act (Chapter 109 of the 1992 Revised Edition) and various other written laws to enable the Government to invest by way of capital injection in certain statutory corporations out of capital contributions appropriated by Parliament and to require every such statutory corporation to issue shares or securities in return.
Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:
1. This Act may be cited as the Statutory Corporations (Capital Contribution) Act 2002 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.
2. The Financial Procedure Act (Cap. 109) is amended by inserting, immediately after section 7, the following section:
—(1) Notwithstanding section 7, the Minister may invest by way of capital injection in any statutory corporation out of a capital contribution appropriated by Parliament from the Consolidated Fund by written law.
(2) Except as otherwise expressly provided in any written law, the Minister, after consultation with the Minister charged with the responsibility for the statutory corporation concerned, shall determine the terms and conditions under which the capital injection under this section shall be made, and may from time to time vary such terms and conditions.
(3) Without prejudice to subsection (2), the Minister may from time to time, on behalf of the Government, subscribe for or otherwise acquire shares or other securities in the statutory corporation in which moneys are invested by way of capital injection under this section.
(4) Nothing in this section shall prevent the investment of moneys by the Government in any statutory corporation in accordance with the Developmental Investment Fund Act (Cap. 79).
(5) In this section —
“capital contribution” includes money provided, or to be provided, to a statutory corporation for —
the purchase of assets to be held or owned by the statutory corporation; or
the development of assets held or owned by the statutory corporation;
“statutory corporation” means any body corporate established by or under written law to perform or discharge any public function.”.