Singapore legislation
Clause 8
Clause 8
Bank accounts and application of revenue
(1)
The Board shall open and maintain an account or accounts with such bank or banks as the Board thinks fit; and every such account shall be operated as far as practicable upon by cheque signed by such person or persons as may from time to time be authorised in that behalf by the Board.
(2)
The moneys of the Board shall be applied only in payment or discharge of the expenses, obligations and liabilities of the Board and in making any payments that the Board is authorised or required to make.
(3)
The Board shall keep full and proper accounts of all moneys received and expended by it and the accounts shall be audited by an auditor or auditors approved by the Minister.