Singapore legislation

Section 95

of Housing and Development Act 1959

Section 95

Borrowing powers

(1)

The Board may, from time to time, for the purposes of this Act, raise loans —

(a)

from the Government;

(b)

with the Minister’s approval 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.

(2)

The Board must pay interest on the loans at such rate and at such times, and must make such provisions for the mode and time or times of repayment of principal, as the Minister may approve.

(3)

The Board may, where the Minister’s approval 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.

(4)

For the purposes of this section, the power to raise loans includes the power to make any financial agreement whereby credit facilities are granted to the Board for the purchase of goods, materials or things.[66

Read in full context — Housing and Development Act 1959 →