Singapore legislation
Section 144
Section 144
Restriction on loans, guarantees, etc.
(1)
No guarantee or loan shall be given or raised by the Government —
except under the authority of any resolution of Parliament with which the President, acting in his discretion, concurs;
under the authority of any law to which this paragraph applies unless the President, acting in his discretion, concurs with the giving or raising of such guarantee or loan; or
except under the authority of any other written law.
(2)
The President, acting in his discretion, may withhold his assent to any Bill passed by Parliament providing, directly or indirectly, for the borrowing of money, the giving of any guarantee or the raising of any loan by the Government if, in the opinion of the President, the Bill is likely to draw on the reserves of the Government which were not accumulated by the Government during its current term of office.
(3)
Clause (1)(b) shall apply to the following laws:
the Asian Development Bank Act 1966;
the Bretton Woods Agreements Act 1966;
[Deleted by Act 27 of 2008](d)the External Loans Act 1968;
the Financial Procedure Act 1966;
the International Development Association Act 2002;
the International Finance Corporation Act 1968;
the Jurong Town Corporation Act 1968; (i)the Loans (International Banks) Act 1958.