Singapore legislation
Section 13
Section 13
Borrowing powers
(1)
The Corporation may, from time to time, for the purposes of this Act raise loans —
from the Government;
with the approval of the Minister and subject to the provisions of any written law, by any of the methods set out in section 14; or
from such other source as the Minister may direct.
(2)
The Corporation shall pay interest on those 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 Corporation may, from time to time, borrow by way of temporary loan or overdraft from a bank or otherwise any sum which it may temporarily require —
for the purpose of defraying expenses pending the receipt of revenues receivable by it in respect of the period of account in which those expenses are chargeable; or
for the purpose of defraying, pending the receipt of money due in respect of any loan authorised to be raised under subsection (1), expenses intended to be defrayed by any such loan.
(4)
Bonds and debentures of the Corporation issued before the commencement of subsection (5) shall be guaranteed by the Government as to the repayment of principal and the payment of interest at such rate as may be approved by the Minister.
(5)
Bonds and debentures of the Corporation issued on or after the commencement of this subsection shall be guaranteed by the Government as to the repayment of principal and the payment of interest at such rate as may be approved by the Minister if the President, acting in his discretion, concurs with the giving of such guarantee.
(6)
For the purposes of subsection (1), the power to raise loans shall include the power to make any financial agreement whereby credit facilities are granted to the Corporation for the purchase of goods, materials or things.