Section 3

There shall be constituted in Singapore a body corporate to be known as the Preservation of Monuments Board for the preservation of monuments.(2) The Board shall have a common seal and that seal may from time to time be broken, changed, altered and made anew as the Board considers fit. (3) The Board may enter into contracts, may sue and be sued in its corporate name and may acquire, purchase, lease, take, hold and enjoy movable and immovable property of every description, and may sell, exchange, convey, assign, surrender and yield up, mortgage, demise, reassign, transfer or otherwise dispose of or deal with any movable and immovable property vested in it upon such terms as it considers fit.(4) All deeds, documents or other instruments requiring the seal of the Board shall be sealed with the common seal of the Board in the presence of the Chairman or Deputy Chairman and one other member of the Board who shall sign every such deed, document or other instrument to which the common seal is affixed and their signing shall be sufficient evidence that the seal was duly and properly affixed and that it is the lawful seal of the Board.(5) Any monument shall be wholly or partially exempt, at the discretion of the Comptroller of Property Tax, from payment of any property tax imposed under the provisions of the Property Tax Act [Cap. 254]. (6) The Board shall, subject to any directions from the Minister, regulate its own procedure and make rules for this purpose.