Singapore legislation
Section 24
of Singapore Institute of Standards and Industrial Research Act
Section 24
Use of income
(1)
The revenue of the Institute in a financial year shall be applied in payment of the following charges:
the interest and principal on any loan payable by the Institute;
the sums required to be paid to the Government towards repayment of any loan made by the Government to the Institute;
the salaries, fees and allowances of the members of the Institute;
the salaries, fees, allowances, remuneration, pensions, gratuities, provident fund and other superannuation benefits of the employees, agents, and technical or other advisers of the Institute;
the working and establishment expenses of, and the expenditure on, or provision for the maintenance of any of the installations of the Institute, and the discharge of the functions of the Institute properly chargeable to revenue accounts;
such sums as the Institute, with the approval of the Minister, may deem appropriate to set aside in respect of the depreciation or renewal of the property of the Institute; and
any other expenditure authorised by the Institute and properly chargeable to revenue.
(2)
The balance of the revenue of the Institute shall be applied for the creation of a general reserve or such other reserves or capital fund as the Institute may consider appropriate.
(3)
Subject to the terms of any trust or endowment, money belonging to the Institute and available for investment may be invested in accordance with the law regulating the investment of trust funds.