Singapore legislation

Section 20

of Singapore Sports Council Act 1973

Section 20

Borrowing powers

(1)

The Council may raise loans —

(a)

from the Government;

(b)

with the approval in writing of the Minister, from any person, and for the purpose of securing such loans may mortgage, charge, or pledge any right, title, estate or interest in any of its property; or

(c)

with the approval in writing of the Minister, by the creation and issue of debentures or bonds.

(2)

The Council may borrow, by way of overdraft from a bank or otherwise, any sum which it may temporarily require —

(a)

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

(b)

for the purpose of defraying, pending the receipt of money due in respect of any loan raised under subsection (1), expenses intended to be defrayed by such loan.

Read in full context — Singapore Sports Council Act 1973 →