Singapore legislation

Section 22

of Urban Redevelopment Authority Act 1989

Section 22

Borrowing powers

(1)

The Authority may, for the purposes of this Act, raise loans from the Government or, with the approval of the Minister, from any other source, either by creation and issue of debentures, stocks or bonds, or otherwise, as the Minister may direct.

(2)

The Authority must pay interest on such loans at such rates and at such times, and make such provision for the mode and time or times of repayment of principal, as the Minister may approve.

(3)

The Authority may, with the consent of the Minister, from time to time borrow by way of a temporary loan or 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 a loan authorised to be raised under subsection (1), expenses intended to be defrayed by such loan.

Read in full context — Urban Redevelopment Authority Act 1989 →