Singapore legislation

Section 15

of Defence Science and Technology Agency Act 2000

Section 15

Application of revenue

(1)

The revenue of the Agency in a financial year must be applied in payment of the following charges:

(a)

sums required to be paid to the Government towards the repayment of any loan made by the Government to the Agency;

(b)

interest and principal on any loan payable by the Agency;

(c)

sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the repayment of borrowed money;

(d)

the salaries, fees and allowances of the directors of the Agency;

(e)

the salaries, fees, remuneration, provident fund contributions, pensions, superannuation allowances and gratuities of the officers, employees, former employees, agents, consultants and other persons appointed or employed by the Agency;

(f)

working and establishment expenses and expenditure on, or provision for, the maintenance of any of the property of the Agency, and the discharge of the functions of the Agency properly chargeable to revenue account;

(g)

such sums as the Agency may consider appropriate to set aside in respect of depreciation or renewal of the property of the Agency;

(h)

the cost, or any portion of the cost, of any new works, plant, vessels, vehicles, machinery, equipment or appliances not being a renewal of the property of the Agency, which the Agency may determine to charge to revenue;

(i)

expenses incurred or incidental to the investment or management of the Agency’s moneys;

(j)

such sums by way of contribution to the public or for charities, for such purposes associated with the objects of this Act as the Agency may determine; (k)any other expenditure authorised by the Agency and properly chargeable to revenue.

(2)

The balance of the revenue of the Agency must be applied for the creation of a general reserve or such other reserves or capital funds as the Agency may consider appropriate.

Section 15 — Defence Science and Technology Agency Act 2000