Singapore legislation

Section 18

of Singapore Accountancy Commission Act 2013

Section 18

Power to borrow

(1)

For the purpose of discharging its functions under this Act or any other written law, the Commission may raise loans from the Government or, with the approval of the Minister, raise loans within or outside Singapore from any source that the Minister may direct by —

(a)

mortgage, overdraft or other means, with or without security;

(b)

charge, whether legal or equitable, on any property vested in the Commission or on any other revenue receivable by the Commission under this Act or any other written law; or

(c)

the creation and issue of debentures, bonds or any other instrument as the Minister may approve.

(2)

For the purposes of this section, the power to raise loans includes the power to enter into any financial agreement or arrangement by which credit facilities are granted to the Commission for the purchase of goods, materials or things.

Read in full context — Singapore Accountancy Commission Act 2013 →