Singapore legislation

Clause 33

of Singapore Overseas Telecommunication Board Ordinance

Clause 33

Power to issue stock

(1)

Subject to the provisions of subsection (4) of section 28 of this Ordinance, the Board may from time to time with the approval of the Minister borrow money by the issue of debentures or debenture stock or raise capital by the issue of shares or stock of such class and value and upon such terms as it may deem expedient, for all or any of the following purposes: —

(a)

the provision of working capital;

(b)

the fulfilling of the functions of the Board under this Ordinance;

(c)

the redemption of any shares or stock which it is required or entitled to redeem; and

(d)

any other expenditure properly chargeable to capital account.

(2)

The Board may with the approval of the Minister make rules not inconsistent with the provisions of this Ordinance to provide for such matters in connection with shares, stock, debentures or debenture stock issued under this Ordinance as may appear necessary or expedient to the Board, and in particular, for regulating the method of issue, transfer, redemption, or other dealing with such shares, stock, debentures or debenture stock.

Read in full context — Singapore Overseas Telecommunication Board Ordinance →