Singapore legislation
Clause 40
Clause 40
Borrowing powers
(1)
The Authority may, from time to time, for the purposes of this Ordinance, raise loans from the Government or, with the consent of the Minister, from any other source, either by the creation and issue of debentures, stock or bonds, or otherwise, as the Minister may direct.
(2)
The Authority shall pay interest on such loans at such rate and at such times, and shall make such provision for the mode and time or times of repayment of principal, as may be approved by the Minister after consultation with the Authority.
(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 —
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
for the purpose of defraying, pending the receipt of money due in respect of any loan authorised to be raised under subsection (1) of this section, expenses intended to be defrayed by any such loan.