Singapore legislation
Clause 4
Clause 4
Repeal and re-enactment of section 12 and new section 12A
Section 12 of the principal Ordinance is hereby repealed and the following substituted therefor: —“Duties and functions of the Board
12. Subject as hereinafter provided, it shall be the function and duty of the Board —
to prepare and execute the proposals, plans and projects for —
the erection, conversion, improvement and extension of any building for sale, lease, rental or other purpose;
the clearance and redevelopment of slum and urban areas;
the development or redevelopment of areas designated by the Minister;
the development of rural or agricultural areas for the resettlement of persons displaced by operations of the Board or other resettlement projects approved by the Minister;
to manage all lands, houses and buildings or other property vested in or belonging to the Board;
to carry out all investigations and the surveys necessary for the performance of the functions and duties of the Board;
to provide loans with the approval of the Minister, to enable persons to purchase any developed land or part thereof upon a mortgage of such developed land or part thereof at such interest as may be prescribed;
to do all such other matters and things as are necessary for the exercise or performance of all or any of the functions and duties of the Board.Incorporated private companies may be formed12A.—
The Board may, with the approval of the Minister, cause to be formed, under the provisions of the Companies Ordinance (Cap. 174) an incorporated private company or companies (hereinafter in this section referred to as the “Company”) limited by shares to be held by the Board and having as its or their object, any or all of the functions of the Board set out in section 12 of this Ordinance.(2) Notwithstanding the provisions of the Companies Ordinance, there shall be registered with the memorandum of association of the Company articles of association prescribing regulations for the Company.(3) Such articles of association of the Company shall contain, inter alia, such provisions relating to —
the capital and share structure of the Company;
the qualification, appointment, remuneration, powers and proceedings of Directors;
dividends and reserve funds; and
the winding up of the Company,as may be directed by the Minister, and shall also provide that such employees of the Board as are transferred to the Company shall enjoy salaries and conditions of service as near as may be to those on which they were employed by the Board.”.