Singapore legislation
Clause 7
Clause 7
Custody and investment of public moneys
(1)
All public moneys shall be kept with such bank or banks as the Minister shall from time to time direct.
(2)
All such moneys paid into a bank shall be deemed to be the property of Singapore lent by Singapore to the bank.
(3)
Moneys standing to the credit of Singapore with any bank, or otherwise held by Singapore may be invested by the Minister —
on deposit in any bank;
in any of the stocks, funds or securities authorised for the time being in the United Kingdom for the investment of trust funds;
in any joint fund maintained by the Crown Agents for such investment;
in securities of, or guaranteed by, any Government or international financial institution as may be determined by the President; or
as otherwise authorised by law or by a resolution of Parliament,and such investments together with any interest received therefrom shall form either —
part of the Consolidated Fund;
part of any fund created by any law; or
part of any deposit account constituted under the provisions of section 8,as the case may be.
(4)
Interest received from the investment of any moneys in accordance with the provisions of subsection (3) shall be accounted in the Consolidated Revenue Account except where —
it is provided in any law or under the terms of any trust, the interest received from the investment of any moneys standing to the credit of any trust account shall be paid to the credit of such trust account; or
the Minister otherwise directs, the interest received from the investment of any moneys standing to the credit of any trust account shall be paid to the credit of such trust account.
(5)
The investments specified in the Schedule to this Act shall be authorised for the purposes of paragraph (e) of subsection (3).
(6)
Parliament may from time to time by resolution amend, delete from or add to the Schedule.