Singapore legislation

Clause 3

of Development Fund (Amendment) Bill

Clause 3

New section 6

The Ordinance is hereby amended by inserting immediately after section 5 thereof the following new section: —“Contingencies Fund6.—

(1)

A Contingencies Fund is hereby created consisting of moneys from time to time appropriated thereto from the Development Fund.(2) The Minister for Finance may, if he is satisfied that there has arisen an urgent and unforeseen need for expenditure for which no other provision exists and for which funds cannot be provided under the provisions of subsection (5) of section 4 of this Ordinance, make advances from the Contingencies Fund to meet such need.(3) Where any advance is made by virtue of the authority conferred under subsection (2) of this section, a supplementary estimate of the sum required to replace the amount so advanced shall, as soon as practicable, be laid before Parliament for approval in accordance with subsection (3) of section 4 of this Ordinance.”.