Singapore legislation
Clause 2
Clause 2
Effect of participation in Special Drawing Account by the Government
(1)
If the Government becomes a participant in the said Special Drawing Account, subsections (2) and (3) of this section shall have effect.
(2)
Notwithstanding the provisions of any written law, the purposes for which the Consolidated Fund and the Currency Fund are to be used shall include the purpose of carrying out any of the functions of the Government under the amendments; and accordingly —
the Minister may cause any monies in the Consolidated Fund or the Currency Fund to be invested in the acquisition of special drawing rights in pursuance of the amendments; and
any special drawing rights received or disposed of by the Government in pursuance of the amendments shall, in the case of receipts be treated as assets of, and, in the case of disposals be transferred from, the Consolidated Fund or the Currency Fund as the case may be.
(3)
In this section —
Definition
“the amendments” means the amendments of the Articles of Agreement of the International Monetary Fund relating to the Special Drawing Account and special drawing rights;
Definition
“Consolidated Fund” means the Consolidated Fund established by the Constitution of Singapore; and
Definition
“Currency Fund” means the Currency Fund established by the Currency Act, 1967 (Act 5 of 1967).