Singapore legislation

Clause 22

Powers, duties and functions of the Authority

The Authority may, in addition to the powers, duties and functions transferred to it by virtue of section 21 of this Act, exercise and discharge the following powers, duties and functions, that is to say, it may: —

(a)

accept deposits of money;

(b)

issue demand drafts and other kinds of remittances made payable at its own office or the offices of agencies or correspondents;

(c)

purchase, accept on deposit and sell gold coin or bullion;

(d)

purchase, sell, discount and rediscount Treasury bills of the Government;

(e)

purchase and sell securities of the Government or of any public authority which have been publicly offered for sale or form part of an issue which is being made to the public at the time of acquisition;

(f)

invest in securities of the Government or of any public authority for any amount, and to mature at any time on behalf of staff and pension funds and other internal funds of the Authority;

(g)

acquire, hold and sell shares of any corporation set up with the approval of, or under the authority of, the Government for the purpose of promoting the development of a money market or securities market in Singapore or for the financing of economic development in Singapore;

(h)

purchase and sell currency, and purchase, sell, discount and rediscount bills of exchange and Treasury bills drawn in or on places outside Singapore;

(i)

borrow money, establish credits and give guarantees in any currency, inside and outside Singapore, on such terms and conditions as it may deem fit;

(j)

maintain accounts with central banks outside Singapore and with other banks inside and outside Singapore;

(k)

purchase and sell securities of, or guaranteed by, such guarantor, governments or international financial institutions as may be approved by the board, or purchase and sell securities and investments authorised by the President on the recommendation of the board;

(l)

act as correspondent, banker or agent for any central bank or other monetary authority and for any international bank or international monetary authority established under governmental auspices;

(m)

open accounts for, and accept deposits from, the Government, public authorities, banks and other credit institutions in Singapore;

(n)

underwrite loans in which it may invest;

(o)

undertake the issue and management of loans publicly issued by the Government or by any public authority; and

(p)

do generally all such things as may be commonly done by bankers and are not inconsistent with the exercise of its powers or the discharge of its duties under this Act.

Read in full context — Monetary Authority of Singapore Bill →