Clause 3

There shall be constituted in Singapore a body corporate to be known as the “Preservation of Monuments Board” for the preservation of monuments.

The Board shall have a common seal and such seal may from time to time be broken, changed, altered and made anew as the Board deems fit.

The Board may enter into contracts, may sue and be sued in its corporate name and may acquire, purchase, lease, take, hold and enjoy movable and immovable property of every description, and may sell, exchange, convey, assign, surrender and yield up, mortgage, demise, re-assign, transfer or otherwise dispose of or deal with any movable and immovable property vested in it upon such terms as to it shall deem fit.

All deeds, documents or other instruments requiring the seal of the Board shall be sealed with the common seal of the Board in the presence of the Chairman or Deputy Chairman and one other member of the Board who shall sign every such deed, document or other instrument to which the common seal is affixed and such signing shall be sufficient evidence that the seal was duly and properly affixed and that the same is the lawful seal of the Board.

The Board shall be exempt from the payment of stamp duty under any written law in force requiring payment of such duty.

The Board shall be deemed to be an institution of a public character within the meaning of paragraph (c) of subsection (2) of section 37 of the Income Tax Ordinance (Cap. 166).

The income of the Board shall be exempt from tax.

The provisions of the Estate Duty Ordinance (Cap. 162) shall not apply to any monument that is the subject of a preservation order made under section 8 of this Act.

Any monument shall be wholly or partially exempt, at the discretion of the Comptroller of Property Tax, from payment of any property tax imposed under the provisions of the Property Tax Ordinance, 1960 (Ord. 72 of 1960).

The Board shall, subject to any directions from the Minister, regulate its own procedure and make rules for this purpose.