Singapore legislation

Clause 13

of National Stadium Corporation Bill

Clause 13

Borrowing powers

(1)

The Corporation may, from time to time, for the purposes of this Act raise loans —

(a)

from the Government; or

(b)

with the approval of the Minister and subject to the provisions of any written law, by any of the methods set out in section 14 of this Act.

(2)

The Corporation shall pay interest on such loans at such rate and at such times, and shall make such provisions for the mode and time or times of repayment of principal as may be approved by the Minister.

(3)

The Corporation may, from time to time, borrow by way of temporary loan or overdraft from a bank or otherwise, any sum which it may temporarily require —

(a)

for the purpose of defraying expenses pending the receipt of revenues receivable by it in respect of the period of account in which those expenses are chargeable; or

(b)

for the purpose of defraying, pending the receipt of money due in respect of any loan authorised to be raised under the provisions of subsection (1) of this section, expenses intended to be defrayed by any such loan.

(4)

For the purposes of subsection (1) of this section, the power to raise loans shall include the power to make any financial agreement whereby credit facilities are granted to the Corporation for the purchase of goods, materials or things.

Read in full context — National Stadium Corporation Bill →