Singapore legislation

Clause 15

National Stadium Fund

(1)

There shall be established a fund to be known as the “National Stadium Fund” (hereinafter in this Act referred to as “the Fund”) which shall be vested in the Corporation and which shall consist of —

(a)

subventions or contributions made to the Fund by the Singapore Pools (Private) Limited;

(b)

any donations or contributions made to the Fund by any other body or person;

(c)

loans or grants made to the Fund by the Government;

(d)

loans, advances or overdrafts made to the Fund by any bank or any body or person; and

(e)

any moneys accruing to the Corporation in the course of the discharge of its objects.

(2)

The moneys and property of the Corporation howsoever derived shall be applied solely for the purpose of making payments in or in connection with the performance of its functions, powers and duties under this Act, and no portion thereof shall be paid or transferred directly or indirectly by way of dividend, bonus or otherwise by way of profit to its members.

(3)

Any moneys of the Corporation not immediately required for the purposes of the Corporation may be invested in such a manner as may be authorised by the Minister.

Read in full context — National Stadium Corporation Bill →