Singapore legislation

Clause 24

Bank account

(1)

All moneys paid to the Corporation shall forthwith be paid into such bank or banks as may from time to time be decided by the Corporation to the credit of the Fund. The Fund shall include a Capital Account and a General Account.

(2)

The Capital Account shall include particulars of the expenditure of moneys provided by the Singapore Pools (Private) Limited and by the raising of loans for the construction and erection of the Stadium and the purchase of other fixed assets.

(3)

The General Account shall contain —

(a)

on the income side —

(i)

the proceeds of rents from the National Stadium and all other property owned by the Corporation;

(ii)

contributions from bodies or persons and income from other miscellaneous sources; and

(iii)

grants from Government by way of subsidy; and

(b)

on the expenditure side —

(i)

the cost of administration of the Corporation;

(ii)

the cost of designing and supervising the erection of new buildings;

(iii)

the cost of managing the National Stadium and other property owned by the Corporation;

(iv)

contributions to the Government in respect of property tax, and payments in respect of conservancy and service charges;

(v)

the cost of maintenance of buildings and other fixed assets;

(vi)

contributions for building repairs;

(vii)

the payments of interest and repayments of principal on loans; and

(viii)

any other expenditure properly chargeable in the opinion of the Corporation to such account.

Read in full context — National Stadium Corporation Bill →