Singapore legislation
Clause 31
Clause 31
Application of revenue
(1)
The revenue of the Authority for any financial year shall be applied in defraying the following charges: —
the remuneration, fees and allowances of the members of the Authority;
the salaries, fees, remuneration, pensions, superannuation allowances and gratuities of the officers, agents and servants, and technical or other advisers, of the Authority;
working and establishment expenses and expenditure on, or provision for, the maintenance of any of the installations of the Authority, and the discharge of the functions of the Authority properly chargeable to revenue account;
interest on any debentures and debenture stock issued, and on any loan raised, by the Authority;
sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the redemption of debentures or debenture stock or the repayment of other borrowed money;
such sums as it may be considered appropriate to set aside in respect of depreciation on the property of the Authority having regard to the amount set aside out of revenue under paragraph (c) of this subsection;
any other expenditure authorised by the Authority and properly chargeable to revenue account.
(2)
The balance of the revenue of the Authority shall be applied —
to the creation of a General Reserve and such other reserves as the Authority may think fit; and
to the payment of such dividends on shares and stock issued by the Authority as the state of the undertakings and the financial position of the Authority appear in the opinion of the Authority to warrant.