Singapore legislation
Clause 20
Clause 20
Moneys of the Council
(1)
The Council shall open and maintain such accounts with a bank or banks as it considers necessary.
(2)
The moneys and property of the Council 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 not immediately required for the purposes of the Council may be invested in such manner as may be authorised by the Minister.