Singapore legislation
Clause 4
Clause 4
Amendment of section 7
Section 7 of the principal Act is hereby amended —
by deleting subsection (2) thereof and substituting therefor the following: —“(2) There shall be paid into the Fund —
the proceeds of any such cess as is referred to in section 8 of this Act;
all moneys belonging to the Board; and
all moneys as may be provided from time to time by Parliament to be applied for such purpose as may be specified by Parliament.(2A) The Fund may be applied by the Board —
for such purpose as the Board considers necessary in carrying out its functions; and
for granting a loan to any employee of the Board to enable him —
to purchase or build a house for his occupation and to meet all legal costs incidental thereto; or
to purchase a motor vehicle for his use,on such terms and conditions as may be prescribed.”; and
by deleting the full-stop appearing at the end of subsection (4) thereof and substituting therefor a colon and by inserting immediately thereafter the following proviso: —“Provided that the Minister may direct the Board to keep a separate account in respect of moneys provided by Parliament under paragraph (c) of subsection (2) of this section.”.