Singapore legislation

Clause 10

Amendment of section 23

Section 23 of the Currency Act is amended —

(a)

by deleting the word “exclusively” in subsection (1);

(b)

by inserting, immediately after subsection (1), the following subsection: —“(1A) The Board may, with the approval of the President, appoint any person to manage the Fund on its behalf in the manner prescribed in this Act.”;

(c)

by deleting paragraph (a) of subsection (2) and substituting the following paragraph: —“(a)all gold, silver and foreign currencies bought by the Board pursuant to section 17; and”;

(d)

by deleting subsection (3) and substituting the following subsection: —“(3) Save as otherwise provided in this Act the Fund shall not be applied for any other purpose.”;

(e)

by inserting, immediately after the word “gold” in paragraph (a) of subsection (5), the words “and silver”; and

(f)

by deleting subsection (7) and substituting the following subsections: —“(7) The value of the Fund and its assets for any purpose of this Act shall be determined by such method as the Board may, with the approval of the President, from time to time adopt.(8) Any method of valuation adopted by the Board pursuant to subsection (7) shall be published in the Gazette.”.

Read in full context — Currency (Amendment) Bill →