Singapore legislation
Clause 22
Clause 22
Property of Singapore Turf Club to be held on trust for Board
(1)
The following property and funds of the Singapore Turf Club, a society registered under the Societies Act (Cap. 311), shall with effect from the appointed day be deemed to be held by the Club on trust for the purposes of the Board and the Board may at any time require the Club to transfer to the Board any such property or funds for those purposes:
all immovable property owned by the Club on the appointed day; and
all funds and investments belonging to the Club on the appointed day.
(2)
If any question arises as to whether any particular property, fund or investment is held on trust for the Board, the matter shall be determined by the Minister and a certificate under the hand of the Minister shall be conclusive evidence of the matter certified therein.
(3)
The Board may grant to the Singapore Turf Club out of the funds deemed to be held by the Club on trust for the Board such sums of money as the Board may determine to enable the Club to meet the expenses of carrying out its operations and to maintain or improve its facilities and for such other purpose as the Board thinks fit.
(4)
Notwithstanding subsection (1), the Singapore Turf Club may, from the appointed day to the commencement of this Act, apply any funds deemed to be held by the Club on trust for the Board for such purposes as may be approved by the Minister for Finance.
(5)
In this section, “appointed day” means 9th November 1987.