Singapore legislation

Clause 3

of Local Treasury Bills (Amendment) Bill

Clause 3

Amendment of section 2

The principal Act is amended by renumbering section 2 as subsection (1) of that section, and by inserting immediately thereafter the following subsections:“(2) The Authority may, on behalf of the Minister, undertake the issue and management of Treasury Bills issued under this Act.(3) Without prejudice to subsection (2), the Authority may —

(a)

issue book-entry Treasury Bills by means of entries on its records;

(b)

maintain accounts of book-entry Treasury Bills —

(i)

for any depositor on such terms and conditions as may be specified by the Authority for such book-entry Treasury Bills the depositor holds for its own account and, where the depositor is a depositary institution, for the account of its customers;

(ii)

for the Government; and

(iii)

for the Authority;

(c)

service and maintain book-entry Treasury Bills; and

(d)

take all other necessary action in respect of book-entry Treasury Bills to enable the Authority to perform its obligations as depositary with respect to such book-entry Treasury Bills.”.

Read in full context — Local Treasury Bills (Amendment) Bill →