Singapore legislation
Clause 3
Clause 3
Amendment of section 15
Section 15 of the principal Act is amended —
(a)
by deleting subsection (1) and substituting the following subsection:“(1) The Board may, with the approval of the Minister, form or participate in the formation of a private company or companies (referred to in this section as the company) having such object as may be approved by the Minister.”; and
(b)
by inserting, immediately after subsection (3), the following subsection:“(4) The Board may, with the written approval of the Minister, grant loans to any company in which the Board holds any shares.”.