Singapore legislation

Clause 12

of National Arts Council Bill

Clause 12

Funds and property of Council

(1)

The funds and property of the Council shall include —

(a)

all moneys and property transferred to the Council pursuant to section 15;

(b)

all gifts, donations and contributions to the Council;

(c)

contributions from moneys provided by Parliament; and

(d)

all fees, commissions, rents, interests, dividends and other income accruing to the Council.

(2)

The Council may open and maintain an account or accounts with any bank or banks as the Council thinks fit.

(3)

The Council may from time to time invest any funds of the Council in such manner or securities as trustees may by any written law be authorised to invest or, with the approval of the Minister, in any other securities or investments.

(4)

Subject to the terms of any trust or endowment, the funds and property of the Council shall be applied solely for the purposes of or in connection with the performance of the functions, powers and duties of the Council under this Act, and no portion thereof shall be paid or transferred, directly or indirectly, by way of dividend, bonus or otherwise by way of profit to its members.

(5)

Nothing in this section shall prevent the payment in good faith of remuneration to any employees of the Council.

Read in full context — National Arts Council Bill →