Singapore legislation
Clause 12
Clause 12
Repeal and re-enactment of section 15
Section 15 of the principal Act is repealed and the following section substituted therefor:“Guarantees and loans15.—
(1)
No guarantee involving a financial liability shall be binding upon Singapore unless given with the written authority of the Minister with which the President concurs or in accordance with law.(2) No loan raised by the Government shall be binding upon Singapore unless it is raised in accordance with Article 144 of the Constitution.”.