Singapore legislation

Clause 6

Amendment of section 7

Section 7 of the principal Act is amended —

(a)

by deleting the word “Moneys” in the first line of subsection (3) and substituting the words “Subject to subsection (3A), moneys”;

(b)

by deleting the words “for the time being in the United Kingdom” in subsection (3)(b) and substituting the words “by law”;

(c)

by deleting paragraph (c) of subsection (3) and substituting the following paragraph:“(c)in gold and other bullion;”;

(d)

by deleting the words “or by resolution of Parliament” in subsection (3)(f);

(e)

by deleting the words “any interest” in the seventeenth line of subsection (3) and substituting the words “the interest and any other income”;

(f)

by inserting, immediately after subsection (3), the following subsection:“(3A) Moneys referred to in subsection (3) shall not be invested by the Minister in any stock, bond, fund or security issued by the Government of Singapore.”;

(g)

by inserting, immediately after the word “Interest” in the first line of subsection (4), the words “and any other income”; and

(h)

by inserting, immediately after the word “interest” in the fifth line of subsection (4), the words “and any other income”.

Read in full context — Financial Procedure (Amendment) Bill →