Clause 5

by deleting the word “transaction” in the last line of clause (7) and substituting the words “proposed transaction, except that if he does not disapprove any such proposed transaction even though he is of the opinion that the proposed transaction is likely to draw on the reserves accumulated by the statutory board prior to the current term of office of the Government, the President shall cause his decision and opinion to be published in the Gazette”; and

by inserting, immediately after clause (8), the following clause:“(9) For the purposes of this Article, where the Minister responsible for finance undertakes in writing to add to the reserves accumulated by the Government prior to its current term of office any reserves of a statutory board which are proposed to be transferred to the Government by or under the authority of any written law or otherwise, the proposed transfer and transfer of those reserves shall have effect as follows:

the proposed transfer and transfer shall not be taken into account in determining whether the reserves accumulated by the statutory board prior to the current term of office of the Government are likely to be or have been drawn on; and

the reserves to be transferred by the statutory board shall be deemed to form part of the reserves accumulated by the Government prior to its current term of office on the following occasions:

where a budget of the statutory board for any financial year provides for the proposed transfer and the budget is approved by the President under this Article — at the beginning of that financial year; or

where a supplementary budget provides for the proposed transfer and the supplementary budget is approved by the President under this Article — on the date of approval by the President.”.