Singapore legislation

Clause 5

of Jurong Town Corporation (Amendment) Bill

Clause 5

Repeal of sections 14 and 15 and re-enactment of section 14

Sections 14 and 15 of the principal Act are repealed and the following section substituted therefor:“Loan conditions

14. Where the Corporation is authorised to borrow money, it may, subject to the approval or direction of the Minister, raise money in any manner, and without prejudice to the foregoing raise it by —

(a)

mortgage;

(b)

charge, whether legal or equitable, on any property vested in the Corporation or on any revenue receivable by the Corporation under this Act or any other written law; and

(c)

debentures, stocks, bonds or other instruments or securities issued by the Corporation,and the Corporation may, with the like approval or direction, fix such rates of interest and such terms, conditions and periods to secure the repayment of the sums borrowed as it thinks fit.”.

Read in full context — Jurong Town Corporation (Amendment) Bill →