Singapore legislation
Clause 17
Clause 17
Application of revenue
(1)
The revenue of the Board in a financial year shall be applied in payment of the following charges:
the interest and principal on any loan payable by the Board;
the sums required to be paid to the Government towards repayment of any loan made by the Government to the Board;
the salaries, fees and allowances of the members of the Board;
the salaries, fees, allowances, remuneration, pensions, gratuities, provident fund and other superannuation benefits of the employees, agents, and technical or other advisers of the Board;
the working and establishment expenses of, and the expenditure on, or provision for the maintenance of any of the installations of the Board, and the discharge of the functions of the Board properly chargeable to revenue accounts;
such sums as the Board, with the approval of the Minister, may consider appropriate to set aside in respect of the depreciation or renewal of the property of the Board; and
any other expenditure authorised by the Board and properly chargeable to revenue.
(2)
The balance of the revenue of the Board shall be applied for the creation of a general reserve or such other reserves or capital fund as the Board may consider appropriate.