Singapore legislation
Clause 16
Clause 16
Bank accounts and payments
(1)
The Board may open and maintain an account or accounts with such bank or banks as the Board thinks fit and every such account shall be operated upon as far as practicable by cheque signed by such person or persons as may from time to time be authorised in that behalf by the Board.
(2)
The moneys of the Board shall be applied only in payment or discharge of the expenses, obligations and liabilities of the Board and in making any payment that the Board is authorised or required to make.