Singapore legislation
Clause 2
of Constitution of the Republic of Singapore (Amendment) Bill
Clause 2
Amendment of Article 22B
Article 22B of the Constitution of the Republic of Singapore (referred to in this Act as the Constitution) is amended by deleting clause (9) and substituting the following clauses:“(9) For the purposes of this Article, a proposed transfer or transfer (whether by or under any written law or otherwise) by any statutory board to which this Article applies (referred to in this clause and clause (10) as the transferor board) of any of its reserves to either the Government or to another such statutory board (referred to in this clause and clause (10) as the transferee board) shall not be taken into account in determining whether the reserves accumulated by the transferor board before the current term of office of the Government are likely to be or have been drawn on if —
in the case of a proposed transfer or transfer of reserves by a transferor board to the Government — the Minister responsible for finance undertakes in writing to add those reserves of the transferor board to the reserves accumulated by the Government before its current term of office; or
in the case of a proposed transfer or transfer of reserves by a transferor board to a transferee board — the transferee board by resolution resolves, or any written law provides, that those reserves of the transferor board shall be added to the reserves accumulated by the transferee board before the current term of office of the Government.(10) Any reserves transferred by a transferor board together with or under any undertaking, resolution or written law referred to in clause (9) shall be deemed to form part of the reserves accumulated by the Government or (as the case may be) transferee board before the current term of office of the Government as follows:
where the budget of the transferor board for any financial year provides for the proposed transfer of reserves and the budget is approved by the President — at the beginning of that financial year;
where a supplementary budget of the transferor board provides for the proposed transfer and the supplementary budget is approved by the President — on the date of such approval by the President; or
in any other case — on the date those reserves are so transferred.”.