Singapore legislation
Clause 6
Clause 6
Power to raise loans
(1)
For the purpose of providing any sums required for making payments to the Association under section 4, the Minister, with the concurrence of the President under Article 144(1)(b) of the Constitution, may raise loans, on behalf of the Government, by the creation and issue of securities bearing such rates of interest and subject to such conditions as to repayment, redemption or otherwise as the Minister may think fit.
(2)
The principal and interest of the securities issued under subsection (1) and any expenses incurred in connection with their creation and issue shall be charged on and paid out of the Consolidated Fund.