Singapore legislation
Clause 3
Clause 3
Amendment of section 6
Section 6 of the principal Act is amended —
(a)
by deleting the words “as are usually provided for by banks” in subsection (2) and substituting the words “or purposes as the Authority may determine”; and
(b)
by deleting subsection (3) and substituting the following subsections:“(3) Subject to subsection (4), such part of the net profit for each financial year as the Authority may determine shall be paid to the Government and the remainder of the net profit, if any, shall be credited to the General Reserve Fund.(3A) Notwithstanding subsection (3), the Authority may pay to the Government such amount from the General Reserve Fund over and above the net profit, if any, as the Authority may determine.”.