Singapore legislation

Clause 7

of Accounting and Corporate Regulatory Authority Bill

Clause 7

Powers of Authority

(1)

The Authority shall have power to do anything for the purpose of discharging its functions under this Act or any other written law, or which is incidental or conducive to the discharge of those functions.

(2)

Without prejudice to the generality of subsection (1) but subject to this Act, the powers of the Authority shall include the power —

(a)

to enter into such contracts as may be necessary or expedient for the purpose of discharging its functions;

(b)

with the approval of the Minister, to form or participate in the formation of any company or in any joint venture as a shareholder or partner or in any other capacity, with any firm, body corporate, society or institution for purposes that are necessary or expedient for the purpose of discharging its functions;

(c)

to become a member or an affiliate of any international body, the functions or objects of which are similar to or connected with those of the Authority;

(d)

to use all property of the Authority, whether movable or immovable, in such manner as the Authority may think expedient, including the raising of loans by mortgaging such property;

(e)

to establish and administer such systems or schemes as the Authority may consider necessary or expedient for the discharge of its functions;

(f)

to prescribe, regulate or implement measures and standards on any matter relating to or connected with its functions;

(g)

to engage in any activity, either alone or in conjunction with any other organisation or agency, whether local or international, that is connected with or that is conducive to the discharge of its functions;

(h)

to levy such charges or fees as may be reasonable for services and facilities provided by the Authority;

(i)

to receive donations, gifts, grants, subsidies and contributions from any source and raise funds by all lawful means;

(j)

to publish or sponsor the publication of periodicals, booklets and other written materials, or to produce or sponsor the production of documentary films and other audio-visual materials on any matter relating to or connected with its functions;

(k)

to organise courses and award certificates of proficiency, and provide bursaries, scholarships and training grants in the fields related to the functions of the Authority;

(l)

to provide advisory, consultancy and informational services on any matter related to its functions;

(m)

to promote or undertake publicity in any form;

(n)

to grant or guarantee loans to officers or employees of the Authority for any purpose specifically approved by the Authority;

(o)

to provide recreational facilities and to promote recreational activities for, and activities conducive to, the welfare of officers and employees of the Authority and members of their families;

(p)

to make provision for gratuities, pensions, allowances or other benefits for officers or employees, or former officers or employees, of the Authority; and

(q)

to do such other acts as are incidental or necessary to any of its functions and powers.

(3)

This section shall not be construed as limiting any power of the Authority conferred by or under any other written law.