Clause 2

Section 11 of the Government Securities Act is amended by deleting subsection (1) and substituting the following subsections:“(1) The Parliament may, by a resolution under Article 144(1)(a) of the Constitution with which the President concurs, authorise the amount of borrowing by the issue of Government securities in Singapore under this Act, and may, from time to time, vary that amount.(1A) The Minister may, from time to time, borrow such sums by the issue of Government securities in Singapore except that the aggregate amount borrowed (whether before, on or after the date of commencement of the Government Securities (Amendment) Act 2004) and outstanding at any time shall not exceed the amount specified in any resolution (varied or otherwise) referred to in subsection (1).”.