Singapore legislation
Clause 25
Clause 25
Related and consequential amendments to other written laws
(1)
The Interpretation Act (Cap. 1) is amended by inserting, immediately after section 33, the following section:“Standard investment power of statutory bodies33A. Where any written law confers on a statutory body the power to invest any moneys in accordance with the standard investment power of statutory bodies, then, subject to any general or special directions as the Minister charged with responsibility for that statutory body may issue, that statutory body may —
invest those moneys in such manner as it thinks fit; and
engage in any financial activity or participate in any financial arrangement for the purpose of managing or hedging against any financial risk that arises or is likely to arise from such investment.”.
(2)
Part XIIA of the Conveyancing and Law of Property Act (Cap. 61) is repealed.
(3)
Section 7(3) of the Financial Procedure Act (Cap. 109) is amended by deleting paragraph (b).
(4)
The provisions of the Acts specified in the first column of the Schedule are amended in the manner set out in the second column thereof.