Singapore legislation
Clause 3
Clause 3
Amendment of section 7
Section 7 of the Land Transport Authority of Singapore Act is amended —
by deleting the words “, to promote the formation of an incorporated company or participate in the promotion of such company” in subsection (1)(e);
by deleting paragraph (f) of subsection (1) and substituting the following paragraphs:“(f)to form or participate in the formation of any company or corporation, or enter into any joint venture or partnership, whether in Singapore or elsewhere;
(fa)to participate in any overseas venture or development which the Authority has the expertise to engage in or undertake;
(fb)to establish and maintain offices, whether in Singapore or elsewhere;
(fc)to grant loans, and to guarantee the repayment of any loan granted, to any company or corporation —
of which the Authority, or any subsidiary of the Authority, is a member; or
any shares of which are held or beneficially owned, directly or indirectly, by the Authority or any subsidiary of the Authority;”;
by deleting the words “, to land transport authorities of other countries” in subsection (1)(i) and substituting the words “and consultancy services, to any person as respects any matter in which the Authority has skill or experience”; and
by inserting, immediately after subsection (3), the following subsection:“(4) In subsection (1)(fc), “subsidiary” has the same meaning as in section 5 of the Companies Act (Cap. 50).”.