Clause 17

by inserting, immediately after paragraph (i) of section 13(1), the following paragraph:“(ia)sums to be transferred to the Railway Sinking Fund referred to in section 13A to fund expenditure —

for the cost (or part thereof) of any capital equipment including new works, plant, equipment, trains, vessels or appliances related to the operation and maintenance of the railway network under the Rapid Transit Systems Act (Cap. 263A); or

for the cost of acquiring any estate or interest in any area or space within a station, or any area or space abutting a station the access to which is limited to an entrance or exit to the station;”;

by inserting, immediately after section 13, the following section:“Railway Sinking Fund13A.—

There shall be established by the Authority a Railway Sinking Fund comprising —

all charges and cash-bids (if any) that is payable under section 13A of the Rapid Transit Systems Act (Cap. 263A);

all moneys authorised by or under any other written law to be paid into the Railway Sinking Fund;

all moneys borrowed or raised by the Authority for the purposes of the Railway Sinking Fund;

all grants by any person or organisation to the Authority for the purposes of the Railway Sinking Fund;

all interest payable under section 19B of the Rapid Transit Systems Act (Cap. 263A) on outstanding amounts of —

any charge and cash-bid (if any) imposed under section 13A of that Act in respect of a licence; or

any financial penalty imposed under section 19(1)(iii) of that Act in respect of a licensee which is granted a licence on or after the date of commencement of section 17 of the Rapid Transit Systems (Amendment) Act 2010;

all financial penalties imposed under section 19(1)(iii) of the Rapid Transit Systems Act in respect of licences granted on or after the date of commencement of section 17 of the Rapid Transit Systems (Amendment) Act 2010;

all amounts paid to the Authority by way of discharge of any insurance claims in respect of any property of the Authority paid for with money from the Railway Sinking Fund;

all interest received on investments belonging to the Railway Sinking Fund, and all amounts received by the Authority from the sale of any investments or other property paid for with money from the Railway Sinking Fund; and

all investments and other property purchased out of moneys in the Railway Sinking Fund, including the net income from such investments.(2) No moneys shall be withdrawn by the Authority from the Railway Sinking Fund except for all or any of the following purposes:

to meet all expenditure —

for the cost (or part thereof) of any capital equipment including new works, plant, equipment, trains, vessels or appliances related to the operation and maintenance of the railway network under the Rapid Transit Systems Act (Cap. 263A); or

for the cost of acquiring any estate or interest in any area or space within a station, or any area or space abutting a station the access to which is limited to an entrance or exit to the station;

to pay insurance premiums on capital equipment, area, space or other investment acquired using moneys of the Railway Sinking Fund;

to pay any principal or interest on moneys borrowed or raised by the Authority for purposes of the Railway Sinking Fund;

to pay any expenses properly attributable to setting up of the Railway Sinking Fund, the administration and management of moneys in the Railway Sinking Fund, or the borrowing or raising of moneys for the purposes of the Railway Sinking Fund;

for investment of moneys in the Railway Sinking Fund in accordance with section 17;

to pay all amounts relating to the sale, disposal or write-off of any investments paid for with money from the Railway Sinking Fund;

to pay all reasonable legal costs incurred by the Authority and all reasonable expenses incurred by the Authority in connection with the collection or attempted collection of any outstanding amounts, (including any interest thereon) of —

any charge and cash-bid (if any) imposed under section 13A of the Rapid Transit Systems Act in respect of a licence; or

any financial penalty imposed under section 19(1)(iii) of that Act in respect of a licensee which is granted a licence on or after the date of commencement of section 17 of the Rapid Transit Systems (Amendment) Act 2010.(3) For the purposes of subsection (1)(i), the net income from investments shall be the amount ascertained by adding to, or deducting from, the income received from investments or moneys in the Railway Sinking Fund any gain derived or loss sustained, realised or unrealised, as the case may be, from such investments.(4) The Railway Sinking Fund shall be managed and administered by the Authority subject to the directions of the Minister.”; and

by inserting, immediately after the words “its funds” in section 17, the words “in the Land Transport Revenue Account or the Railway Sinking Fund”.