Singapore legislation
Clause 9
Clause 9
Access to accounts and summary of financial statements
(1)
The Minister or a person authorised by the Minister (called in this section an authorised person) is entitled, at all reasonable times, to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the university company.
(2)
The Minister or an authorised person may require any person to furnish such information in that person’s possession, or to which that person has access, as the Minister or authorised person considers necessary for ascertaining —
whether moneys paid to the university company under section 8 were applied or expended in accordance with that section; or
such other matters as the Minister or authorised person requires.
(3)
The university company must —
prepare a summary of the financial statements of the university company in such form and containing such information as the Minister may decide; and
make available the summary mentioned in paragraph (a) to the public at such frequency and in such manner as the Minister may decide.
(4)
The requirements under subsection (3) apply in addition to the requirements prescribed by the Companies Act (Cap. 50) in respect of financial statements and summaries of financial statements.
(5)
Any person who fails, without reasonable excuse, to comply with any requirement of the Minister or an authorised person under subsection (2), or who otherwise hinders, obstructs or delays the Minister or an authorised person in the performance of his or her duties or in the exercise of his or her powers under this section, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.