Singapore legislation
Clause 38
Clause 38
Related amendments to Currency Act
The Currency Act (Cap. 69, 2002 Ed.) is amended —
by deleting the definitions of “foreign” and “foreign exchange” in section 2;
by repealing section 16; and
by repealing sections 21 and 22 and substituting the following sections:“Dissolution of Currency Fund
21. The Currency Fund established under section 21 in force immediately before the date of commencement of section 6 of the Monetary Authority of Singapore (Amendment) Act 2017, is dissolved on the date of the completion of the transfer of all of its assets and liabilities to the accounts holding the Authority’s assets and liabilities, as set out in the notification mentioned in section 6A(2) of the Monetary Authority of Singapore Act (Cap. 186).Authority’s assets must not be less than currency in circulation22.—
The gross assets of the Authority must at all times be not less than 100% of the face value of the Authority’s currency in circulation.(2) If, at any time, the face value of the Authority’s currency in circulation exceeds the gross assets of the Authority, the amount of the deficiency is to be charged on and paid out of the Consolidated Fund.”.