Singapore legislation
Clause 5
Clause 5
Amendment of section 6
Section 6 of the principal Act is amended by deleting subsection (4) and substituting the following subsection:“(4) Where the General Reserve Fund is in deficit at the end of a financial year —
(a)
if the Authority’s net profit for that financial year is larger than the deficit, an amount of not less than the net profit necessary to offset the deficit, as determined by the Authority, must be credited to the General Reserve Fund; and
(b)
if the Authority’s net profit for that financial year is smaller than or equal to the deficit, the whole of the net profit must be credited to the General Reserve Fund.”.