Clause 15

The airport licensee for an airport at Changi designated by the Minister for the purpose of this section must establish and maintain a reserve fund for the purpose of mitigating the effects of any condition or event of a significant nature which adversely affects the civil aviation system.(2) An airport licensee designated under subsection (1) must pay annually, within the time specified by the Authority, to —

the reserve fund, an annual contribution of an amount fixed by the Authority, out of the profit after tax that the licensee makes in a financial year; and

the Changi Airport Development Fund, a separate annual contribution of an amount fixed by the Authority, out of the profit after tax that the licensee makes in a financial year.(3) An airport licensee designated under subsection (1) must not withdraw any sum from the reserve fund it establishes and maintains under that subsection except with the approval of the Authority and for any purpose in that subsection.(4) For the purposes of subsection (2), the profit after tax that an airport licensee makes in any financial year must be determined in accordance with the Accounting Standards made or formulated under Part III of the Accounting Standards Act (Cap. 2B) and applicable to companies in respect of their operations in Singapore, and as applied by the airport licensee for that financial year.Appeal to Minister46B.—

An airport licensee designated under section 46A(1) who is aggrieved by the Authority’s decision under section 46A(2)(a) or (b) or (3) may appeal to the Minister against the decision.(2) Every appeal under this section must be made within the time and in the manner prescribed.(3) The decision of the Authority which is appealed against does not take effect until the appeal is determined.(4) The Minister may determine an appeal against the Authority’s decision under section 46A(2)(a) or (b) or (3) —

by confirming the decision in whole or varying it in part; or

by reversing the decision in question.(5) The Minister’s decision on an appeal under this section is final.Section 46A duty not discharged by financial penalty46C. Unless otherwise directed by the Minister, the payment by the airport licensee designated for the purpose of section 46A of a financial penalty imposed under section 39 in respect of the airport licensee failing to comply with section 46A(1), (2) or (3) does not absolve the airport licensee from the requirement to comply with section 46A(1), (2) or (3), as the case may be.”.