Singapore legislation

Clause 14

of Government Borrowing (Miscellaneous Amendments) Bill

Clause 14

Repeal and re-enactment of section 11 and new Division heading of Part III

Section 11 of the Government Securities Act is repealed and the following Division heading and section substituted therefor:“Division 1 — GeneralBorrowing limit for Government securities and Treasury Bills11.—

(1)

The Minister may raise loans, in the manner provided in this Part, by the issue of Government securities and Treasury Bills in Singapore.(2) However, the Minister must not raise a loan under this Act if the aggregate amount borrowed by the issue of Government securities and Treasury Bills —

(a)

under either or both as follows:

(i)

the repealed 1923 Act;

(ii)

this Act, whether before, on or after the date of commencement of section 14 of the Government Borrowing (Miscellaneous Amendments) Act 2021; and

(b)

outstanding at any time,exceeds $1,065,000,000,000, or any higher amount specified in a resolution of Parliament with which the President concurs in the President’s discretion under Article 144(1)(a) of the Constitution.”.

Read in full context — Government Borrowing (Miscellaneous Amendments) Bill →