Singapore legislation
Clause 26
Clause 26
Related amendments to Development Fund Act 1959
(1)
Section 3 of the Development Fund Act 1959 is amended by deleting the words “The moneys” and substituting the words “Subject to section 5, the moneys”.
(2)
Section 5 of the Development Fund Act 1959 is repealed and the following section substituted therefor:“Nationally significant infrastructure expenditure5.—
All sums borrowed under the Significant Infrastructure Government Loan Act 2021 and which are paid into the Development Fund may be applied only to meet nationally significant infrastructure expenditure within the meaning of section 11 of that Act.(2) To avoid doubt, subsection (1) does not prevent authorising the issue of any sum from the Development Fund and applying the money to meet an estimate of any nationally significant infrastructure expenditure within the meaning of section 11 of the Significant Infrastructure Government Loan Act 2021 on a provisional basis.”.