Clause 13

The funds and property of the Council include —

all moneys paid to the Council by way of grants, subsidies, donations, gifts and contributions for the purposes of the Council;

all moneys paid to, and all other moneys and property lawfully received by, the Council for the purposes of the Council;

all fees, charges and other sums paid to the Council under this Act or any other Act administered by the Council, except as otherwise provided in this Act or that other Act;

all moneys, dividends, royalties, interest or income received from any transaction made under the powers of the Council under this Act or any other Act administered by the Council;

all moneys borrowed by the Council under this Act; and

all accumulations of income derived from any property or moneys referred to in paragraphs (a) to (e).(2) To avoid doubt, the funds and property of the Council include the funds in the Endowment Fund.(3) The moneys of the Council are to be applied only in payment of expenses incurred by it in the discharge of its functions, obligations and liabilities, and in making any payment that the Council is authorised or required to make.Endowment Fund26.—

There is established an Endowment Fund which vests in the Council and consists of —

all donations and gifts accepted by the Council for the Endowment Fund;

all reserves of the Council in excess of 2 years of its operating expenditure; and

any other moneys that the Council decides to transfer to the Endowment Fund.(2) Any interest, dividends and other income derived from the Endowment Fund do not form part of the Endowment Fund.(3) The Endowment Fund may be applied for such purposes as may be approved by the Minister in writing.Bank accounts27.—

The Council must open and maintain one or more accounts with such bank or banks as the Council thinks fit.(2) Every account under subsection (1) may only be operated by a person who is authorised to do so by the Council.Power of investment

The Council cannot raise loans for the performance of its functions except in accordance with this section.(2) Subject to subsection (3), the Council may raise loans by —

mortgage, overdraft or other means, with or without security;

charge, whether legal or equitable, on any property vested in the Council or on any other revenue receivable by the Council under this Act or any other written law; or

the creation and issue of debentures or bonds, or such other instrument as the Minister may approve.(3) The Council may —

raise loans under subsection (2) from the Government;

obtain a credit facility for the purchase of goods or services mentioned in subsection (4) from a bank or financial institution, whether in or outside Singapore; or

with the approval of the Minister, raise a loan or obtain a credit facility from any other source, whether in or outside Singapore.(4) For the purposes of this section, the power to raise loans includes the power to enter into any financial agreement or arrangement under which credit facilities are granted to the Council for the purchase of goods or services.Issue of shares, etc.

the vesting of any property, right or liability in the Council under this Act; or

any capital injection or other investment by the Government in the Council in accordance with any written law,the Council must issue such shares or other securities to the Minister charged with the responsibility for finance as that Minister may direct.Financial statements