Developmental Investment Fund Act 2000

“developmental purpose” means —

“financial year”, in relation to the Fund, means a period of 12 months ending on 31 March in any year;

“Fund” means the Developmental Investment Fund established under section 3;

“invest” includes entering into a transaction or an arrangement for the protection or enhancement of investments;

“Minister” means the Minister charged with the responsibility for finance;

“property” means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description;

“public authority” means any board or authority established by or under any written law to perform or discharge any public function;

“responsible Minister” has the meaning given by section 6(1);

“securities” includes shares, inscribed stock, debentures, bonds, debenture stock, notes or any other document creating, evidencing or acknowledging indebtedness;

“sinking fund” means any sinking fund created under section 15.

A fund called the Developmental Investment Fund is established, into which must be paid —

The Fund must be regarded as a Government fund and as comprising public moneys for the purposes of any other written law.

For the purposes of subsection (1)(d), the net income from investments is the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Fund any profit derived or loss sustained (as the case may be) from the realisation of those investments.

The moneys in the Fund may be withdrawn and applied for all or any of the following purposes only:

Section 7(3) of the Financial Procedure Act 1966 does not apply to the application of any moneys in the Fund in accordance with subsection (1)(a), (b) or (c).

The Minister is responsible for the control, supervision and management of all moneys of the Fund not assigned to any responsible Minister under section 6(1).

Despite the assignment of any part of the moneys in the Fund to any responsible Minister under section 6(1), the Minister remains overall responsible for the control, supervision and management of the Fund.

The Minister may, if it appears to him or her expedient in the interests of the improved management and sound and more efficient investment of any part of the moneys in the Fund, by order direct that, as of a date appointed in that order, an account within the Fund be established comprising those moneys and placed under the control, supervision and management of a Minister who is assigned in that order (called in this Act the responsible Minister).

In discharging his or her functions in relation to the Fund or an account established under subsection (1), it is the duty of the Minister or responsible Minister, as the case may be —

All expenses incidental to or arising from the administration, investment and management of moneys in the Fund or any account established under section 6(1) are charged upon and payable out of the Fund or account, as the case may be.

All expenses incidental to or arising from —

The Minister may, by warrant under his or her hand, authorise the transfer to the Consolidated Fund any moneys in the Fund which, in the opinion of the Minister, are not immediately required to meet the liabilities or the purposes of the Fund.

The Minister may, after consulting the relevant responsible Minister, at any time by warrant under his or her hand direct the transfer to the Fund of all or any moneys from any account established under section 6(1) under the charge of that responsible Minister.

Moneys must not be withdrawn from the Fund or any account established under section 6(1) unless they are charged upon the Fund or are authorised or directed to be withdrawn or transferred under this Act.

A payment must not be made out of the Fund unless the payment is authorised by the Minister or, in the case of moneys in an account established under section 6(1), unless the payment is authorised by the responsible Minister in charge of that account.

The Minister may, from time to time, by the issue of such securities in Singapore as the Minister thinks fit, raise loans of a sum not exceeding in the whole S$10,000 million.

Despite subsection (1), but subject to Article 144 of the Constitution, Parliament may by resolution authorise the Minister to raise loans under this Act of a sum not exceeding in the whole such higher sum as may be specified in the resolution.

Subject to subsection (2), the securities issued under this Act bear the rates of interest, and are subject to such other terms and conditions as to repayment, redemption and other matters, including provision for a sinking fund, as may be determined by the Minister.

Any securities issued under this Act are redeemable at par on such dates as may be determined by the Minister, after which dates all the interest on the principal moneys represented by the securities ceases, whether payment of the principal moneys has been demanded or not.

The Minister may, from time to time, appropriate out of the Fund moneys for the creation of a sinking fund for the repayment of the principal sums payable on any of the securities issued under this Act.

The total amount in any sinking fund must not exceed the outstanding principal sums payable on those securities.

The Minister may, at any time, apply all or any part of the moneys in the sinking fund to the purchase of trustee stock or of any securities, fund or investment authorised for investment under section 7(3) of the Financial Procedure Act 1966.

All income from investments of moneys in the sinking fund and all profits arising from the realisation of any of those investments must be paid into the sinking fund.

Any sinking fund created under this Act must be applied in the first place in payment of all expenses of, or incidental to, the management of the sinking fund and the redemption of the securities issued under this Act, and then in repayment of principal moneys represented by the securities.

The interest payable on any securities issued under this Act must be paid at the end of every interest period of such duration as the Minister may determine.

The Minister must, in each such interest period ending on the day on which interest on securities issued under this Act falls due, appropriate out of the Fund a sum equal to the interest for the appropriate interest period on the whole of the securities so issued in order that the interest for that interest period may be paid.

The Minister must —

Every responsible Minister has the same responsibilities as specified in subsection (1) in relation to all moneys in the account established under section 6(1) under his or her charge.

Every responsible Minister must appoint a public officer or an officer of any public authority to be an accounting officer for the account established under section 6(1) under the responsible Minister’s charge, with responsibility for keeping proper accounts and records in relation to that account, and preparing and signing a statement of the accounts in respect of each financial year.

Any officer of a public authority who is appointed under subsection (3) as an accounting officer is deemed to be —