Clause 2

by repealing section 12 and substituting the following section:“Power to borrow12.—

The Authority cannot raise loans for the performance of its functions under this Act or any other Act administered by the Authority except in accordance with this section.(2) Subject to subsection (3), the Authority may raise loans by —

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

charge, whether legal or equitable, on any property vested in the Authority or on any other revenue receivable by the Authority 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 Authority may raise loans under subsection (2) —

from the Government; or

with the approval of the Minister, from another 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 Authority for the purchase of goods or services.”; and

by inserting, immediately after paragraph 1 of the Second Schedule, the following paragraph:“1A. To construct, acquire (whether by purchase, lease or otherwise), develop, manage (including by leasing out for use) or operate any movable or immovable property as the Authority considers necessary for the discharge of its functions and duties.”.