Singapore legislation
Section 7
Section 7
Custody and investment of public moneys
(1)
All public moneys shall be kept with such bank or banks as the Minister shall from time to time direct.
(2)
All such moneys paid into a bank shall be deemed to be the property of Singapore lent by Singapore to the bank.
(3)
Subject to subsection (3A), moneys standing to the credit of Singapore with any bank, or otherwise held by Singapore may be invested by the Minister —
on deposit in any bank;
[Deleted by Act 45 of 2004](c)in gold and other bullion;
in securities of, or guaranteed by, any government or international financial institution;
in any of the stocks, funds, securities or investments; or
as otherwise authorised by law,and such investments together with the interest and any other income received therefrom shall form either —
part of the Consolidated Fund;
part of any fund created by any law; or
part of any deposit account constituted under section 8,as the case may be.
(3A)
Moneys referred to in subsection (3) shall not be invested by the Minister in any stock, bond, fund or security issued by the Government of Singapore.
(4)
Interest and any other income received from the investment of any moneys in accordance with subsection (3) shall be accounted in the Consolidated Revenue Account, except that where it is so provided in any law or under the terms of any trust, or the Minister so directs, the interest and any other income received from the investment of any moneys standing to the credit of any trust account shall be paid to the credit of such trust account.
(5)
All costs, expenses and charges incurred in relation to making any investment under subsection (3) shall be charged on and paid out of the Consolidated Fund without further authority other than this section.
(6)
Notwithstanding subsection (3), moneys specified in the Schedule and paid to the credit of any deposit account constituted under section 8 shall be invested by the Minister on deposit in any bank.
(7)
Interest received from the investment of any moneys in accordance with subsection (6) shall be paid, in such manner and at such rate as the Minister may direct, to the credit of the deposit account to which it relates and any balance of interest not so paid to the credit of any deposit account shall be paid into the Consolidated Revenue Account.
(8)
The Minister may at any time, by order published in the Gazette, add to or vary the Schedule.