Singapore legislation

Clause 9

of Housing and Development (Amendment) Ordinance

Clause 9

Repeal of sections 37 and 38 and re-enactment of section 37

Sections 37 and 38 of the principal Ordinance are hereby repealed and the following substituted therefor: —“Borrowing powers37.—

(1)

The Board may, from time to time, for the purposes of this Ordinance, raise loans from the Government or, with the approval of the Minister, by any of the methods set out in subsection (3) of this section.(2) The Board shall pay interest on such loans at such rate and at such times, and shall make such provisions for the mode and time or times of repayment of principal, as may be approved by the Minister.(3) The Board may, where the approval of the Minister has been obtained to borrow money under the provisions of subsection (1) of this section, raise the money by —

(a)

mortgage;

(b)

charge, whether legal or equitable, on any property vested in the Board or on any revenue receivable by the Board under this or any other Ordinance; or

(c)

the creation and issue of debenture stock.”.

Read in full context — Housing and Development (Amendment) Ordinance →