Jurong Town Corporation (Amendment No. 2) Bill

by deleting subsection (1) thereof and substituting therefor the following: —“(1) It shall be the duty of the Corporation —

to develop and manage industrial estates and sites in Singapore; and

to provide facilities to enhance the operation of industries and social amenities for the advancement and the well-being of persons living and working in such industrial estates and sites.”;

by deleting paragraphs (e) and (f) of subsection (2) thereof and substituting therefor the following: —“(e)to sell or lease land for the purposes of industrial sites, for the housing of persons living and working in industrial estates and sites, for general economic development or for social amenities;

to lay out sites for the purposes mentioned in paragraph (e) of this subsection for sale or lease;”;

by deleting the full-stop appearing at the end of paragraph (j) thereof and substituting therefor a semi-colon; and

by inserting immediately thereafter the following new paragraph: —“(k)to sell or lease flats, houses or other living accommodation.”.

by deleting subsection (1) thereof and substituting therefor the following: —“(1) The Corporation shall with the concurrence of the Minister appoint for every year an auditor for the Corporation.”;

by deleting the words “out of” appearing in the first line of subsection (2) thereof and substituting therefor the word “by”; and

by deleting the word “Fund” appearing in the second line of subsection (2) thereof.

by deleting the word “Fund” and the words “and certified by the auditor” appearing in the fourth and in the sixth lines respectively of subsection (1) thereof;

by deleting subsection (2) thereof and substituting therefor the following: —“(2) The auditor shall report on every balance-sheet and income and expenditure account forwarded to the Minister in accordance with subsection (1) of this section whether in his opinion the balance-sheet and income and expenditure account are properly drawn up so as to give a true and fair view of the state of the Corporation’s affairs and the results of its operations for the period of accounting.”; and

by inserting immediately after subsection (2) thereof the following new subsection: —“(3) The income and expenditure account, balance-sheet and the auditor’s report referred to in subsections (1) and (2) of this section shall be published in the Gazette.”.

by deleting the expression “to the credit of a fund to be called the “Jurong Town Corporation Fund”. The Fund shall include a Capital Account and a General Account” appearing in the fifth, sixth, seventh and eighth lines thereof;

by deleting subsections (2) and (3) thereof and substituting therefor the following: —“(2) The accounting records of the Corporation shall distinguish between capital and revenue transactions.(3) Moneys received by way of loans shall be shown separately in the books and accounts and in the balance-sheet of the Corporation.”; and

by inserting immediately after the word “account” appearing in the marginal note thereto the words “and accounting records”.

by renumbering the existing section as subsection (1); and

by inserting immediately after subsection (1) thereof the following new subsection: —“(2) The Corporation may, with the written approval of the Minister, invest money standing to the credit of the Corporation from time to time in shares of any private or public company.”;

The Corporation may, with the written approval of the Minister, cause to be formed under the provisions of any written law for the time being in force relating to companies an incorporated company or companies limited by shares the majority of which are to be held by the Corporation and having as its or their object, any or all of the functions of the Corporation set out in section 13 of this Act.(2) Notwithstanding the provisions of any written law for the time being in force relating to companies, there shall be registered with the memorandum of association of any company formed pursuant to the provisions of subsection (1) of this section articles of association prescribing regulations for such company.(3) Such articles of association of such company shall contain, inter alia, provisions relating to —

the capital and share structure of the company;

the qualification, appointment, remuneration, powers and proceedings of directors;

dividends and reserve funds; and

the winding up of the company,as may be directed by the Minister and shall also provide that such employees of the Corporation as are transferred to the company shall enjoy salaries and conditions of service as near as may be to those on which they were employed by the Corporation.”.

The Corporation shall have the exclusive right to the use of the symbol a representation of which is set out in the Schedule to this Act.(2) Any person who uses a symbol identical with the Corporation’s symbol or so nearly resembling such symbol as to be likely to deceive or cause confusion in relation to the identity of the Corporation shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five hundred dollars.”.