Singapore legislation

Clause 24

Bank account

(1)

All moneys paid to the Corporation, other than for the purposes of a pension scheme or schemes or a provident fund or funds established under section 8 of this Act, shall forthwith be paid into such bank or banks as may from time to time be decided by the Corporation 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.

(2)

The Capital Account shall include particulars of the expenditure of moneys provided by the Government and by the raising of loans for the purchase of land and for building.

(3)

The General Account shall contain —

(a)

on the income side —

(i)

the proceeds of rents from all industrial sites, building and housing owned by the Corporation;

(ii)

contributions from lessees and tenants in respect of conservancy and service charges and income from other miscellaneous sources; and

(iii)

grants from the Government by way of subsidy; and

(b)

on the expenditure side —

(i)

the cost of administration of the Corporation;

(ii)

the cost of designing and supervising the erection of new buildings;

(iii)

the cost of managing the industrial estates;

(iv)

contributions to the Government in respect of property tax, and payments in respect of conservancy and service charges;

(v)

the cost of maintenance of buildings;

(vi)

contributions for building repairs;

(vii)

the payments of interest and repayments of principal on loans; and

(viii)

any other expenditure properly chargeable in the opinion of the Corporation to such account.

Read in full context — Jurong Town Corporation Bill →