Singapore legislation

Section 25

of Singapore Totalisator Board Act 1987

Section 25

Property of Singapore Turf Club to be held on trust for Board

(1)

The following property and funds of the Singapore Turf Club, a society registered under the Societies Act 1966, is with effect from 9 November 1987 deemed to be held by the Club on trust for the purposes of the Board and the Board may at any time require the Club to transfer to the Board any such property or funds for those purposes:

(a)

all immovable property owned by the Club on that date;

(b)

all funds and investments belonging to the Club on that date.

(2)

If any question arises as to whether any particular property, fund or investment is held on trust for the Board, the matter is to be determined by the Minister and a certificate under the hand of the Minister is conclusive evidence of the matter certified in the certificate.

(3)

The Board may grant to the Singapore Turf Club out of the funds deemed to be held by the Club on trust for the Board such sums of money as the Board may determine to enable the Club to meet the expenses of carrying out its operations and to maintain or improve its facilities and for such other purpose as the Board thinks fit.[22

Read in full context — Singapore Totalisator Board Act 1987 →