Statutory Corporations (Capital Contribution) Bill

This Act may be cited as the Statutory Corporations (Capital Contribution) Act 2002 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

The Financial Procedure Act (Cap. 109) is amended by inserting, immediately after section 7, the following section: “Capital injections to statutory corporations7A.—

Notwithstanding section 7, the Minister may invest by way of capital injection in any statutory corporation out of a capital contribution appropriated by Parliament from the Consolidated Fund by written law.

Except as otherwise expressly provided in any written law, the Minister, after consultation with the Minister charged with the responsibility for the statutory corporation concerned, shall determine the terms and conditions under which the capital injection under this section shall be made, and may from time to time vary such terms and conditions.

Without prejudice to subsection (2), the Minister may from time to time, on behalf of the Government, subscribe for or otherwise acquire shares or other securities in the statutory corporation in which moneys are invested by way of capital injection under this section.

Nothing in this section shall prevent the investment of moneys by the Government in any statutory corporation in accordance with the Developmental Investment Fund Act (Cap. 79).

In this section —“capital contribution” includes money provided, or to be provided, to a statutory corporation for —

the purchase of assets to be held or owned by the statutory corporation; or

the development of assets held or owned by the statutory corporation;“statutory corporation” means any body corporate established by or under written law to perform or discharge any public function.”.

The provisions of the Acts specified in the first column of the Schedule are amended in the manner set out in the second column thereof.