Schedule 1
Investments by Town Councils
of Town Councils Financial Rules
FIRST SCHEDULERule 89(1)(b)Investments by Town Councils1.Investments in foreign currencies, for hedging purposes only.2.Investments denominated in Singapore dollar in stocks, funds or securities on the advice of a qualified person (for example, an investment adviser holding a licence under the Securities and Futures Act (Cap. 289), an approved bank or a merchant bank that holds a merchant bank licence, or that is treated as having been granted a merchant bank licence, under the Banking Act (Cap. 19)), subject to the following limits:
in the case of securities issued by the Singapore Government or any statutory body or securities guaranteed by the Singapore Government — unlimited; or
in the case of any other type of securities, stocks or funds (including structured deposits) — the aggregate thereof shall not exceed 35% of the funds available for investment (comprising accumulated surpluses, the lift replacement fund and the ordinary sinking fund, based on the latest audited accounts).[S 186/2017 wef 01/05/2017][S 501/2021 wef 05/07/2021]3.Any form of investment, other than an investment specified in rule 89(1)(a) and paragraphs 1 and 2, subject to the prior written approval of the Minister.[S 637/2007 wef 01/12/2007]