Singapore legislation
Schedule 1
Schedule 1
Investments by Town Councils
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]