Universities (Miscellaneous Amendments) Bill

by inserting, immediately after section 6, the following sections:“Investment6A. The University may, subject to the general or special direction of the Minister —

invest its moneys in such manner as it thinks fit; and

engage in any financial activity or participate in any financial arrangement for the purpose of managing or hedging against any financial risk that arises or is likely to arise from such investment.Power to borrow6B.—

For the discharge of its functions or duties under this Act or any other written law, the University may, from time to time, raise loans from the Government or, with the approval of the Minister, raise loans within or outside Singapore from such source as the Minister may direct by —

mortgage, overdraft or other means, with or without security;

charge, whether legal or equitable, on any property vested in the University or on any other revenue receivable by the University under this Act or any other written law; or

the creation and issue of debentures, bonds or any other instrument as the Minister may approve.(2) For the purposes of this section, the power to raise loans shall include the power to make any financial agreement whereby credit facilities are granted to the University for the purchase of goods, materials or things.”; and

by deleting section 26 of the University Constitution in the First Schedule.

by inserting, immediately after the words “at university standards” in section 5(1)(a), the words “or at standards above primary education”; and

by inserting, immediately after section 6, the following sections:“Investment6A. The University may, subject to the general or special direction of the Minister —

invest its moneys in such manner as it thinks fit; and

engage in any financial activity or participate in any financial arrangement for the purpose of managing or hedging against any financial risk that arises or is likely to arise from such investment.Power to borrow6B.—

For the discharge of its functions or duties under this Act or any other written law, the University may, from time to time, raise loans from the Government or, with the approval of the Minister, raise loans within or outside Singapore from such source as the Minister may direct by —

mortgage, overdraft or other means, with or without security;

charge, whether legal or equitable, on any property vested in the University or on any other revenue receivable by the University under this Act or any other written law; or

the creation and issue of debentures, bonds or any other instrument as the Minister may approve.(2) For the purposes of this section, the power to raise loans shall include the power to make any financial agreement whereby credit facilities are granted to the University for the purchase of goods, materials or things.”.