PART IV
FINANCIAL PROVISIONS
Power to issue stock, etc.
13.—(1)  The Corporation may, from time to time, with the approval of the Minister, borrow money by the issue of debentures or debenture stock, or raise capital by the issue of shares or stock of such class and value and upon such terms as it may think expedient, for all or any of the following purposes:
(a)the provision of working capital;
(b)the fulfilling of the functions of the Corporation under this Act;
(c)the redemption of any shares or stock which the Corporation is required or entitled to redeem; and
(d)any other expenditure properly chargeable to capital account.
(2)  The Corporation may make regulations not inconsistent with the provisions of this Act to provide for such matters in connection with shares, stock, debentures or debenture stock issued under this Act as may appear necessary or expedient to the Corporation, and, in particular, for regulating the method of issue, transfer, redemption or other dealing with such shares, stock, debentures or debenture stock.
Power to capitalise
14.  The Corporation may, from time to time with the approval of the Minister, capitalise the whole or any part of the sum standing to the credit of the general reserve account of the Corporation and such sum shall be capitalised as issued and fully paid-up capital.
Power to borrow
15.  The Corporation may, with the approval of the Minister, raise capital from banks and other financial institutions whether in Singapore or elsewhere by way of mortgage, overdraft or otherwise, with or without security, as it may require for the discharge of its functions under this Act.
General duties and powers of Corporation in financial matters
16.  It shall be the duty of the Corporation to exercise and perform its functions under this Act so as to secure that the total revenue of the Corporation is sufficient to meet its total outgoings properly chargeable to revenue account, including depreciation and interest on capital, taking one financial year with another.
Application of revenue
17.—(1)  The revenue of the Corporation for any financial year shall be applied in defraying the following charges:
(a)the remuneration, fees and allowances of the members of the Corporation;
(b)the salaries, fees, remuneration, pensions, superannuation allowances and gratuities of the officers, agents, employees and advisers of the Corporation;
(c)working and establishment expenses and expenditure on, or provision for, the maintenance of any of the property of the Corporation, and the discharge of the functions of the Corporation properly chargeable to revenue account;
(d)interest on any debentures and debenture stock issued, and on any loan raised, by the Corporation;
(e)sums required to be paid to the Government towards repayment of any loan made by the Government to the Corporation;
(f)sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the redemption of debentures or debenture stock or the repayment of other borrowed money;
(g)such sums as may be deemed appropriate to set aside in respect of depreciation or renewal of the property of the Corporation, having regard to the amount set aside out of revenue under paragraphs (c) and (f);
(h)the cost, or any portion thereof, of any new works, plant, vessels or appliances not being a renewal of the property of the Corporation, which the Corporation may determine to charge to revenue;
(i)such sums by way of contribution to the public or charities associated with the objects of this Act as the Corporation may determine; and
(j)any other expenditure authorised by the Corporation and properly chargeable to revenue account.
(2)  The balance of the revenue of the Corporation shall be applied —
(a)to the creation of a general reserve and such other reserves as the Corporation may think fit; and
(b)to the payment of such dividends on shares and stocks issued by the Corporation as the Corporation may, after consultation with the Minister for Finance, see fit to declare.
Investment of funds
18.  Any funds of the Corporation may be invested from time to time in securities in which trust funds may, by any written law for the time being in force relating to trustees, be invested or for the development of information communication services whether in Singapore or elsewhere.
Financial provisions
19.  The financial provisions set out in the Third Schedule shall have effect with respect to the Corporation.