Constitution of the Republic of Singapore - Singapore Statutes Online

Interpretation of this Part

142.—(1) In this Part, unless the context otherwise requires —

“Development Fund” means the Development Fund established by the Development Fund Act (Cap. 80);

“financial year” means a period of 12 months ending on 31st March in any year.

[2/2001 wef 08/02/2001]

(2) For the purposes of this Part, where any net investment income is received during a financial year in any current term of office of the Government —

(a)	such amount of the net investment income of the financial year that is derived from the past reserves of the Government as is certified under clause (3); or
(b)	if no certificate under clause (3) is made, 50% of the net investment income of the financial year that is derived from the past reserves of the Government , [27/2008 wef 01/01/2009]

shall accrete and be deemed to form part of the past reserves of the Government with effect from the date of the certificate relating to that financial year made under clause (3) or, if no such certificate is made or earlier made, from the date the accounts and statements referred to in Article 147(5) for that financial year are presented to the President.

[2/2001 wef 08/02/2001]

(3) The Minister responsible for finance shall, as soon as practicable after the end of FY 2000 and every subsequent financial year, certify to the President in a certificate relating to that financial year, the amount (not being less than 50%) of the net investment income of that financial year derived from the past reserves of the Government which is to accrete and be deemed to form part of the past reserves of the Government; and such certificate shall be final and conclusive evidence of the amount.

[2/2001 wef 08/02/2001]

(4) In this Article —

“FY 2000” means the financial year beginning on 1st April 2000 and ending on 31st March 2001;

“net investment income”, in relation to a financial year, means the balance of —

(a)	the dividends, interest and other income received by the Government during the financial year from investing the reserves of the Government; and
(b)	the interest received by the Government during the financial year from loans (whenever given) by the Government,

after deducting all expenses arising from or incidental to investing and managing those reserves (other than costs of purchasing or disposing of or converting investments) and any interest, sinking fund charges and borrowing charges, but excludes any such income or interest on loans received before the beginning of FY 2000;

“net investment income of a financial year that is derived from the past reserves” means the share of the net investment income of the financial year that is attributable to the past reserves;

“past reserves of the Government” means the reserves not accumulated by the Government during its current term of office, including accretions thereto deemed under this Article to be part of such reserves.

[2/2001 wef 08/02/2001]

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