11.—(1) The Board may with the approval of the Minister make an order published in the Gazette for the imposition of a levy on the export of such goods as may be specified in the order.
(2) Any order made under subsection (1) may provide for —
(a)
different rates of levy in respect of the export of different goods;
(b)
the recovery of the levy by the Board in such manner and through such channels as may be specified in the order; or
(c)
the exemption of any person or class of persons from the payment of the levy.
(3) The levy collected under this section shall be paid to the Board.
Estimates
12.—(1) The Board shall in every year prepare and adopt annual estimates of income and expenditure of the Board for the ensuing financial year.
(2) Supplementary estimates of expenditure may be adopted by the Board.
(3) A copy of all annual and supplementary estimates shall, upon their adoption by the Board, be sent forthwith to the Minister who may approve or disallow any item or portion of any item shown in the estimates, and shall return the estimates as amended by him to the Board, and the Board shall be bound thereby.
Grants
13.—(1) For the purpose of enabling the Board to carry out its functions under this Act, the Minister may from time to time make grants-in-aid to the Board of such sums of money as the Minister may determine out of moneys to be provided by Parliament.
(2) Without prejudice to the generality of subsection (1) —
(a)
all costs of works involving capital expenditure, including the costs of building and equipment; and
(b)
such other costs and expenditure as the Minister considers necessary to improve the services rendered by the Board,
shall be defrayed out of moneys provided by Parliament.
Loans
14. For the purposes of this Act, the Board may from time to time raise loans from the Government or, with the approval of the Minister, from any other source.
Issue of shares, etc.
14A. As a consequence of the vesting of any property, rights or liabilities of the Government in the Board under this Act, or of any capital injection or other investment by the Government in the Board in accordance with any written law, the Board shall issue such shares or other securities to the Minister for Finance as that Minister may from time to time direct.
[5/2002 wef 29/07/2002]
Bank accounts and application of moneys
15.—(1) The Board shall open and maintain an account or accounts with such bank or banks as the Board thinks fit.
(2) Every account referred to in subsection (1) shall be operated as far as practicable upon by cheque signed by such person or persons as may from time to time be authorised in that behalf by the Board.
(3) The moneys of the Board shall be applied only in payment or discharge of the expenses, obligations and liabilities of the Board and in making any payment that the Board is authorised or required to make.
(4) The Board may —
(a)
invest its moneys in such securities and other investments as it thinks fit, including the deposit of moneys with financial institutions and other business or professional bodies; and
(b)
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.
[17/2002 wef 01/08/2002]
(5) There shall from time to time be paid into the accounts of the Board —
(a)
all charges and fees collected by the Board under this Act and the Regulation of Imports and Exports Act (Cap. 272A);
(b)
all moneys derived from the operations of the Board; and
(c)
all grants, donations, loans and interests from investments and other moneys received by the Board.
[24/95]
Financial provisions
16. The financial provisions set out in the Second Schedule shall have effect with respect to the Board.
Annual report
17.—(1) The Board shall, as soon as practicable after the end of each financial year, cause to be prepared and transmitted to the Minister a report dealing generally with the activities of the Board during the preceding financial year and containing such information relating to the proceedings and policy of the Board as the Minister may from time to time direct.
(2) The Minister shall as soon as practicable cause a copy of every such report to be presented to Parliament.
Singapore Rubber Fund
18.—(1) The Singapore Rubber Fund shall be administered by the Board.
[16/92]
(2) The Singapore Rubber Fund may, subject to directions by the Minister, be used for the following purposes:
(a)
the promotion, development, regulation and maintenance of the commodity trade and industry, including the commodity futures market in Singapore;
(b)
the payment of all expenses necessary for the participation in international natural rubber organisations and agreements established under these organisations;
(c)
the discharge of any outstanding liability incurred by the former Rubber Association of Singapore and transferred to the Board;
(d)
for the purposes provided in and generally for carrying into effect the Rubber Industry Act (Cap. 280) and for the discharge of any liability arising as a result of the exercise of the function and duties under that Act; and
(e)
such other purposes as are incidental or conducive to the attainment of the purposes of the Singapore Rubber Fund.
[26H
[16/92]
(3) Moneys in the Singapore Rubber Fund may from time to time be invested in such securities and other investments as the Board thinks fit.