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Formal Consolidation |  1999 RevEd
Powers, duties and functions of Authority
23.—(1)  The Authority may, in addition to the powers, duties and functions transferred to it by virtue of section 21, exercise and discharge the following powers, duties and functions:
(a)accept deposits of money and pay interest on such deposits;
(b)issue demand drafts and other kinds of remittances made payable at its own office or the offices of agencies or correspondents;
(c)purchase, accept on deposit and sell gold coin or bullion;
(d)purchase, sell, discount and re-discount Treasury bills of the Government;
(e)purchase and sell securities of the Government or of any public authority which have been publicly offered for sale or form part of an issue which is being made to the public at the time of acquisition;
(f)purchase, sell, discount and re-discount bills of exchange and promissory notes arising out of bona fide commercial transactions bearing 2 or more good signatures and maturing within 3 months (exclusive of days of grace) from the date of acquisition;
(g)grant loans, advances or other credit facilities to such financial institutions or class of financial institutions as the Authority may, from time to time, approve for periods not exceeding 3 months (which may at the discretion of the Authority extend for a further period of 3 months) against —
(i)Treasury bills of the Government and securities of the Government;
(ii)gold coin or bullion;
(iii)such bills of exchange and promissory notes as are eligible for purchase, discount or re-discount by the Authority up to 75% of their nominal value;
(iv)warehouse warrants or their equivalent (securing possession of goods), in respect of goods duly insured and with a letter of hypothecation from the owner, except that no such advance shall exceed 60% of the current market value of the goods in question;
(h)invest in securities of the Government or of any public authority for any amount, and to mature at any time on behalf of staff and pension funds and other internal funds of the Authority;
(i)acquire, hold and sell shares of any corporation set up with the approval of, or under the authority of, the Government for the purpose of promoting the development of a money market or securities market in Singapore or for the financing of economic development in Singapore;
(j)purchase and sell currency, and purchase, sell, discount and re-discount bills of exchange and Treasury bills drawn in or on places outside Singapore;
(k)borrow money, establish credits and give guarantees in any currency, inside and outside Singapore, on such terms and conditions as the Authority may think fit;
(l)maintain accounts with central banks outside Singapore and with other banks inside and outside Singapore;
(m)purchase and sell securities of, or guaranteed by, such guarantor, governments or international financial institutions as may be approved by the board, or purchase and sellsecurities and investments authorised by the President on the recommendation of the board;
[13/2007 wef 30/06/2007]
(n)act as correspondent, banker or agent for any central bank or other monetary authority and for any international bank or international monetary authority established under governmental auspices;
(o)open accounts for, and accept deposits from, the Government, public authorities, companies in which the Government or a public authority has a substantial interest, and companies which are deemed to be related to those companies by virtue of section 6 of the Companies Act (Cap. 50), banks and other credit institutions in Singapore;
(p)underwrite loans in which the Authority may invest;
(q)undertake the issue and management of securities issued by the Government or by any public authority; and
(r)do generally all such things as may be commonly done by bankers and are not inconsistent with the exercise of its powers or the discharge of its duties under this Act.
[31/72; 26/84]
[13/2007 wef 30/06/2007]
(2)  For the purposes of subsection (1)(o) and section 30(d), the Government or a public authority shall have a substantial interest in a company if it, either by itself or together with any other public authority, has an interest or interests in one or more voting shares in the company and the nominal amount of that share, or the aggregate of nominal amounts of those shares either held by itself or together with any other public authority, is not less than 20% of the aggregate of the nominal amount of all the voting shares in the company.
[26/84]
Informal Consolidation | Amended Act 42 of 2007
Powers, duties and functions of Authority
23.—(1)  The Authority may, in addition to the functions referred to in section 4(2), exercise and discharge the following powers, duties and functions:
(a)accept deposits of money and pay interest on such deposits;
(b)issue demand drafts and other kinds of remittances made payable at its own office or the offices of agencies or correspondents;
(c)purchase, accept on deposit and sell gold coin or bullion;
(d)purchase, sell, discount and re-discount Treasury bills of the Government;
(e)purchase and sell securities of the Government or of any public authority which have been publicly offered for sale or form part of an issue which is being made to the public at the time of acquisition;
(ea)grant any loan, advance, overdraft or other credit facility to the Government on such terms and conditions as the Authority thinks fit;
[13/2007 wef 30/06/2007]
(f)purchase, sell, discount and re-discount bills of exchange and promissory notes arising out of bona fide commercial transactions bearing 2 or more good signatures and maturing within 3 months (exclusive of days of grace) from the date of acquisition;
(g)grant loans, advances or other credit facilities for the purposes of money market operations, on such terms and conditions as the Authority thinks fit, to such financial institutions or class of financial institutions as the Authority may from time to time determine;
(h)invest in securities of the Government or of any public authority for any amount, and to mature at any time on behalf of staff and pension funds and other internal funds of the Authority;
(i)acquire, hold and sell shares of any corporation set up with the approval of, or under the authority of, the Government for the purpose of promoting the development of a money market or securities market in Singapore or for the financing of economic development in Singapore;
(j)purchase and sell currency, and purchase, sell, discount and re-discount bills of exchange and Treasury bills drawn in or on places outside Singapore;
(k)borrow money, establish credits and give guarantees in any currency, inside and outside Singapore, on such terms and conditions as the Authority may think fit;
(l)maintain accounts with central banks outside Singapore and with other banks inside and outside Singapore;
(m)purchase and sell securities of, or guaranteed by, such guarantor, governments or international financial institutions as may be approved by the board, or purchase and sell such other securities, financial instruments and investments as may be approved by the board;
[13/2007 wef 30/06/2007]
(n)act as correspondent, banker or agent for any central bank or other monetary authority and for any international bank or international monetary authority established under governmental auspices;
(o)open accounts for, and accept deposits from, the Government, public authorities, companies in which the Government or a public authority has a substantial interest, and companies which are deemed to be related to those companies by virtue of section 6 of the Companies Act (Cap. 50), banks and other credit institutions in Singapore;
(p)underwrite loans in which the Authority may invest;
(q)undertake the issue and management of securities issued by the Government or by any public authority;
[31/2005 wef 18/10/2005]
(qa)form or participate in the formation of any company or in any joint venture as a shareholder or partner or in any other capacity, for purposes that are necessary or expedient for the purpose of discharging its functions or achieving its objects; and
[31/2005 wef 18/10/2005]
(r)do generally all such things as may be commonly done by bankers and are not inconsistent with the exercise of its powers or the discharge of its duties under this Act.
[31/72; 26/84]
[13/2007 wef 30/06/2007]
(2)  For the purposes of subsection (1)(o) and section 30(d), the Government or a public authority shall have a substantial interest in a company if it, either by itself or together with any other public authority, has an interest or interests in one or more voting shares in the company and the vote or votes attached to that share, or the total votes attached to those shares either held by itself or together with any other public authority, is not less than 20% of the total votes attached to all the voting shares in the company.
[26/84]
[21/2005 wef 30/01/2006]
(3)  In subsection (1), a reference to the purchase of any securities or Treasury bills includes subscribing for such securities or Treasury bills.
[13/2007 wef 30/06/2007]
(4)  Notwithstanding subsection (1), the Authority shall not grant any loan, advance, overdraft or other credit facility to the Government, or underwrite any loan to the Government, unless the Authority is satisfied that such loan, advance, overdraft or credit facility is required by the Government to meet unexpected and temporary shortfall in the Government’s revenue relative to its expenditure.
[13/2007 wef 30/06/2007]
(5)  Notwithstanding subsection (1), the Authority shall not directly subscribe for any securities issued by the Government or any public authority.
[13/2007 wef 30/06/2007]
(6)  Subsection (5) shall not apply to any subscription for debt securities issued by the Government or any public authority that is made in connection with —
(a)in the case of debt securities (including Treasury bills) issued by the Government, the conduct of monetary policy or the development of the bond market in Singapore; or
(b)in the case of debt securities issued by any public authority, the development of the bond market in Singapore,
but only insofar as the subscription does not compromise the object of the Authority referred to in section 4(1)(a).
[13/2007 wef 30/06/2007]
(7)  Nothing in this section shall be construed as authorising the Authority to —
(a)grant any loan, advance, overdraft or other credit facility to any public authority; or
(b)underwrite any loan to any public authority.
[13/2007 wef 30/06/2007]
(8)  The Authority may, in addition to the powers, duties and functions set out in this Part, exercise all powers and perform all functions and duties conferred or imposed on the Authority under this Act, the written laws set out in the Schedule, and any other written law.
[13/2007 wef 30/06/2007]
(9)  The Minister may, from time to time, by order published in the Gazette, amend the Schedule.
[13/2007 wef 30/06/2007]