PART III
FINANCIAL PROVISIONS
Expenses
8.  Except as otherwise provided, all expenses incurred in carrying out the purposes of this Act shall be met from the funds of the Council.
Grants to Council
9.  For the purpose of enabling the Council to carry out its functions under this Act or any other written law, the Minister may from time to time make grants to the Council of such sums as he may determine out of moneys to be provided by Parliament.
[29/99]
Bank accounts and application of revenue
10.—(1)  The Council shall open and maintain an account or accounts with such bank or banks as the Council thinks fit.
(2)  Every such account shall be operated upon as far as practicable by cheque signed by such person or persons as may from time to time be authorised in that behalf by the Council.
(3)  The moneys of the Council shall be applied only in payment or discharge of expenses, obligations and liabilities of the Council and in making any payments that the Council is authorised or required to make.
Issue of shares, etc.
10A.  As a consequence of —
(a)the vesting of any property, rights or liabilities of the Government in the Council under this Act; or
(b)any capital injection or other investment by the Government in the Council in accordance with any written law,
the Council must issue such shares or other securities to the Minister for Finance as that Minister may, from time to time, direct.
[Act 31 of 2015 wef 08/01/2016]
Power of investment
10B.  The Council may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act (Cap. 1).
[Act 31 of 2015 wef 08/01/2016]
Financial provisions
11.  The financial provisions set out in the Second Schedule shall have effect with respect to the Council.