Published by Authority

NO. 26]Friday, October 22 [2010

The following Act was passed by Parliament on 16th September 2010 and assented to by the President on 1st October 2010:—
National Productivity Fund Act 2010

(No. 26 of 2010)

I assent.

1st October 2010.
Date of Commencement: 1st November 2010
An Act to establish the National Productivity Fund and to establish the Productivity Fund Administration Board for its proper administration.
Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:
Short title and commencement
1.  This Act may be cited as the National Productivity Fund Act 2010 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.
2.  In this Act, unless the context otherwise requires —
“Board” means the Productivity Fund Administration Board established under section 7;
“Chairman” means the Chairman of the Board;
“Executive Secretary” means any Executive Secretary of the Board appointed under section 14(1) and includes any person acting in that capacity;
“Fund” means the National Productivity Fund established under section 3;
“invest” includes entering into a transaction or an arrangement for the protection of investments;
“matters relating to productivity enhancement and continuing education” includes legislative or administrative action taken, or to be taken, by the Government or any public authority that affects or might affect the productivity performance of industry, industry development or the productivity performance of the Singapore economy as a whole;
“member” means any member of the Board and includes any temporary member of the Board;
“property” means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description;
“public authority” means any board, authority or agency established by or under any public Act to perform or discharge any public function.