Published by Authority

NO. 17]Friday, March 31 [2006

The following Act was passed by Parliament on 21st November 2005 and assented to by the President on 7th December 2005:—
Singapore Management University (Amendment) Act 2005

(No. 47 of 2005)

I assent.

7th December 2005.
Date of Commencement: 1st April 2006
An Act to amend the Singapore Management University Act (Chapter 302A of the 2001 Revised Edition).
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 Singapore Management University (Amendment) Act 2005 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.
New sections 3A and 3B
2.  The Singapore Management University Act (referred to in this Act as the principal Act) is amended by inserting, immediately after section 3, the following sections:
Accountability and evaluation
3A.—(1)  The university company shall comply with the accountability framework set out by way of any agreement in writing between the university company and the Minister or any person authorised by him.
(2)  The university company shall evaluate the performance of its activities in accordance with such quality assurance framework as the Minister may determine.
(3)  The university company shall participate in the evaluation of its activities by such external review panel as may be commissioned by the Minister from time to time.
Directions in respect of policies on higher education in Singapore
3B.—(1)  The Minister may, in consultation with the university company, establish such policies on higher education in Singapore as the Minister thinks fit and may direct the university company to implement such policies.
(2)  The university company shall comply with any direction given by the Minister under subsection (1).”.
Amendment of section 5
3.  Section 5 of the principal Act is amended —
(a)by inserting, immediately after the words “as a member of the university company” in subsection (1)(a), the words “and the removal of any such member”;
(b)by deleting the word “and” at the end of subsection (1)(c);
(c)by deleting the full-stop at the end of paragraph (d) of subsection (1) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:
(e)the removal of any trustee from the Board.”; and
(d)by deleting subsection (2) and substituting the following subsection:
(2)  The requirements under subsection (1) shall apply in addition to the requirements prescribed by the Companies Act (Cap. 50) in respect of the matters referred to in paragraphs (a) to (e) of that subsection.”.
Amendment of section 7
4.  Section 7 of the principal Act is amended —
(a)by inserting, immediately after subsection (2), the following subsection:
(2A)  The university company shall make available to the public, at such frequency and in such manner as the Minister may determine, a summary of the financial statements of the university company which shall be in such form and contain such information as the Minister may determine.”; and
(b)by deleting the section heading and substituting the following section heading:
Access to accounts and summary of financial statements”.