Economic Development Board (Amendment) Bill

Bill No. 12/1989

Read the first time on 18th January 1989.

An Act to amend the Economic Development Board Act (Chapter 85 of the 1985 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 Economic Development Board (Amendment) Act 1989 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Amendment of section 2

2. Section 2 of the Economic Development Board Act (referred to in this Act as the principal Act) is amended by deleting the word “industrial” in the first line of the definition of “industrial enterprise” and substituting the word “business”.

Amendment of section 5

3. Section 5 of the principal Act is amended —

(a)

by deleting subsection (1) and substituting the following subsection:

“(1) The Board shall consist of —

(a)	the Chairman; and
(b)	not less than 4 and not more than 11 other members who shall be appointed by the Minister.”;

(b)

by deleting subsection (3) and substituting the following subsection:

“(3) The Board shall meet at such times and places as the Board may determine.”; and

(c)

by deleting the words “subsection (1)(c)” in subsection (4) and substituting the words “subsection (1)(b)”.

New section 5A

4. The principal Act is amended by inserting, immediately after section 5, the following section:

“Functions of Board

5A.—(1) The functions of the Board are —

(a)	to stimulate the growth, expansion and development of Singapore’s economy by promoting Singapore as an international total business centre;
(b)	to formulate investment promotion policies and plans, promotional incentives and marketing strategies to attract foreign and local investments in advanced technology industries and skill-intensive services which enjoy good export market prospects;
(c)	to promote, facilitate and assist in the development of support industries and services which provide important parts, components and related services to the manufacturing sector;
(d)	to encourage foreign and local industries to upgrade their skill and technological levels through investment in new technology, automation, training, research and product development activities;
(e)	to support the development of local entrepreneurs and small and medium business enterprises and assist local companies to expand and upgrade their operations;
(f)	to provide training in new skills required by the manufacturing, business and technical services sector; and
(g)	to identify and encourage key companies to establish their international operational headquarters and undertake a wide range of regional service and business activities in Singapore.

(2) For the purpose of subsection (1)(a), “international total business centre” means a centre which facilitates and encourages the development of all forms of business activities in areas of design, production, marketing and distribution and all types of corporate services.”.

Repeal and re-enactment of section 7

5. Section 7 of the principal Act is repealed and the following section substituted therefor:

“Appointment of chief executive officer

7.—(1) The Board shall, with the approval of the Minister, appoint a chief executive officer on such terms and conditions as the Board may determine.

(2) The chief executive officer shall be known by such designation as the Board may determine and shall be responsible to the Board for the proper administration and management of its functions and affairs in accordance with the policy laid down by the Board.

(3) The Board may, with the approval of the Minister, appoint another person to be a temporary chief executive officer during the absence, or incapacity owing to illness or otherwise, of the chief executive officer.”.

Amendment of section 11

6. Section 11 (2) of the principal Act is amended by deleting the word “Director” in the third and in the eighth lines and substituting in each case the words “chief executive officer”.

Amendment of section 17

7. Section 17 of the principal Act is amended —

(a)

by deleting the word “and” at the end of paragraph (q) of subsection (1), and by inserting immediately thereafter the following paragraph:

“(qa)

to foster the growth of the services industry by developing the appropriate infrastructure and formulating and implementing investment promotion plans, promotional incentives and marketing strategies to support local and international firms and businesses in the services sector in Singapore; and”; and

(b)

by inserting, immediately after subsection (3), the following subsection:

“(4) For the purposes of subsection (1)(qa), “services” means all or any of the following services:

(a)	business services;
(b)	technical services;
(c)	commercial services;
(d)	accountancy and management and professional services;
(e)	transport and communication services;
(f)	warehousing and distribution services;
(g)	medical services;
(h)	education services;
(i)	publishing services;
(j)	information technology services;
(k)	agrotechnology services;
(l)	entertainment, leisure and recreation services;
(m)	exhibition services.”.

Repeal of section 23

8. Section 23 of the principal Act is repealed.

Repeal and re-enactment of sections 24 and 25

9. Sections 24 and 25 of the principal Act are repealed and the following sections substituted therefor:

“Annual report

24.—(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.

Financial provisions

25. The financial provisions set out in the Schedule shall have effect with respect to the Board.”.

New Schedule

10. The principal Act is amended by inserting, immediately after section 29, the following Schedule:

“THE SCHEDULE

Section 25

Financial Provisions

Accounts to be kept

1. The Board shall keep proper accounts and records of its transactions and affairs and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the Board and over the expenditure incurred by the Board.

Financial statements

2. The Board shall, as soon as practicable after the close of each financial year, prepare and submit financial statements in respect of that year to the auditor of the Board.

Appointment of auditor

3. The accounts of the Board shall be audited by the Auditor-General or such other auditor as may be appointed annually by the Minister in consultation with the Auditor-General.

Qualification of auditor

4. A person shall not be qualified for appointment as an auditor under paragraph 3 unless he is an approved company auditor under the Companies Act [Cap. 50].

Remuneration of auditor

5. The auditor shall be paid out of the funds of the Board.

Powers of auditor

6. The auditor or any person authorised by him is entitled at all reasonable times to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the Board and may make copies of, or extracts from, any such accounting and other records.

Duties of auditor

7. The auditor shall in his report state —

(a)	whether the financial statements show fairly the financial transactions and the state of affairs of the Board;
(b)	whether proper accounting and other records have been kept, including records of all assets of the Board whether purchased, donated or otherwise;
(c)	whether receipts, expenditure, and investment of moneys and the acquisition and disposal of assets by the Board during the financial year were in accordance with the provisions of this Act; and
(d)	such other matters arising from the audit as he considers necessary.

Reports

8. The auditor shall, as soon as practical after the accounts have been submitted for audit, send a report of his audit to the board. He shall also submit such periodical and special reports to the Minister and to the Board as may appear to him to be necessary or as the Minister or the Board may require.

Failure to furnish information to auditor

9. The auditor or any person authorised by him may require any person to furnish him with such information in the possession of that person or to which that person has access as the auditor considers necessary for the purposes of his functions under this Act.

Offence

10. Any person who fails without reasonable excuse to comply with any requirement of the auditor under paragraph 9 or who otherwise hinders, obstructs or delays the auditor in the performance of his duties or the exercise of his powers shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.

Financial statements and auditor’s report

11. The Board shall, as soon as the financial statements have been audited in accordance with the provisions of the Act, send to the Minister a copy of the audited financial statements, signed by the Chairman, together with a copy of the auditor’s report.

Copy of financial statements and auditor’s report to be forwarded to Auditor-General

12. Where the Auditor-General is not the auditor of the Board, a copy of the audited financial statements and any report made by the auditor shall be forwarded to the Auditor-General when they are submitted to the Board.

Financial statements and auditor’s report to be presented to Parliament

13. The Minister shall, as soon as practicable, cause a copy of the audited financial statements and of the auditor’s report to be presented to Parliament.”.

Miscellaneous amendments

11. The principal Act is amended —

(a)	by deleting the word “an” in sections 17(1)(f), 18(4) and 20(1) and substituting in each case the word “a”; and
(b)	by deleting the word “industrial” wherever it appears in sections 17(1)(a), (b), (c), (d), (e), (f), (i) and (n), 18(1) and (4), 19(b), (c), (d) and (e) and 20(1), (1)(b), (1)(c), 20(2), 20(3), 20(4), 20(6), 20(7) and 20(9)(e) and substituting in each case the word “business”.

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