Development Loan Ordinance

Bill No. 129/1961

Read the first time on 1st March 1961.

An Ordinance to authorise a sum of four hundred million dollars to be raised by way of loan for the purposes of the Development Fund.

Be it enacted by the Yang di-Pertuan Negara with the advice and consent of the Legislative Assembly of Singapore, as follows: —

PART I

PRELIMINARY

Short title and commencement

1.—(1) This Ordinance may be cited as the Development Loan Ordinance, 1961, and shall come into operation on such date as the Minister may by notification in the Gazette appoint.

(2) The Minister may appoint different dates for the coming into operation of different provisions of this Ordinance.

Interpretation

2. In this Ordinance, unless the context otherwise requires —

“advance deposits” means such deposits as are received under the provisions of subsection (1) of section 17 of this Ordinance;

“Bank” means the Bank appointed under section 11 of this Ordinance;

“Crown Agents” means the Crown Agents for Oversea Governments and Administrations in England;

“local stock” means any stock issued in Singapore under this Ordinance or under any of the written laws set out in the Schedule to this Ordinance;

“trustee stock” means any of the securities mentioned in section 4 of the Trustees Ordinance (Cap. 34);

“Treasury” has the meaning assigned to it in the Financial Procedure Ordinance, 1959 (Ord. 39 of 1959).

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