Timber Export Industry Board (Incorporation) (Amendment) Bill

Bill No. 13/1972

Read the first time on 7th March 1972.

An Act to amend the Timber Export Industry Board (Incorporation) Act (Chapter 203 of the Revised Edition).

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows: —

Short title

1. This Act may be cited as the Timber Export Industry Board (Incorporation) (Amendment) Act, 1972.

New section 20A

2. The Timber Export Industry (Incorporation) Board Act is hereby amended by inserting immediately after section 20 thereof the following new section: —

“Power to invest

20A.—(1) The Board may from time to time invest any part of the Fund, not immediately required to be expended in the meeting of the obligations or in the discharge of the functions of the Board, in investments or securities authorised for the investment of trust funds by any written law for the time being in force.

(2) Notwithstanding the provisions of subsection (1) of this section, the Minister may direct the Board to invest any such part of the Fund in such of the investments or securities mentioned in subsection (1) of this section as he may think fit.”.

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