Economic Development Board (Amendment) Bill

Bill No. 14/1966

Read the first time on 23rd February 1966.

An Act to amend the Economic Development Board Ordinance, 1961 (No. 21 of 1961).

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

Short title and commencement

1.—(1) This Act may be cited as the Economic Development Board (Amendment) Act, 1966, and with the exception of section 5, shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

(2) Section 5 shall be deemed to have come into operation on the 1st day of August 1961.

Amendment of section 2

2. Section 2 of the Economic Development Board Ordinance, 1961 (hereinafter in this Act referred to as “the Ordinance”) is hereby amended —

(a)

by inserting immediately after the definition of “Board” appearing therein the following new definition: —

“ “goods, materials or things” includes capital or consumer goods of every description, including aircraft, ships, machinery, food and drugs;”; and

(b)

by deleting the definition of “industrial enterprise” appearing therein and substituting therefor the following: —

“ “industrial enterprise” means any sole proprietorship, partnership, company or co-operative society wherever registered or incorporated under any law for the time being in force relating to companies, co-operative societies or businesses and engaged in or proposing to engage in any one or more of the following purposes or functions: —

(a)

manufacture and sale of goods, materials or things or the subjection of goods, materials or things to any process, including that of repairs, breaking-up, re-conditioning or maintenance;

(b)

the exploration for, and exploitation of, natural resources, including —

(i)	the working of a mine, quarry or any other source of mineral deposits; or
(ii)	the treatment or preparation for sale, consumption or use, and the storage or removal, of any substance from any mine, quarry or other source of mineral deposits;

(c)

transport, dock, water or electricity undertaking, including the business of wharfingers and stevedores;

(d)

the storage of goods, materials or things;

(e)

the working of a plantation;

(f)

fishing; and

(g)

the business of a tourist enterprise as defined in the Tourist Promotion Board Ordinance, 1963 (Ord. 35 of 1963);”.

Amendment of section 5

3. Subsection (5) of section 5 of the Ordinance is hereby deleted and the following substituted therefor: —

“(5) The Minister may appoint any member of the Board to be Deputy Chairman of the Board and if for any reason the Chairman is absent or unable to act or the office of Chairman is vacant, the Deputy Chairman may exercise all or any of the powers conferred, or perform all or any of the duties imposed, on the Chairman under this Ordinance.”.

Amendment of section 9

4. Paragraph (a) of subsection (3) of section 9 of the Ordinance is hereby amended by inserting immediately after the word “Board” appearing in the last line thereof the expression “, unless he has a beneficial interest in shares of that company and the total nominal value of these shares exceeds ten thousand dollars or one-tenth of the total nominal value of the issued share capital of the company whichever is the less”.

New section 9A

5. The Ordinance is hereby amended by inserting immediately after section 9 thereof the following new section: —

“Rules for establishment of pension or provident fund scheme

9A.—(1) Subject to the approval of the Minister, the Board may make rules for the establishment of a scheme or schemes for the payment of pensions, gratuities, provident fund or other superannuation benefits to such officers or classes of officers of the Board, as it may determine, on their death or retirement from the service of the Board or on their otherwise leaving the service of the Board.

(2) The following provisions shall apply to any scheme established under this section: —

(a)	no assurance on the life of any contributor under any such scheme, and no moneys or other benefits payable under any such assurance, and no payment made under any such scheme to any person who has been employed by the Board, shall be assignable or transferable, or liable to be garnished, attached, sequestered or levied upon for or in respect of any debt or claim whatsoever other than a debt due to the Board or to the Government;
(b)	no donation by the Board or contribution by its officers made under any such scheme and no interest thereon shall be assignable or transferable or liable to be garnished, attached, sequestered or levied upon for or in respect of any debt or claim whatsoever other than a debt due to the Board or to the Government;
(c)	no such donation, contribution or interest shall be subject to the debts of the contributor, nor shall such donation, contribution or interest pass to the Official Assignee on the bankruptcy of such contributor, but, if such contributor is adjudicated a bankrupt or is declared insolvent by a court, such donation, contribution or interest shall, subject to the provisions of this Ordinance, be deemed to be subject to a trust in favour of the persons entitled thereto on the death of the contributor;
(d)	the bankruptcy of a contributor shall not affect the making of deductions from the salary of the contributor in accordance with any such scheme, but such deductions shall continue to be made notwithstanding the provisions of any written law, and the portion of salary so deducted shall not be deemed to form part of his after-acquired property;
(e)	subject to the provisions of any such scheme, all moneys paid or payable under any such scheme on the death of a contributor shall be deemed to be subject to a trust in favour of the persons entitled thereto under the will or intestacy of such deceased contributor, or under a nomination in such form as may be prescribed in such scheme, and shall not be deemed to form part of his estate or be subject to the payment of his debts but shall be deemed to be property passing on his death for the purposes of the Estate Duty Ordinance (Cap. 162);
(f)	any contributor may, by a memorandum under his hand, appoint a trustee or trustees of the moneys payable on his death out of any such scheme and may make provision for the appointment of a new trustee or new trustees of such moneys and for the investment thereof; such memorandum shall be in the form prescribed in such scheme and shall be deposited with the Board;
(g)	if at the time of the death of any contributor or at any time afterwards, there is no trustee of such moneys or it is expedient to appoint a new trustee or new trustees, then and in any such case a trustee or trustees or a new trustee or trustees may be appointed by the High Court or a Judge thereof; and
(h)	the receipt of a trustee or trustees duly appointed, or in default of any such appointment and of written notice thereof to the Board, the receipt of the legal personal representative of a deceased contributor shall be a discharge to the Board for any moneys payable on his death out of any such scheme.”.

New sections 9B, 9C and 9D

6. The Ordinance is hereby amended by inserting immediately after section 9A thereof the following new sections: —

“Appointment of committees and delegation of powers

9B.—(1) The Board may, in its discretion, appoint from among its own members or other persons who are not members of the Board such number of committees consisting of members or other persons or members and other persons for purposes which, in the opinion of the Board, would be better regulated and managed by means of such committees.

(2) The Board may, subject to such conditions or restrictions as it thinks fit, delegate to any such committee or the Chairman or the Director all or any of the powers, functions and duties by this Ordinance vested in the Board, except the power to borrow money or to raise loans by the issue of bonds and debentures; and any power, function or duty so delegated may be exercised or performed by such committee or the Chairman or the Director, as the case may be, in the name and on behalf of the Board.

(3) The Board may, subject to such conditions or restrictions as it thinks fit, delegate to any employee thereof all or any of the Board’s functions and duties by this Ordinance vested in the Board, except the power to borrow money or to raise or grant loans or advances to or subscribe to or underwrite the issue of stocks, shares, bonds or debentures of industrial enterprises; and any power, function or duty so delegated may be exercised or performed by such employee in the name and on behalf of the Board.

(4) The Board may continue to exercise any power conferred upon it, or perform any function or duty under this Ordinance, notwithstanding the delegation of such power, function or duty under the provisions of this section.

Protection from personal liability

9C.—(1) No matter or thing done and no contract of any kind entered into by the Board and no matter or thing done by any member of the Board or by any employee thereof or any other person whomsoever acting under the direction of the Board shall, if the matter or thing was done or the contract was entered into bona fide for the purpose of executing the provisions of this Ordinance, subject any such member or employee or any person acting under the direction of the Board personally to any action, liability, claim or demand whatsoever in respect thereof.

(2) Any expense incurred by the Board or any member, employee or other person so acting under the direction of the Board shall be borne by and repaid out of the funds of the Board.

Members and officers of the Board deemed to be public servants

9D. The members of the Board and the employees thereof, of every description, shall be deemed to be public servants within the meaning of the Penal Code (Cap. 119).”.

Repeal and re-enactment of section 11

7. Section 11 of the Ordinance is hereby repealed and the following substituted therefor: —

“Borrowing powers

11.—(1) The Board may, from time to time, for the purposes of this Ordinance raise loans —

(a)	from the Government; or
(b)	with the consent of the Minister and subject to the provisions of any written law, within or otherwise than within Singapore, by the creation and issue of debentures, stocks or bonds or otherwise.

(2) The Board shall pay interest on such loans at such rate and at such times, and shall make such provisions for the mode and time or times or repayment of principal, as may be approved by the Minister:

Provided that approval of the Minister shall not be required, under the provisions of this subsection, for the rate of interest to be paid on a loan by means of a financial agreement, whereby credit facilities are granted for the purchase of goods, materials or things.

(3) The Board may, from time to time, borrow by way of temporary loan or overdraft from a bank or otherwise, any sum which it may temporarily require —

(a)	for the purpose of defraying expenses pending the receipt of revenues receivable by it in respect of the period of account in which those expenses are chargeable; or
(b)	for the purpose of defraying, pending the receipt of money due in respect of any loan authorised to be raised under the provisions of subsection (1), expenses intended to be defrayed by any such loan.

(4) Bonds and debentures of the Board shall be guaranteed by the Government as to the repayment of principal and the payment of interest at such rate as may be approved by the Minister under the provisions of subsection (2).

(5) For the purposes of subsection (1), the power to raise loans shall include the power to make any financial agreement whereby credit facilities are granted to the Board for the purchase of goods, materials or things.”.

Amendment of section 12

8. Section 12 of the Ordinance is hereby amended —

(a)

by renumbering the existing section as subsection (1);

(b)

by deleting the word “and” appearing at the end of paragraph (k) of subsection (1) thereof and by inserting immediately thereafter the following new paragraphs: —

“(l)	to provide and maintain, either within Singapore or otherwise, housing accommodation, including convalescent or holiday houses for employees of the Board; to provide and maintain for such employees clubs and playing fields and to provide educational facilities for them; to grant loans to such employees, or to act as guarantor for loans taken by them, to enable them to purchase their own houses and vehicles; and to award scholarships or to give loans to such employees to obtain professional, technical or other training;
(m)	with the written approval of the Minister, to award compensation to any person sustaining any damage by reason of the exercise of any of the powers, under this Ordinance, by the Board or by any employee thereof;
(n)	to act as agents for any industrial enterprise;
(o)	to carry out experimental work and to conduct, promote and encourage the study of, and research in, matters connected with any of the Board’s purposes and functions;
(p)	from time to time to invest any of the funds of the Board in securities authorised for the investment of trust funds by any written law for the time being in force, and, with the approval of the Minister, in other securities, within or otherwise than within Singapore;
(q)	with the concurrence of the Housing and Development Board, to finance or carry out or assist in carrying out any scheme in connection with urban redevelopment; and”;

(c)

by relettering the existing paragraph (1) of subsection (1) thereof as paragraph (r); and

(d)

by inserting immediately after subsection (1) thereof the following new subsections: —

“(2) The Board may, in addition to the powers vested in it by subsection (1), exercise such other powers as the Minister may authorise the Board in writing to exercise.

(3) The Board shall, when it is exercising powers authorised by the Minister under subsection (2), be deemed to be exercising powers vested in it by subsection (1).”.

Repeal and re-enactment of section 20

9. Section 20 of the Ordinance is hereby repealed and the following substituted therefor: —

“Special provisions as to purchase by or sale to the Board of land, etc.

20. For the purpose of the registration of any assurance pertaining to the sale or the purchase by the Board of any land, the mortgage of such land or the reconveyance or discharge of such mortgage —

(a)	in the case of land registered under the provisions of the Registration of Deeds Ordinance (Cap. 255), the provisions of section 12 of the said Ordinance shall not apply; and
(b)	in the case of land registered under the provisions of the Land Titles Ordinance, 1956 (Ord. 21 of 1956), where a solicitor is not employed by the Board, a certificate of an officer of the Board shall be sufficient for the purposes of subsection (3) of section 44 of the Land Titles Ordinance, 1956. ”.

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