Certificates (Winding Up) Ordinance

Bill No. 146/1961

Read the first time on 24th May 1961.

An Ordinance to make provision for the winding up of the Victory Savings Certificates Fund and of the issue of Victory Savings Certificates and for matters incidental thereto.

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

Short title and commencement

1.—(1) This Ordinance may be cited as the Certificates (Winding Up) Ordinance, 1961, and, with the exception of sections 9 and 10 of this Ordinance, shall come into operation on such date as the Yang di-Pertuan Negara may, by notification in the Gazette, appoint.

(2) The Yang di-Pertuan Negara shall, after the requirements of section 7 of this Ordinance have been complied with, by notification in the Gazette appoint a date for the coming into operation of sections 9 and 10 of this Ordinance.

Interpretation

2. Expressions used in this Ordinance shall, unless the contrary intention appears, have the same meanings as in the Victory Savings Certificates Ordinance, 1946 (Ord. 33 of 1946) (hereinafter in this Ordinance referred to as the “principal Ordinance”).

Bar to legal proceedings against Government and Government officers, etc

3. From and after the coming into operation of this Ordinance, no suit, action or legal proceedings shall lie, be instituted or maintained against the Government or any officer, servant or agent of the Government in respect of any payment relating or incidental to the expenses of the Fund or the issue or repayment of Certificates or any payment of principal or interest due thereon or any expenditure incurred in connection with the operation or winding up of the Fund.

Restrictions on application of Fund

4. From and after the coming into operation of this Ordinance —

(a)	no further sum of money shall be raised or borrowed by the issue of Certificates;
(b)	no further sum of money shall be appropriated out of the Consolidated Fund or advanced out of the Postal Deposit Account to meet any payment due from or by the Fund or in connection with the issue or repayment of Certificates or payment of any interest thereon; and
(c)	the existing assets of the Fund, whether kept in hand or invested in securities, shall not be applied in the payment of any expenditure relating or incidental to the repayment of Certificates or the payment of any interest due thereon except to the extent and in the manner hereinafter provided.

Application of Fund and transfer of assets

5.—(1) The Minister shall, not later than six months after the coming into operation of this Ordinance, convert into cash all the assets of the Fund as do not consist of cash, and shall apply the proceeds of such conversion and all other cash in hand —

(a)	in payment of the expenses of or incidental to the issue and redemption of the Certificates issued under the principal Ordinance;
(b)	subject to the aforesaid payments, after giving due notice to holders of unredeemed certificates, in repayment of the principal and payment of the interest due on such Certificates; and
(c)	subject to all the aforesaid payments, in payment of all the expenses of or incidental to the operation of the principal Ordinance and this Ordinance and to the winding up of the Fund:

Provided that if, upon the expiry of such period of six months, there shall be any dispute in relation to any such payment or repayment or if any such payment or repayment be outstanding, the Minister may pay into court the amount of such payment or repayment as the case may be or make such other provision for such payment or repayment as he thinks fit, and, subject thereto, shall deposit with or assign to the Accountant-General the balance, if any, of the Fund and any assets pertaining thereto which may remain in his custody or control.

(2) Any assets of the Fund which may come into the custody or control of the Minister after the date of the coming into operation of this Ordinance shall be deposited with or assigned to the Accountant-General as the case may be.

Disposal of balance of Fund

6. The balance of the Fund and any assets pertaining thereto which have been deposited or assigned to the Accountant-General in accordance with the provisions of section 5 of this Ordinance shall be paid into the Consolidated Fund.

Accounts

7. As soon as may be after the Fund has been applied in accordance with the provisions of subsection (1) of section 5 of this Ordinance, the accounts of the transactions made —

(a)	under the provisions of the principal Ordinance for the period commencing on the 1st day of January 1961 up to the date of the coming into operation of this Ordinance; and
(b)	in accordance with the provisions of section 5 of this Ordinance,

shall, after being audited and certified by the Director of Audit, be published in the Gazette.

Disposal of documents

8.—(1) The Minister, or such other person as he may nominate, shall dispose by destruction or otherwise of the records, books and papers in the custody of the Minister relating to the Certificates or the Fund or any matter connected therewith in such manner as the Minister may direct.

(2) No suit, action or other legal proceedings shall lie, be instituted or maintained against any person in respect of any such disposal effected in accordance with the provisions of subsection (1) of this section.

Bar to legal proceedings in respect of Certificates

9.—(1) From and after the date appointed for the coming into operation of this section and notwithstanding any other written law or rule of law to the contrary, no person shall be entitled to claim from Her Majesty or the Government or any officer, servant or agent of Her Majesty or of the Government in respect of any Certificate, and no suit, action or other legal proceedings shall lie or be maintained in respect of such claims in any court or before any tribunal or body established by any written law.

(2) Any decision of the Minister that any claim is or is not in respect of Certificates shall be conclusive evidence that the relative Certificates in respect of which such claim was made are or are not Certificates.

Indemnity

10. From and after the date appointed for the coming into operation of this section, no suit, action or other legal proceedings shall lie against the Government or any officer, servant or agent of the Government or against any person in respect of any act done or omitted to be done or any breach of trust committed in good faith after the 1st day of January 1962, in relation to the administration or management of the Fund or of the assets of the Fund, whether the same be done negligently or not or under a mistake of fact or of law.

Repeal

11. Upon the date of the coming into operation of sections 9 and 10 of this Ordinance, the principal Ordinance shall be repealed.

Saving

12. Nothing in this Ordinance shall affect the rights of Her Majesty or of the Government.

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