Economic Development Board (Amendment) Bill

Bill No. 16/1972

Read the first time on 7th March 1972.

An Act to amend the Economic Development Board Act (Chapter 189 of the 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, 1972, and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Repeal and re-enactment of section 4

2. Section 4 of the Economic Development Board Act (hereinafter in this Act referred to as “the principal Act”) is hereby repealed and the following substituted therefor: —

“Chairman of the Board

4. The Minister shall appoint a Chairman of the Board who shall, subject to the provisions of this Act, hold office for such period and on such terms as the Minister may determine.”.

Amendment of section 21

3. Section 21 of the principal Act is hereby amended —

(a)

by deleting subsection (1) thereof and by substituting therefor the following: —

“(1) The Board shall prepare in respect of each financial year ending on the 31st day of March a statement of account in a form approved by the Minister.

(2) For the purposes of this Act, “financial year” means a period of twelve months ending on the 31st day of March in any year:

Provided that for the year 1969 the financial year shall be deemed to mean the period of fifteen months commencing on the 1st day of January 1969 and ending on the 31st day of March 1970.

(3) The statement of account referred to in subsection (1) of this section shall be audited by a qualified auditor to be appointed in respect of each financial year by the Minister, and the auditor shall make a report on the accounts examined by him.”;

(b)

by deleting the expression “(1)” appearing in subsections (2) and (3) thereof and substituting therefor in each case the expression “(3)”; and

(c)

by renumbering the existing subsections (2) and (3) thereof as subsections (4) and (5) respectively.

Repeal and re-enactment of section 22

4. Section 22 of principal Act is hereby repealed and the following substituted therefor: —

“Annual report

22. So soon as may be after the 1st day of April in each year but not later than the 30th day of September in each year unless expressly authorised in writing by the Minister, the Board shall prepare a report of its operations in the preceding year and shall send a copy of such report to the Minister who shall present a copy of every such report to Parliament.”.

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