Monetary Authority of Singapore Bill

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1 Short title and commencement

3 Establishment of the Authority

4 Principal objects of the Authority

5 Authorised capital

6 General Reserve Fund

7 Board of directors

8 Appointment of directors

9 Appointment of managing director

10 Disqualification of directors

11 Vacancies in the office of director

12 Meetings and decisions of the board

13 Director’s interest in contract to be made known

14 Preservation of secrecy

15 Remuneration not to be related to profits

17 List of posts and appointment of employees

18 Transfer of employees

19 Pension schemes, provident fund, etc

20 No entitlement in respect of abolition or re-organisation of office

21 Transfer of functions, powers, duties, assets and liabilities, etc., to the Authority

22 Powers, duties and functions of the Authority

23 Investment of funds

24 Authority as a banker to, and financial agent of, the Government and manager of its external assets

27 Authority’s financial year

29 Preparation and publication of annual accounts and annual report

30 Borrowing from Authority by officers and employees

31 Power to appoint attorney

32 Exemption from taxes, fees and levies

33 Validity of acts and transactions of Authority

34 Guarantee by Government

35 Fiat of Attorney-General

37 Power of Authority to make regulations

38 Preliminary acts and expenses

39 Operation of Act not to affect the Currency Act, 1967

40 Transitional provisions

Monetary Authority of Singapore Bill

Bill No. 30/1970

Read the first time on 22nd July 1970.

An Act to establish a corporation to be known as the Monetary Authority of Singapore and to provide for the transfer to the corporation of certain functions and assets of the Government and for matters incidental thereto and connected therewith.

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

PART I

PRELIMINARY

Short title and commencement

1.—(1) This Act may be cited as the Monetary Authority of Singapore Act, 1970, and shall come into operation on such date as the President may, by notification in the Gazette, appoint.

(2) The President may appoint different dates for the coming into operation of the different Parts or provisions of this Act.

Interpretation

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

“Authority” means the Monetary Authority of Singapore established under section 3 of this Act;

“bank” means a bank licensed under the Banking Act, 1970 (Act of 1970);

“board” means the board of directors of the Authority;

“director” means a director appointed under subsection (1) of section 8 of this Act and the chairman of the board, the deputy chairman and the Accountant-General;

“managing director” means a director appointed under subsection (1) of section 9 of this Act;

“Minister” means the Minister charged with the responsibility for finance.

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