Developmental Investment Fund Bill

Bill No. 4/2000

Read the first time on 17th January 2000.

An Act to establish a Developmental Investment Fund and to define its purposes, to authorise the raising of loans for the Developmental Investment Fund and for matters connected therewith, and to make consequential amendments to the Development Fund Act (Chapter 80 of the 1995 Revised Edition) and the External Loans Act (Chapter 102 of the 1985 Revised Edition).

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. This Act may be cited as the Developmental Investment Fund Act 2000 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Interpretation

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

“developmental purpose” means —

(a)	to promote, assist in or facilitate the establishment, development or expansion of any industry or class of business enterprise that will enhance, directly or indirectly, economic growth and employment opportunities in Singapore, that enjoys good export market prospects or that will enhance Singapore’s international competitiveness;
(b)	to construct, improve, extend or replace any buildings, building or engineering works, plant, machinery, equipment or other infrastructure required in respect of or connected with the economic development or general welfare of Singapore;
(c)	to reclaim or develop any land in Singapore or to commercially exploit or apply any scientific knowledge or technology; or
(d)	to promote, assist or facilitate any research, survey, investigation or other work preparatory to any purpose referred to in paragraph (a), (b) or (c);

“financial year”, in relation to the Fund, means a period of 12 months ending on 31st March in any year;

“Fund” means the Developmental Investment Fund established under section 3;

“invest” includes entering into a transaction or an arrangement for the protection or enhancement of investments;

“Minister” means the Minister responsible for finance;

“property” means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description;

“public authority” means any board or authority established by or under any written law to perform or discharge any public function;

“responsible Minister” has the meaning assigned to it in section 6(1);

“securities” includes shares, inscribed stock, debentures, bonds, debenture stock, notes or any other document creating, evidencing or acknowledging indebtedness;

“sinking fund” means any sinking fund created under section 15.

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