Development Loan (Amendment) Bill

Bill No. 8/1968

Read the first time on 9th May 1968.

An Act to amend the Development Loan Act, 1967 (No. 1 of 1967).

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 Development Loan (Amendment) Act, 1968, and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Amendment of section 2

2. Section 2 of the Development Loan Act, 1967 (hereinafter in this Act referred to as “the principal Act”) is hereby amended by inserting, immediately after the definition of “Bank” appearing therein, the following definition: —

“ “bearer bond” means a bearer bond issued under the provisions of this Act;”.

Amendment of section 3

3. Subsection (2) of section 3 of the principal Act is hereby amended by inserting, immediately after the word “stock” appearing in paragraph (a) thereof, the words “or bearer bonds”.

Amendment of section 4

4. Section 4 of the principal Act is hereby amended by inserting, immediately after the word “stock” appearing in the first line thereof, the words “or bearer bonds”.

Amendment of section 5

5. Section 5 of the principal Act is hereby amended by inserting, immediately after the word “stock” appearing in the second line thereof, the words “or bearer bonds”.

Amendment of heading to Part III

6. The heading to Part III of the principal Act is hereby amended by inserting, immediately after the word “STOCK” appearing at the end thereof, the words “AND TO BEARER BONDS”.

New section 9A

7. The principal Act is hereby amended by inserting, immediately after section 9 thereof, the following section: —

“Bearer bonds

9A.—(1) Bearer bonds issued under the provisions of this Act shall be issued by the Treasury upon such terms as may be approved by the Minister and shall be authenticated either by the signature of the Minister or by facsimile of such signature or in such manner as may be approved by the Minister.

(2) Every bearer bond shall, when issued, bind the Government to pay the bearer the principal sum mentioned in that bond and interest therein in accordance with the terms of the issue.

(3) Bearer bonds shall be transferable by delivery without endorsement.

(4) Bearer bonds shall be in such denominations as the Minister may direct.”.

Amendment of section 10

8. Section 10 of the principal Act is hereby amended by inserting, immediately after the word “stock” wherever it appears therein, the words “or bearer bonds”.

Amendment of heading to Part IV

9. The heading to Part IV of the principal Act is hereby amended by inserting, immediately after the word “STOCK” appearing therein, the words “AND BEARER BONDS”.

Amendment of section 12

10. Section 12 of the principal Act is hereby amended —

(a)	by inserting, immediately after the word “stock” appearing in the marginal note thereto, the words “and bearer bonds”; and
(b)	by inserting, immediately after the word “Stock” appearing in the first line thereof, the words “or bearer bonds”.

Amendment of section 13

11. Subsection (1) of section 13 of the principal Act is hereby amended by inserting, immediately after the word “stock” wherever it appears therein, the words “or bearer bonds”.

Amendment of section 14

12. Section 14 of the principal Act is hereby amended by inserting, immediately after the word “stock” wherever it appears therein, the words “or bearer bonds”.

Amendment of section 15

13. Section 15 of the principal Act is hereby amended by inserting, immediately after the word “stock” appearing in the third line thereof, the words “or bearer bonds”.

Amendment of section 16

14. Section 16 of the principal Act is hereby amended by inserting, immediately after the word “stock” wherever it appears therein, the words “or bearer bonds”.

Amendment of section 17

15. Section 17 of the principal Act is hereby amended by inserting, immediately after the word “stock” wherever it appears therein, the words “or bearer bonds”.

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