Bank account for the Council – Singapore property for rent

Bank account for the Council – Singapore property for rent

23.—(1) The Council shall open and maintain one or more accounts with such bank or banks as the Council thinks fit. Singapore property for rent.

(2) Every such account shall be operated by such person as may, from time to time, be authorised in that behalf by the Council. 

Application of moneys

24. The moneys of the Council shall be applied only in payment or discharge of the expenses, obligations and liabilities of the Council and in making any payment that the Council is authorised or required to make. Singapore property for rent.

Investment power – Singapore property for rent

25. The Council may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act (Cap. 1).

Financial provisions

26. The financial provisions set out in the Second Schedule shall have effect with respect to the Council.

Annual report

27.—(1) The Council shall, as soon as practicable after the end of each financial year, cause to be prepared and transmitted to the Minister a report dealing generally with the activities of the Council during the preceding financial year and containing such information relating to the proceedings and policy of the Council as the Minister
may, from time to time, direct.

(2) The Minister shall, as soon as practicable, cause a copy of every such report to be presented to Parliament. Singapore property for rent.

Estate agents to be licensed

28.—(1) Subject to this Act, no person shall —
(a) exercise or carry on or advertise, notify or state that he exercises or carries on, or is willing to exercise or carry on, the business of doing estate agency work as an estate agent;
(b) act as an estate agent; or
(c) in any way hold himself out to the public as being ready to undertake, whether or not for payment or other remuneration (whether monetary or otherwise), estate agency work as an estate agent, unless he is a licensed estate agent.

(2) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000, or to imprisonment for a term not exceeding 3 years or to both, and in the case of a continuing offence, to a further fine not
exceeding $7,500 for every day or part thereof during which the offence continues after conviction. Singapore property for rent.

(3) No fee, commission or reward in relation to anything done by a person in respect of an offence under this section shall be recoverable in any action, suit or matter by any person whomsoever.

Source: Estate Agents Act (EAA)

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