Moneys recovered or collected by Council – Singapore property for sale

Moneys recovered or collected by Council – Singapore property for sale

19.—(1) Subject to subsection (2), all moneys recovered by the Council, and fees and charges collected under this Act shall be paid into and form part of the moneys of the Council. Singapore property for sale.

(2) All composition sums and financial penalties collected under this Act shall be paid into the Consolidated Fund. 

Grants – Singapore property for sale

20. For the purpose of enabling the Council to perform its functions and discharge its duties under this Act or any other written law, the Minister may, from time to time, make grants to the Council of such sums of money as the Minister may determine, out of moneys to be provided by Parliament.

Power to borrow

21.—(1) For the performance of its functions or discharge of its duties under this Act or any other written law, the Council may, from time to time, raise loans from the Government or, with the approval of the Minister, raise loans within or outside Singapore from such source as the Minister may direct by —
(a) mortgage, overdraft or other means, with or without security;
(b) charge, whether legal or equitable, on any property vested in the Council or on any other revenue receivable by the Council under this Act or any other written law; or
(c) the creation and issue of debentures, bonds or any other instrument as the Minister may approve.
(2) For the purposes of this section, the power to raise loans shall include the power to make any financial agreement whereby credit facilities are granted to the Council for the purchase of goods, materials or things. Singapore property for sale.

Issue of shares, etc.

22. As a consequence of the vesting of any property, rights or liabilities of the Government in the Council under this Act, or of any capital injection or other investment by the Government in the Council in accordance with any written law, the Council shall issue such shares or other securities to the Minister for Finance as that Minister may, from time to time, direct. Singapore property for sale.

Source: Estate Agents Act (EAA)

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