Source: http://statutes.agc.gov.sg/aol/search/display/printView.w3p;ident=48b782c2-ff07-465d-b0e3-62dd7c7edd72;orderBy=date-rev,loadTime;page=0;query=DocId%3A%228cde6c10-335e-4415-b97a-62aa88a1be3f%22%20Status%3Ainforce%20Depth%3A0;rec=0
Timestamp: 2013-05-18 11:51:42
Document Index: 476459679

Matched Legal Cases: ['art30', 'art30', 'art30', 'art30', 'art30', 'art30']

Singapore Statutes Online - 186
- Monetary Authority of Singapore Act
Monetary Authority of Singapore Act(CHAPTER 186)Long TitlePart I PRELIMINARY1 Short title2 InterpretationPart II ESTABLISHMENT, CAPITAL AND ADMINISTRATION OF AUTHORITY3 Establishment of Authority4 Principal objects and functions of Authority5 Paid-up capital6 General Reserve Fund7 Board of directors8 Appointment of directors9 Appointment of managing director10 Disqualification of directors11 Vacancies in office of director11A Presidential concurrence12 Meetings and decisions of board13 Director’s interest in contract to be made known13A Appointment of committees and delegation of powers13B Appointment of assistants14 Preservation of secrecy15 Remuneration not to be related to profits16 Public servants and public officersPart III PROVISIONS RELATING TO STAFF, ETC17 Appointment of employees18 Transfer of employees19 Pension schemes, provident fund, etc.20 No entitlement in respect of abolition or reorganisation of office21 (Repealed)22 Immunity of Authority, directors and employees, etc.Part IV POWERS, DUTIES AND FUNCTIONS OF AUTHORITY23 Powers, duties and functions of Authority24 Investment of funds25 Authority as a banker to, and financial agent of, Government and manager of its external assets26 Special loans to banks, financial institutions, etc.27 Power to issue directions to financial institutions27A Directions or regulations to discharge Government’s international obligations27B Directions or regulations to prevent money laundering and terrorism financing28 Power to approve financial institutions and control their operations28A Power of Authority in relation to dispute resolution schemes28B Corporate offenders and unincorporated associations29 Fees29A Real-time gross settlement system30 AgentsPart IVA CONTROL OVER FINANCIAL INSTITUTIONS30AA Application and interpretation of this Part30AAA Information of insolvency, etc.30AAB Action by Authority if relevant financial institution unable to meet obligations, etc.30AAC Effect of assumption of control under section 30AAB30AAD Duration of control30AAE Responsibilities of officers, member, etc., of relevant financial institution30AAF Remuneration and expenses of Authority and others in certain cases30AAG Voluntary transfer of business of relevant financial institution30AAH Approval of transfer of business of relevant financial institution30AAI Disqualification or removal of director or executive officer of relevant financial institution30AAJ Power of Authority to make regulations for this PartPart IVB RESOLUTION OF FINANCIAL INSTITUTIONSDivision 1  General provisions30AAK Interpretation of this Part30AAL Exercise of powers under Divisions 2, 3 and 4 of this Part30AAM Directions or regulations concerning persons that have ceased to be specified financial institutions30AAN Directions and notices issued under Act or written laws in Schedule to continue to apply to persons who cease to be specified financial institutions30AAO Moratorium30AAP General provisions as to winding up30AAQ Power of Court to take action against directors and executive officersDivision 2  Compulsory transfer of business of pertinent financial institution30AAR Interpretation of this Division30AAS Compulsory transfer of business30AAT Certificate of transfer30AAU Moratorium, avoidance of disposition of property, etc.Division 3  Compulsory transfer of shares of pertinent financial institution30AAV Interpretation of this Division30AAW Compulsory transfer of shares30AAX Certificate of transferDivision 4  Compulsory restructuring of share capital of pertinent financial institution30AAY Interpretation of this Division30AAZ Compulsory restructuring of share capital30AAZA Certificate of restructuring of share capitalDivision 5  Assistance to foreign resolution authorities and domestic authorities30AAZB Interpretation of this Division30AAZC Conditions for provision of assistance to foreign resolution authority30AAZD Other factors to consider for provision of assistance to foreign resolution authority30AAZE Assistance that may be rendered to foreign resolution authority30AAZF Assistance to domestic authority30AAZG Offences under this Division30AAZH Immunity for furnishing material, etc.Division 6  Miscellaneous30AAZI Notices to significant associated entities of specified financial institutions30AAZJ Modification of law of insolvency30AAZK Power to obtain information under this Part30AAZL Immunity for officer of specified financial institution or significant associated entity30AAZM Cessation of moratorium, etc., under this Part30AAZN Regulations for this PartPart V FINANCIAL SECTOR DEVELOPMENT FUND30A Establishment of Financial Sector Development Fund30B Objects of Fund and expenditure of moneys of Fund30C Investment30D Financial provisionsPart VA BOOK-ENTRY SECURITIES ISSUED BY AUTHORITY30E Interpretation of this Part30F Issue of book-entry MAS securities30G Transfers and pledges effected by Authority under book-entry clearing system30H Transfers and pledges effected by other means30I Authority to be discharged by action on instructions30J Confirmation of transaction30K Payment of interest30L Redemption of book-entry MAS securities30M Early redemption30N Invitation to take up book-entry MAS securities and refusal of application30O Securities lending arrangements30P Power of Authority to make regulations for this PartPart VB PRIMARY DEALERS FOR SECURITIES ISSUED BY AUTHORITY30Q Appointment as primary dealer30R Conditions of appointment as primary dealer30S Directions to primary dealers30T Cancellation, etc., of appointment as primary dealer30U Appeal to Minister30V Inspection of books30W Power of Authority to make regulations for this PartPart VI MISCELLANEOUS31 Statistics32 Authority’s financial year32A Budget33 Audit34 Preparation and publication of financial statements and annual report35 Borrowing from Authority by employees36 Power to appoint attorney37 Validity of acts and transactions of Authority38 Guarantee by Government39 Consent of Public Prosecutor39A Legal officer of Authority may act for Authority in civil proceedings40 (Repealed)41 Jurisdiction of District Court41A Composition of offences41B Recovery of fees, expenses, etc.41C Exemption42 Power of Authority to make regulations relating to objects and purposes of Act43 Operation of Act not to affect Currency Act
Written LawsLegislative HistoryComparative Table
FINANCIAL SECTOR DEVELOPMENT FUNDEstablishment of Financial Sector Development Fund30A.—(1) There shall be established a fund to be called the Financial Sector Development Fund (referred to in this Part as the Fund) which shall, subject to the directions of the Minister, be controlled and administered by the Authority. [27/99](2) The Fund shall consist of —
(a)such proceeds raised in connection with the sale of the transferee holding company’s shares as is referred to in section 10 of the Exchanges (Demutualisation and Merger) Act 1999 (Act 27 of 1999);
(b)all moneys contributed by the Government to the Fund;
(c)all donations and gifts accepted by the Authority for the Fund; and
(d)any interest, dividend and other income derived from the investment of the moneys in the Fund. [27/99](3) The Fund shall be used for the objects and purposes set out in section 30B and shall be deemed not to be a fund of the Authority for the purposes of any written law. [27/99]Objects of Fund and expenditure of moneys of Fund30B.—(1) The objects for which moneys of the Fund may be applied are as follows:
(a)the promotion of Singapore as a financial centre;
(b)the development and upgrading of skills and expertise required by the financial services sector;
(c)the development and support of educational and research institutions, research and development programmes and projects relating to the financial services sector; and
(d)the development of infrastructure to support the financial services sector in Singapore. [27/99](2) In carrying out the objects of the Fund, the Authority may, from time to time, authorise moneys of the Fund to be paid out and expended for all or any of the following purposes carried out in Singapore or elsewhere:
(a)establishing or expanding facilities or assisting in the maintenance of facilities for training courses and training programmes designed to promote the skills or expertise for purposes consistent with the objects of the Fund;
(b)the provision of scholarships, grants, subsidies, rebates, loans or other financial assistance or incentives for purposes consistent with the objects of the Fund; and
(c)such other purposes not inconsistent with the objects of the Fund as the Minister may approve. [27/99](3) The Authority may also authorise moneys of the Fund to be used to pay the following:
(a)all claims in satisfaction of any indemnity or warranty given by the Authority in relation to the sale of the transferee holding company’s shares as defined in the Exchanges (Demutualisation and Merger) Act 1999 (Act 27 of 1999);
(b)all expenses incurred by the Authority or its employees or agents in the administration of the Fund; and
(c)the fees referred to in section 30C(3). [27/99](4) The Minister may, from time to time, approve the payment of such sums in the Fund to the Consolidated Fund as the Minister may determine. [27/99]Investment30C.—(1) The Authority may invest the moneys of the Fund in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act (Cap. 1).[45/2004 wef 15/12/2004](2) The Authority may delegate all or any of its powers and functions under subsection (1) to any employee or agent as it may appoint. [27/99](3) The Authority may pay to any person appointed under subsection (2) a fee for any service rendered in exercise of any power and function delegated to that person under that subsection. [27/99]Financial provisions30D. Sections 32, 33 and 34 shall apply, with the necessary modifications, to the Authority in relation to its administration of the Fund. [27/99]