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Bank accounts and application of moneys

International Enterprise Singapore Board Act

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—(1) The Board shall open and maintain an account or accounts with such bank or banks as the Board thinks fit.(2) Every account referred to in subsection (1) shall be operated as far as practicable upon by cheque signed by such person or persons as may from time to time be authorised in that behalf by the Board.(3) The moneys of the Board shall be applied only in payment or discharge of the expenses, obligations and liabilities of the Board and in making any payment that the Board is authorised or required to make.(4) The Board may —(a)invest its moneys in such securities and other investments as it thinks fit, including the deposit of moneys with financial institutions and other business or professional bodies; and(b)engage in any financial activity or participate in any financial arrangement for the purpose of managing or hedging against any financial risk that arises or is likely to arise from such investment.(5) There shall from time to time be paid into the accounts of the Board —(a)all charges and fees collected by the Board under this Act and the Regulation of Imports and Exports Act (Cap. 272A);(b)all moneys derived from the operations of the Board; and(c)all grants, donations, loans and interests from investments and other moneys received by the Board. [15

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