ECONOMIC DEVELOPMENT BOARD (AMENDMENT) BILL

3.14 p.m.

First Reading

Certificate of Urgency signed by the President in respect of the Bill, laid upon the Table by the Minister for Finance.

The Minister for Finance (Mr Hon Sui Sen): Mr Speaker, Sir, I beg to introduce a Bill intituled "An Act to amend the Economic Development Board Act (Chapter 189 of the Revised Edition)".

Bill read the First time.

Printed copies of the Bill distributed to Members.

Second Reading

Mr Hon Sui Sen: Mr Speaker, Sir, beg to move, "That the Bill be now read a Second time."

Mr Speaker, Sir, the financial year of the Economic Development Board -under the law is the calendar year. In 1969, however, when the Government changed its financial year from the calendar year to 1st April - 31st March, the Board did likewise because it is wholly dependent on Government funds for its operation, and adopting a similar accounting system was both practical and convenient for purposes of control. It is necessary now to make provision through clause 3 of the Eco. nomic Development Board (Amendment) Bill, 1972, to enable the Board to adopt as its financial year a period of 12 months ending on the 31st day `of March in each year and to prepare its accounts accordingly. There is a transitional provision for the Board's financial year in 1969 to be 15 months commencing on the 1st day of January, 1969, and ending on the 31st day of March, 1970. Following the change in the financial year, the submission of the Board's Annual Report will have to he-amended accordingly, and this is being provided for in clause 4 of the Bill.

The opportunity is also being taken to incorporate a provision in clause 2. -for the appointment of the Chairman of the Economic Development Board to be either full-time or part-time, since at -present there is provision only for a full-time officer. This will provide for greater flexibility in appointment.

Sir, I beg to move.

Question put, and agreed to.

Bill accordingly read a Second time and committed to a Committee of the whole House.

The House immediately resolved itself into a Committee on the Bill. -[Mr Hon Sui Sen].

Bill considered in Committee; reported without amendment; read a Third time and passed.