STATUTES OF THE REPUBLIC OF SINGAPORE (MISCELLANEOUS AMENDMENTS) (NO. 2) BILL

Order for Second Reading read.

3.18 p.m.

The Minister for Finance (Mr Hon Sui Sen): Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

The financial year of a number of statutory boards under the law is the calendar year. However, as the Government financial year is the period 1st April to 31st March in the following year, it may be more convenient for the purpose of control for statutory boards to adopt the same period for their financial year, particularly where they depend on Government funds for their operations.

The Bill now before the House, therefore, seeks to amend the Singapore Telephone Board Act, the Nanyang University Act, the Housing and Development Act, the Hindu Endowments Act, and the Commercial and Industrial Security Corporation Act, so as to enable the statutory bodies created by the said Acts to adopt as their financial year a period of twelve months ending on the 31st day of March in each year and to prepare their accounts accordingly, to bring them in line with the financial year of the Government from whom these statutory bodies draw their funds.

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.